On 3rd October 2014, I received proceeds from the sale of my primary residence. By my calculations, no capital tax is payable. I am registered as a provisional taxpayer, but have not had reason to pay any provisional tax for 5 years. Do I need to submit a provisional tax return on the sale by Feb 2015, or can I wait until I need to submit an ITR12 next year?
I am a non-VAT registered, sole proprietor. When I deduct business expenses i.e. office equipment, phone costs etc. from my income to determine taxable income for the year, should I first subtract the 14% VAT portion of those expenses or am I allowed to "claim" the expense as-is?
For e.g. I buy an office desk for R2000.00 incl. VAT from a shop. Do I factor in R2000.00, or only R1754.39 as an expense?
I'm helping my mom do her tax for her small business. We have deducted all the necessary amounts under the expenses section. My mom owns a house that is standing empty and she has a small inheritance of about R100 000. she is a sole prop. do we have to declare this? they are not part of running the business. this is invested in a money market account. she does declare the interest earned to tax.
When completing the IRP6 you deduct the amount of PAYE allready paid. When completing the wizard to create the IT14 form, under Tax Credits it asks "Will the company be claiming any PAYE credits reflected on an IRP5 tax certificate" - would you complete this if you deduct PAYE from your employees, like on the IRP6? Or how does this section work?
I need to calculate the Additional Medical Expenses Tax credit to be included onto my Provisional Tax Form IRP6 for 01-2015. Half of my medical Contribution is paid by my employer directly to the medical aid and I pay the other half. Must I use both be added together to include in the calculation? Furthermore I have no excess medical fees/expenses. Another problem is that my 7.5% of my taxable income is greater then the medical value subtotal. This results in a negative value for the Addit...
Would Network Marketing Income (Commission) be treated as small business income? Does expenditure on MLM product (travel, merchandice etc.) & branded clothes be allowed as expenses?Would international income be taxed when paid into an international account or only when transferred to a South-African account?
I am a new provisional tax payer. I understand that I need to submit my first IRP6 by end August 2014, to cover the period March until August 2014. When I choose the tax year as 2015 in the set-up of my taxtim profile, it says I should be submitting for 2014. How do I move forward?
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?
If I am a provisional tax payer and my company pays my PAYE over to SARS on a monthly basis, do I have to fill in the half return. Can I not just state that PAYE is deducted and paid over monthly. I earn dividends and some interest over and above my monthly salary.
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...
This is my first time submitting for provisional tax as I have additional income this year in addition to the salary I earn. Please can you advise how I go about applying for the IRP6 and when do I complete my normal tax return in addition to the provisional tax?
On your provisional tax page, you say "two (or optionally three) payments are made during the tax year at the end of August and end of February, with an IRP6 required for each one."
There are IRP6 forms in eFiling for 2014-01 and 2014-02, but nothing for 2014-03. Do I need to submit an IRP6 form with my third payment (and, if so, where can I find that form in e-filing?), or do I just pay the additional money with no form?
I started a sole proprietor hairdressing business on 01 March, I started to purchase stock and had some upgrades done to a rental property during Feb. Can I claim a deduction for the chairs and sinks, I purchased as well as the repairs to the deck. I am renting a small property because my home is not large enough for the business
I recently (1 May 2014) opened my own business (A Pty Ltd) to operate from as a consultant. Am I correct in assuming that I am now a provisional tax payer? If so, do I need to register as such (I am a registered income tax payer already from previous fixed employment)? Do I only need to submit an income tax return after February 2015 and make a provisional tax payment in October?
Thanks for your tax articles. I have one basic question, please.
In the case of provisional tax paid for persons married in community or property, what income amounts does one enter into each IRP6 to ensure that one can claim the rebate twice. I have heard I should enter 100% of our total income in my IRP6 and 50% of that same income in my wife's IRP6?
I have received an IRP5 form from an agency that I previously worked for from another company in Cape Town. I have no clue what I am suppose to do with this IRP5 form because I don't work for the company anymore.
Can you please advise me or assist me on this matter? Thank you