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 ?

Do foreign nationals working fulltime with part-time work declare tax for monies paid?

Posted 27 February 2015

I am a foreign national on a work permit currently permanently employed and also want to start free-lancing/consultation work. I have had calls from companies/businesses needing my skills and I decided to register a company in my name at CIPRO. The issues are I need a business permit to open a bank account and then register at SARS but this is a huge mountain to climb due to the "unfavorable" requirements required by Home Affairs. If I go ahead with this work whilst I work on my busine...

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Do I need a log book for a sole proprietor

Posted 27 February 2015

Hi Tim, I am a sole proprietor and have a question about deducting my vehicle and petrol for business use. Currently I am deducting 70% of my vehicles monthly installment as well as 70% of my fuel costs from my taxable profit. However I have not been keeping a log book, the 70% is an estimate which in my opinion is a bit lower than my actual business use. Almost all my mileage is for business use. Could I get in trouble for this? Do I need to keep a logbook? If ever asked by sars I could give a ...

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What period does the IRP6 submission, that is due on 27 February 2015, cover?

Posted 23 February 2015

What period does the IRP6 submission, that is due on 27 February 2015, cover? Is this from 1 March 2014 until 30 June 2014?

How to register student, doing part time modelling, with SARS

Posted 22 February 2015

My daughter has started a part time modelling career. She is 15 years old and still in school. Do I register her as a normal individual tax payer with SARS, she will be a sole proprietor. There will be
expenses deductible for tax purposes.

Are computer components (CPU, RAM, etc.) considered to be "part of a set"?

Posted 20 February 2015

Regarding the writing off of assets under R7,000 in value, you mention here[*] that the items must not be "connected" to one another or form part of a set. I purchased 6 items this year (CPU, SSD, Case, PSU, RAM, M/board) [in 2 transactions] in order to upgrade my PC (used for work purposes). Are these items "connected" to one another / do they form part of a set?

The total amount was about R7,671. 16 ?%u20AC%u201C which means that I can't write this off if they are considered to be part of a set. Are they? Or can I write off all 6 items, as each of them cost less than R7,000?...

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Which tax form must I use to submit to SARS?

Posted 19 February 2015

I last submitted my an IRP6 form via eFiling in August 2014, end of Feb 2015 is my year end. . Do I still complete a IRP6 form or do I also complete the IRP12? this is for my business which is a private company. Also for this income tax submission do I calculate only from Aug?

I need assistance regarding provisional tax

Posted 17 February 2015

I am a full time salaried employee who earns a monthly salary from my employer which is taxed. However I also do 'contractual' work for the same employer that is not taxed like my salary is. I started receiving this additional income from September 2014 - February 2015 and in total I would've received R22,000 income that has not been taxed by the end of Feb. I want to know if I need to register for provisional tax? How much would I be looking at paying? I do have expenses that I would like to in...

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When is my first provisional tax payment duel?

Posted 15 February 2015

I established a new medical practice in January 2015. When is the first provisional tax payment due?

TAX ON FOREIGN INCOME

Posted 14 February 2015

What EXACTLY does this mean:"Foreign tax credits for this period (6 months) - if you earned money from overseas and any taxwas withheld or paid, include that amount here"?I get rental money (paid into an account in the UK) from a flat I own in London. I have to pay tax on that in the UK. So what does the above mean as far as I am concerned (I'm completing my second IRP6 for 2014-2015 period)?

If I do not meet the requierments for provisional tax this year what must I do?

Posted 11 February 2015

Good Morning. I would like to know if I were a provisional tax payer in previous years and this year I do not meet the requirements do I still have to pay provisional tax?

And can I deregister for provisional tax or do I stay registered?

Freelance Income from International Clients on ITR12?

Posted 4 February 2015

I have a international client that pays me monthly but they cannot supply me with an IRP5 since they not based in SA. How do I go about paying my tax?

Where does RA go on my Provisional Tax Return?

