Risk of underestimation of provisional tax in August?

  Written by Marc   Posted 24 August 2014

If you underestimate your provisional tax in the August submission, but then are better able to more accurately estimate it in February, are you penalised for the under estimation in August? Furthermore, are there possibly any thresholds for underestimation in August which gives rise to a penalty, even if you accurately submit in February. Or is it is you're able to estimate accurately in February, that there are no penalties induced despite the underestimation in August?

What is the turnover limit of a small business corporation for the February 2014 year end?

  Written by Marc   Posted 21 August 2014

What is the turnover limit of a small business corporation for the February 2014 year end, is it 14 million or 20 million?

What about my out of pocket medical expenses?

  Written by Marc   Posted 21 August 2014

Last tax year I paid almost R5000 in medical bills that medical aid did not cover?

when I did my return online I got nothimng back

how come

Can my wife claim medical expenses that we pay jointly on her return alone?

  Written by Marc   Posted 20 August 2014

Both my wife and I are employed taxpayers. Her gross salary is in the order of 24000/month and mine is in the order of 34000/month as of January 1st of next year (it's slightly less at the moment). Our medical aid payment is about R1900/month. Last year, I didn't get any benefit for this on my tax return, since the total contributions were less than 7.5% of my salary. Is it legal and acceptable for me to stop claiming any medical expenses on my tax return, and having her claim it all on hers? If...

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2015 Provisional Tax figures please?

  Written by Marc   Posted 18 August 2014

1. Tax tables for 20152. Tax Rebates - Primary & Secondary3. Tax Thresholds for over 654. Exempt portion on investment interest - over 65

Tax Free Unit Trust Investments?

  Written by Marc   Posted 15 August 2014

Is there any other tax saving unit trust that one can invest in other than an RA or Pension fund. I heard there is a R 30 000 pa allowance if you invest in the right unit trust (or is this from 2016?)

At what stage must a SP register for tax?

  Written by Marc   Posted 14 August 2014

I run as a sole-proprietor a small beauty business. I have been a student and then on completion of studies decided to work for myself. I am alone in my business and have built up the earning capacity slowly, due to my expenses of buying equipment and upgrading my home salon as I go along. I don't pull a salary for myself of over R8000.00 per month and some months only draw about R2500.00I am not registered for TAX personally as I looked at the tax tables and did not seem to earn enough to...

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Do temporary workers pay tax?

  Written by Marc   Posted 7 August 2014

I work as a substitute teacher,do I have to pay tax?

R3000 per month, what is the tax payable?

  Written by Marc   Posted 6 August 2014

how much tax should I pay on a monthly income of R3000. I am self employed

Do you need to register for PAYE if employees below tax threshold?

  Written by Marc   Posted 6 August 2014

Company not registered for PAYE since the four employees are below tax threshold but registered for UIF. Do they need to register for PAYE to issue IRP5's to employees?

tax tables for PAYE for 2006

  Written by Marc   Posted 28 July 2014

SARS has required that I complete PAYE recons and IRP5's on e filing for 2006 tax year. Where can I get tax tables for PAYE for 2006 tax year which show PAYE and site split

Travel allowance

  Written by Marc   Posted 22 July 2014

I have a travel allowance and I am submitting prior years (2012, 2013) and I am under the Threshold R250000. If I do not claim the travel allowance will they forgive the penalty for non submission?

What is the marginal tax amount?

  Written by Marc   Posted 21 July 2014

WHAT IS PRE MARGINAL TAX AMOUNT AND POST MARGINAL TAX AMOUNT

Medical claim/disability child?

  Written by Marc   Posted 21 July 2014

I am a police officer earning app R19000 pm, I am on polmed medical aid and I paid R13000,00 out off my pocket when I went for an operation as this was above medical aid rates. I have the payment receipt. Can I claim my money through SARS. What portion will I get back if I am allowed to claim. I also have a daughter who is on chronic meds for last 11 years(epilepsy). Does she fall under the disability act with SARS, and if I register her as as "disability" child , would this have any positive im...

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2013 Return on eFiling?

  Written by Marc   Posted 18 July 2014

I have previously not registered as a Taxpayer due to being under the earnings Threshold. I am still under the Threshold, however have now decided to register and submit a 2014 return. Will I still be able to submit a return for the 2013 season?

I moved from a hobby to a business, how do I account for this taxwise.

  Written by Marc   Posted 14 July 2014

Hi TimI stopped working 5 years ago, stayed at home looking after my children, was doing what I enjoyed in spare time my hobby, people then asked me to help them and my hobby has brought in an income. How do I go about filling in my tax now ???

If you work for only two months does it count as your yearly income?

  Written by Marc   Posted 14 July 2014

If you have worked only two months in the year (Jan and Feb 2014). And your employer deducted the full amount of PAYE as if you were working for the full 12 months, Will you be refunded the full amount of PAYE paid over to SARS as your Yearly income for 2014 is well below the threshold? Or does SARS allocate the income proportionately?

If I earn R10 000 a month for the past 2 years, do I need to submit for a tax return?

  Written by Marc   Posted 14 July 2014

If I earn R10 000 a month for the past 2 years, do I need to submit for a tax return?

Tax Return for less than tax threshold

  Written by Marc   Posted 12 July 2014

how do I complete my tax return when I earned less than the tax threshold and was not given monthly salary slips? I was employed by two brokers as their personal assistant but not through the company they worked for i.e I was on the brokers payroll and not the companies.

Salary below threshold and claiming deductions when calculating income tax?

  Written by Marc   Posted 8 July 2014

HMy salary for the 2014 tax year is below the threshold. I have a retirement annuity fund and medical aid.

Will SARS take my allowable deductions into account when calculating tax payable/refund? Or am I not allowed to claim these deduction?

Tax on interest when abroad

  Written by Marc   Posted 7 July 2014

Regarding the residency question - If you earn interest(South African source) with no other income, spend more than 183 days out of the country, will that interest be subject to tax. Lets assume the interest earned is R250 000 for the year. If this isn't tax free, would the opposite be true where by the interest is from a foreign source yet you are resident in SA but do spend more than 183 days out of the country.

SARS says I don't have to submit a tax return because I earn under R350 000

  Written by Marc   Posted 2 July 2014

I just got an email from SARS that said unless I earn over R350 000 a year I don't have to submit a tax return this year.

Is this correct? Wasn't the income threshold a LOT lower last year, like R70,000? My income certainly doesn't exceed R350000 per year, but I still want to declare my expenses like medical and get my refund. Must I still submit below the threshold?

Who must submit their income tax returns to SARS?

  Written by Marc   Posted 2 July 2014

Who qualifies to submit their tax returns?

Travel allowance and business kms

  Written by Marc   Posted 2 July 2014

I get R36000 travel allowance per year. My business mileage is just over 40000 kms.
When I do the calculation on efiling my return is the same when I put down 40000 business kms as it is when I put down 20000 business kms.
Is this correct?
Have I hit my 'threshold' ?

Thanks!

I get paid R3600 per month, do I need to pay tax or register anything at all with SARS?

  Written by Marc   Posted 1 July 2014

I have been working for a church since June last year and we are registered as non profit, was getting R3000, till now effective this June am now getting R3600 and I do not work full time. Can I register to pay for tax? do I need to register anything at all with SARS?
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