Must a capital gain be included in the first provisional return for the year when the gain is made?

Posted 23 June 2015

My company sold a property in April 2015. The tax year end is February 2016. Would the capital gain on the sale of the property have to be included in the first provisional tax return in August. The company has never actually traded and has no basic amount.

Tax due on secondary income

Posted 23 June 2015

I currently work a 6 hour day for a company. Tax and UIF deducted and I do receive an IRP5. I want to do extra work. That is work for a different company a few hours a day. Will work approximately 10 to 15 hours a week. They do not want to register me on their payroll. Do I invoice them for service and declare my extra income on my tax return? Will I then become a provisional tax payer?

Do you need to fill in IT144 if you are making a donation of R100,000 or less to your child?

Posted 23 June 2015

I and my husband both want to give each of our children (who are both under 18 and not earning any salary or interest) R100,000 each. Will we need to fill in a form IT144 for the donation even though it is at the limit where no tax is payable? Must we declare it on our provisional tax forms?

Expenses claimed as a business?

Posted 23 June 2015

Where can I get a list off all expenses I can claim for my sole prop business

Investing money at the bank and earning interest and the tax implications thereof?

Posted 23 June 2015

I want to set up an investment at the bank and earn interest on a monthly basis on it. I did some research and I found that I need to register for Provisional Tax at SARS in order to do this. I found out that 2-3 times per annum I would be required to make a payment to SARS on the interest I earn. My question is: Firstly, I would like to budget so I would like to know what percentage will SARS deduct monthly on my interest earned,and secondly,will they tax me monthly in this case or 2-3 times pe...

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What is my tax obligations when running a DVD rental store as sole proprietor?

Posted 23 June 2015

I am thinking about acquiring an established Dvd rental store and plan on running it as a sole proprietor and using my personal bank account for the business. This would be my only income and only business. * How would I calculate my "taxable-income" Ex. , (all amounts are monthly expenses) The total turnover would be roughly R15000 of which, R4000 goes toward purchasing films (stock), and R5000 would go toward renting the premises. I would also need to purchase printer ink, paper, stationary,...

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Have to pay my own tax - how?

Posted 23 June 2015

In my company I was permanent from June my position will be independent and I will have to pay my own tax. Can I do this monthly and how do I do this?

How will I be taxed if I only received capital injection no orders yet?

Posted 24 May 2015

I am a sole proprietor, started my business with no income received yet except capital injection to start and from that received salary. How will I be taxed?

How do handle monthly donations made?

Posted 24 May 2015

Sole proprietor, when do I handle donations made monthly?

My employer cannot pay my provisional tax so I have been getting a full salary.

Posted 24 May 2015

My employer cannot pay my provisional tax as they do not have enough funds to match my provisional tax (meaning what they have to pay from their pockets to SARS). They have been paying my salary in full with no deductions and it has been up to me to save that money and pay my tax in November 2015 as a Regular tax payer. How much will my tax be? I earn R15000 per month. Worked out that my tax would be R2700 per month.

How much rent is allowed before tax and when do we have to register only once the rent is paid?

Posted 24 May 2015

Hi Tim I have a student who is paying me rent in a 2 bedroom semi-detached. He started paying rent in February 2015 when do I have to register as a provisional taxpayer? Is it only once you've earned more than R30 000 for that year? Then I will have to register next year then in Feb 2016?

From freelancer to permanent - when/how do I apply for my refund?

Posted 24 May 2015

I freelanced for a while so I paid provisional tax from last year August 14 to Jan 15 and then again Feb 15 to Aug 15 (overpaid a few invoices accidentally). I got a full time permanent job since 13th April. When can I apply to get a refund from the provisional tax and some overpaid invoices please? And how do I go about this? Thanks!!

Purpose of provisional tax?

Posted 17 May 2015

What is the purpose of provisional tax?

Sport massage therapist enquiring about tax refund?

Posted 11 May 2015

I own a sport massage business. I am therapist/bookkeeper/secretary. What are my first steps towards tax payment and or refund? I earn R6000 per month.

Due date for provisional tax submissions for company year end other that February year end

Posted 11 May 2015

Hi there. RE: Due date for provisional tax submissions We have a company with a June year end. I know that the first provisional is due for submission 6 months after the year end of the company, which is 31 December. Please advise what the second provisional due date is? Is it 30 June the following year?

What is the maximum amount a pensioner can earn from investments to avoid provisional tax?

Posted 21 April 2015

I am 73. I earn a pension of R237600 pa before tax. I get rental income on investments of R15000 pa. Do I have to pay provisional tax?

UK FUNDS RECEIVED MONTHLY HOW DO I LESSEN TAX IMPLICATIONS?

Posted 21 April 2015

I am a full time employee in South Africa but do part time work after hours for a solicitor in the UK - she pays me £300 per month which equates to about R5600 per month (depending on exchange rate). How can I lessen the tax implications on this amount? Do I need to pay tax on this amount and declare it as a additional income on my return?

Calculation of tax credits for medical aid contributions?

Posted 6 April 2015

How does one calculate the tax credit for medical aid contributions for persons over 65. I would be grateful if you could answer with an example. Thank you

Procedure to follow for a company that never traded, never filed annual return, in need of tax clear

Posted 29 March 2015

I incorporated a company in September 2014, it has never operated since then and never filed an annual/provisional tax return, now I am in need of a tax clearance, could you kindly advise if it is permissible to file the tax return with zeros now in 2015(end of February)depicting it as the 01 provisional payment given that the company never traded and never filed a return.

Provisional tax for less than R5000 income - what do do for SARS?

Posted 11 March 2015

I just registered a company and we might make income of less than R5000, do I have to submit provisional tax? Financial year end is February.

I would like to know how to complete a nil return via eFiling?

Posted 6 March 2015

I am doing some admin work from home and have been paying Provisional Tax for the last 3-4 years. Twice a year someone has been doing my tax return via eFiling for me. I realize now that I don't earn enough to even complete a tax return. To be on the safe side I want to complete a nil return but am not sure how to do it. I don't want to ask the same lady to do the nil return for me because she will charge me . I would like to know how to do it myself because it is now due.

Deferred payments with SARS?

Posted 4 March 2015

Can SARS impose the 10% late payment penalty when the taxpayer has requested a deferred payments arrangement? This would be in relation to provisional tax period 2015/02.

How do I pay my provisional tax by electronic bank transfer through ABSA?

Posted 28 February 2015

How do I pay my provisional tax by electronic bank transfer through ABSA?I tried today, but the ABSA list of registered institutions says "instelling rekening nommer: nie beskikbaar nie"

Provisional Tax Deadline was Missed, couldn't get IRP6 registration in time.

Posted 27 February 2015

I'm sort of new to provisional tax (couple of recent months) and I was aware that I need to be submit a return by end of February. The one thing I didn't know is that I need to register for (IRP6) before I can submit one. Always saw it online on eFiling and figured it would work as normal (Income Tax section) and never tested the "functionality" so I did ask for a request to register but as it turns out I didn't get it in time. . . So I was wondering what options do I have? Can I get an extensio...

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My company is registered last year October I want to know when must I start make tax returns?

Posted 27 February 2015

I register my company last year I want to know when must I start to make tax returns ?
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