I am registered as a provisional taxpayer as I earn investment income however due to contributions made to retirement annuity funds I will not owe SARS anything. In fact I expect a refund. Do I still have to complete a zero provisional tax return?
Last month I registered my company as a Pty Ltd (previously I was a sole proprietor and was being taxed in my personal capacity). I am paying myself a monthly salary from my company, plus charging the company for a portion of the cell phone bill, etc. With respect to provisional tax, are my following understandings correct: (a) In general, do I need to pay provisional tax both in my private capacity and as a business? (b) Do I need to pay provisional tax now [August] for my business? (if not, when will I first need to complete my provisional tax return for my business?)...
In March 2015 I embarked on my freelancing career. I have been working for numerous companies of which some pay tax and some don't. I also have a business where I get a percentage of profit share. Am I correct in saying that I need to register to become a provisional tax payer and when do I file my first submission?
I submitted two provisional tax returns for capital gains tax for 2014/2015. Now I want to submit my annual tax return (ITR12). I already have an IRP5 from my employer. What do I do with the provisional tax information? Do I include it on my annual tax return or what? Please advice
I have successfully completed my tax returns via SARS eFiling for several years. Reason for registering with your website is to get further advice on my provisional tax submissions (2015-1 / 2015-2) already made) and support with my salaried tax submission for 2015. I have already paid SARS two amounts totalling more than my provisional earnings for tax year 2015. So.. It's imperative that if I have overpaid SARS that I get this back when filing my tax return for 2015.
I am a sole proprietor in a health profession. I have an office, but I see a lot of clients at their homes or primary residence. I need a car to conduct my business, and have just bought a new car. What are the tax implications of this? Can I deduct the repayments and insurance premium as a business expense?
I registered a company and It was registered for income tax. I am the sole Director and shareholder. When it makes money and I pay some of this to myself am I liable for provisional tax? I know there is a threshold but does that threshold amount include my Normal Salary that I get from my employer?
Hi. My wife earned investment income and a salary last year. This year, she's now stayed at home with our daughter, and thus hasn't earned a salary - thus significantly less taxable income. For the first provisional tax payment, do I have to use the basic amount (i. E. Last year's taxable income) to calculate this payment? The payment will then end up being more than her annual tax is expected to be, as there is obviously no salary (and no corresponding PAYE). Or can I safely estimate a lower am...
As far as I know, provisional tax payers should submit their tax returns end of January and companies end of February, of the following year of assessment. But when are trusts supposed to submit their tax returns if they are not registered provisional taxpayers?
I have recently got married to a UK national and he is wanting to transfer some funds for an investment in SA. He is going to transfer the funds into my current account which I will then transfer into a unit trust.
Firstly do I need to submit a donations form they have on the SARS website and if it exceeds the R100,000 will it be liable for tax? Secondly the income from the investment will be paid monthly. If it exceeds the R23,080 annual exemption what is the rate on the excess? Is it still taxable even if it is below R70,000 per year? I have no remuneration just the investment income....
I am employed full-time but I did some freelance website development work this year in addition to my normal salary. I wasn't aware at the time that I was going to get the work so didn't submit any provisional tax beforehand. How do I specify this additional income on my tax return?
I am a salaried worker paying annual tax. I also do part time photography on weekends. Can I register my photography business for Turn Over Tax? My annual turn over ranges between R150k-R300k. I have read all the qualifying questions for Turn Over Tax and qualify, but the question is; Is photography deemed as a professional service? It is not listed specifically in the SARS professional services.
I am registered a Provisional Tax payer, but I am now retired and will not earn enough to pay provisional tax any more. Do I have to de-register or can I simply stop doing provisional returns? The last one showed zero tax due.
Hello Tax Tim I work as an analyst full time; and in my free time I follow my passion for music and photography and take photos at festivals, clubs, pubs and other events. I have been building up a profile over the past few years of my work and now I have artists and their relative management agencies showing interest in procuring some of my images.
I have not registered a company yet, nor have I sold any images as I first want to ensure I set up my "business" and contract documents correctly so my clients and I are covered fairly and equally...