Should monthly Child Maintenance received, be declared as part of my income?

Posted 26 July 2015

Do I include child maintenance received monthly as part of my income? I'm a provisional tax payer, and would like to start on preparing my IRP6 due in Aug. Also, my daughter lives with me, and contributes a monthly amount towards household expenses. Does this amount also have to be calculated as income?

Must I complete a provisional tax return?

Posted 25 July 2015

Hi my husband and I are married in community of property and our rental house is in both our names. The income generated is R72,000 k per annum. I am 64 yrs old and complete a separate tax return as I also receive a pension of R5700 pm. My husband is still employed and earning a salary
We have been completing provisional tax returns for a number of years now. Must both my husband and I complete provisional tax returns?

Separating IRP5 related sales from income total

Posted 25 July 2015

I run a small business which sells research services. It's a sole prop, but when I'm contracted by university it generates an IRP5. In my income tax return, when it asks, after the question about the value of sales, if there is any income reflected on an IRP5, does that mean I shouldn't include the IRP5 income in my total sales figure? Also, where (and what rate) do I claim insurance for necessary equipment such as my car, computer, and phone?

We are married in community of property. How should we do the tax filing?

Posted 24 July 2015

We are married in community of property. We are both registered with SARS. We both do not work for a employer. We receive investment and rental income on the Husbands name.

Does the Husband report all the investment and rental income on his tax return or should it be split and then reported on the Husband and Wife's tax filing? If the investment and rental income is only reported on the Husbands tax filing what should be filed on the Wife's tax filing? Should both also pay Provisio...

Read more →

Can I change to income tax payer from provisional

Posted 23 July 2015

If I selected I'm a provisional tax payer in error, while registering for SARS eFiling, can this be corrected - as I now realise that I'm just an individual income tax payer.

Tax on extra income from a hobby

Posted 21 July 2015

I have a full time job where I earn a taxable income and do my tax returns as usual. I also have a photography hobby that provides a minor extra income on a very irregular basis from a few private shoots I do. I would like to know whether or not I have to declare this and pay tax on this extra income if it is only a hobby and not a full time business?

Do I still need to submit tax returns if I am no longer working?

Posted 21 July 2015

I stopped working and no longer have an income. I am registered as a provisional taxpayer. Do I still need to submit tax returns or can I de-register?

Rental Income Tax

Posted 20 July 2015

Hello. I would like to know how to calculate my tax if renting out a property I own?

Would this be added as a lump sum at the end of the tax year or would this need to be included in my salary on monthly basis?

Deductible company expenses

Posted 16 July 2015

For many years I operated as a sole Proprietor. Early 2014 I registered a PTY Ltd and duly traded as the PTY LTD. As executive director, by choice I did not draw any salary, the idea being that this would help the company cashflow by saving more working capital. I paid for all vehicle expenses ie fuel, maintenance, privately out of my savings, but approximately 90% of the vehicle use and expenses are attributable to the PTY LTD business. Is there any way that these expenses can be recovered from...

Read more →

Wrong filing of tax provisional instead of individual

Posted 10 July 2015

Good day. I filled my tax via SARS e filing for 201 and it triggered an audit. I got a refund after providing the docs, then after a few days I decided to call the SARS call centre. The guy on the other side told me that I need to file for 2009 and 2011 and that I made a mistake and I filed for provisional tax. They fined me for R2900 interest, now I owe them according to the efilling at the SARS branch. They were not very helpful either, the lady told me I must jus...

Read more →

Do I have to pay provisional tax for my company and myself?

Posted 8 July 2015

I have paid provisional tax for my small business and taken the profits after tax for personal use. Will I have to pay provisional tax as an individual for that income?

At what point do you become a provisional tax payer?

Posted 7 July 2015

Hi there. The 2014-2015 tax year will be my second tax season as a self employed 'freelance' architect. Last year when I submitted my tax at SARS they said I do not need to register for provisional tax and that they would 'let me know when I needed to' so I just submitted a summary of my income and expenses to SARS at the normal tax time and they verified everything and all was ok. This year I am earning double what I did last year and feeling a bit concerned that I may have missed the magic line which crosses me over into a provisional tax payer? ...