Posted 3 February 2015

Where do I claim for RA (retirement annuity contribution) on my provisional tax return - IRP6. Please help

How to calc and when to pay CGT on a once off payment?

Posted 28 January 2015

received a once off payment in June 2014 from a trust and my company asked Phillipp Haut for an opinion on how it should be taxed. His response was
What is certain though, are the following:
1. The beneficiary must disclose the capital gain in his or her tax return. 2. This involves showing the relevant portion of the trust?%u20AC%u2122s proceeds and base cost of the shares. 3. No employees?%u20AC%u2122 tax needs to be withheld. 4. The capital gain must be taken into account in the employee?%u20AC%u2122s second provisional tax return for the year in which the gain is distributed to him or her. My questions are:...

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Incorrect provisional tax return resulting in monies owing to SARS?

Posted 27 January 2015

Can I negotiate with SARS to reduce an amount owing from a previously incorrect submitted tax return i. E. An accountant submitted a provisional tax return on my behalf. I left the company after three months and did not earn a further income. SARS now wants money from me.

What must I submit to SARS by the end of January 2015?

Posted 19 January 2015

After submitting my normal Income tax return for 2013-2014 around August last year I was advised by SARS that I was a provisional taxpayer and should submit a return by August 2014. As this deadline had passed I was advised by a SARS consultant to submit the second return by February this year 2015. I see from your reminder that Provisional tax returns is required to be submitted by the end of January 2015 for the 2013/2014 tax year. As I was not advised that I was a Provisional tax payer at tha...

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Why so much Tax? (SARS fortmonthly, PAYE, Personal Provisional Tax & Business Provisional Tax)

Posted 19 January 2015

My husband owns a company and has been instructed by his Financial Service Provider to make 2 separate payments for Provisional Tax, One payment for Personal Provisional Tax & Business Provisional Tax, Why are we liable to so make so many payments to SARS. As it is we pay Tax every 2 months as well as PAYE?

Do I need register for provisional tax?

Posted 16 January 2015

I currently earn a salary above R70,000 a year and I want to start doing some freelancing work where I will be serving mainly international clients and will be paid through PayPal and then withdraw that money to FNB.
I will be doing this job as a hobby so I expect to make maybe few hundred rands a month, and sometimes less, so it won't really be an income.
So I need to know if I have to register for provisional tax?

Do you pro-rata the threshold for provisional tax?

Posted 8 January 2015

I started an allied medical practice in my own name in October 2014. I was not working prior to this. So far, I have collectively earned R22000. By the time the end of this tax year comes, I will not have reached the R70000 threshold. Does this mean that I do not need to submit a provisional return or should the threshold be adjusted pro-rata i.e because I have only worked for 5 months, the threshold would then be R29166?

Medical scheme fee tax credit is greyed out and no credit amount reflex on IRP6.

Posted 6 January 2015

On the provisional tax for individuals 2nd period 2015 the the medical scheme fee tax credit is greyed out and no credit amount reflex in this column on the IRP6. On the first period this was correct for two people with an amount of R6168.00 was filled in. After various calls S.A.R.S they cannot give me a reason and for a month have not come back to me with any answers.

Can I claim medical expenses as a dependant on my husband's medical aid?

Posted 3 December 2014

I'm a new provisional taxpayer. Our private medical aid is in my husband's name. Can I claim anything for my medical expenses not covered by medical aid?

Do you pay tax on cash back from loyalty programs

Posted 3 December 2014

I work as a sole proprietor, I belong to discovery and get a cash back bonus every month, do I need to treat this as income and pay tax on it?

Depreciation on LDV for property rental business

Posted 29 November 2014

We have accumulated 8 rental properties over the last 10 years. I will soon retire and plan to do all maintenance myself, including some of the gardens. Will SARS accept depreciation on the LDV and tools that I plan to acquire and will it be acceptable to apportion these costs pro rata the various properties? Is it acceptable to combine all properties into one business for tax purposes?
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