Read more →

REIT treatment and provisional tax

Posted 2 July 2015

I received a REIT dividend source code 4238 on my unit trust IT3B it is very little only R30. Are Reits exempt? Also I read the ITR12 handbook and they suggest I put it under other income/accruals 4214 code with description "income from a REIT". Is this right?

I'm worried they will make me a provisional tax payer due to this extra and only R30 that dosent come from my employment income or local exempt dividends, interest. I dont really want the extra admin issues due to this small amo...

Read more →

Rental income of a jointly owned property

Posted 2 July 2015

My husband and I are married out of community of property but jointly own a flat that we rent out. When completing my provisional tax return do I include 50% of the income and expenses in mine and 50% in his return or do I include 100% in both our returns and then select the 50% partner option?

If earning money privately, from what value must you declare to SARS?

Posted 1 July 2015

I am thinking of doing some management consulting, after my normal working hours. I am hoping to earn approx R 10 000 per month. When do I need to declare this to SARS / or at what value? Do I have to register my company, as i'm not sure if this will be a permanent thing.

Am I still a provisional taxpayer

Posted 29 June 2015

I was previously running a business as a sole prop and therefore was registered as a provisional taxpayer. I have now registered a business and pay myself a salary from this. Am I still a provisional taxpayer or can I go back to doing one return per year as before? And if so, is there anything I need to do, or just simply no longer submit IRP6's?

Are pensioners over 75 years still liable for provisional tax?

Posted 29 June 2015

If you are over 75 years of age must you still submit provisional tax returns despite your income being over the tax ceiling and your interest earnings over R30,000?

Are South African bank expenses a legitimate business expense?

Posted 29 June 2015

As a provisional tax paying sole proprietor I would like to find out whether the exorbitant South African bank expenses are a legitimate business expense? I have a separate bank account for my business income.

Must I register a business?

Posted 29 June 2015

I am employed but the employer pay me for the hours worked and does not deduct any taxes or UIF I am responsible for my own taxes. Must I register a business or how can I go about paying over the taxes so I do not need to pay in at the end of the year in my personal capacity.

Is a director of a company a provisional taxpayer or not?

Posted 23 June 2015

Is a director of a company a provisional taxpayer or not?

Rental income, less deductions less than cap, must I register for Provisional Tax

Posted 23 June 2015

I receive a salary and I recently started renting out my flat (which I resided in as primary residence, until September 2014, rented out since October 2014). I received a Rental income of R40000 for the 2014-15 tax year, the property is still under bond and there was maintenance costs etc. . Which means im still making a "loss" . (i. E. Rental Income of R40000, deductions of R50000, nett -R10000)

1. Must I still register for Provisional Tax?
2. If 1, am I late for Feb, Aug Provisional tax payment deadlines?...

Read more →

Declaration of interest on fixed deposits for provisional taxpayers?

Posted 23 June 2015

I read your earlier reply to a question on income tax on fixed deposits. However, I am a provisional tax payer and my question is, when do I declare the interest earned on a 12 month F D when the inception and maturity dates do not coincide with the tax year?

IRP6 / ITR14

Posted 23 June 2015

I have a June Year end. We have submitted an IRP6 for December 2014(6 months after year end). Second provisional payment, needs to be completed before year end(correct??) Which is before 31-06-2015? Once this is completed. . . Audit takes place for 2015. Once signed AFS for June 2015 have been received - a ITR14 can now be completed - is this correct? Appreciate your help!!!

Extra income

Posted 23 June 2015

I own a one bedroom place, wirth about R700 000 in a retirement place. Besides my own home. My main income is salary and tax covered there, IRP5. I get rent of about R36000?
must I register as a provisional tax payer?
is there an amount of extra income for which one does not have to register as a provisional tax payer?
can that income be placed under a general category as extra income?

Reg sole proprietorship with SARS? or add earnings to personal tax.

Posted 23 June 2015

I run a very small business (less than R5000 per month) as a sole proprietor in addition working another job. Do I have to register the small business with SARS and do I need to pay taxes each quarter or annually adding both jobs together?
Older posts →← Newer posts    5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  21  22  23  24  25