TAX ON FOREIGN INCOME

  Written by Marc   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?

  Written by Marc   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?

  Written by Marc   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?

  Written by Marc   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?

  Written by Marc   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?

  Written by Marc   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?

  Written by Marc   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)

  Written by Marc   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?

  Written by Marc   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?

  Written by Marc   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.

  Written by Marc   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?

  Written by Marc   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

  Written by Marc   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

  Written by Marc   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?

How do you calculate Med/Scheme tax credit and Additional medical expenses

  Written by Marc   Posted 27 November 2014

I am 81 and married and I see that the way one shows medical expenses seems to have become complicated. Am I correct in working it out as follows?
My Medical scheme fees for the year are R22 896.00 and additional medical expenses R8335.
In the line ?%u20AC%u0153Medical scheme fees tax credit?%u20AC? I enter R6168 (R257x2x12).
Excess Medical scheme fees are R4392 (R22896-3xR6168)
In the line ?%u20AC%u0153Additional medical expenses?%u20AC? I enter R4342.33 (R4392 R8335)/3

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What do I apply for in Freelance?

  Written by Marc   Posted 23 November 2014

Hi.I am getting paid a fixed monthly amount from a company to do merchandising for them 3 times a week.This is my only source of income? (R7000,00 per month)I will also need to pay my petrol with this income as the job require traveling?What do I need to apply as?will it be a tax directive or a provisional tax payer?

Net Capital of Business for Sole Proprietors?

  Written by Marc   Posted 21 November 2014

I'm a Sole Proprietor.Under "Statement of Local Assets and Liabilities" there is a field "Net Capital of Business, Trade, Profession or Farming"I've already filled in all Profit and Loss under the section of "Local Business, Trade and Professional Income (incl. Rental Income)Do I just fill in the result (of Profit and Loss) again under "Net Capital of Business, Trade, Profession or Farming"?

Business parking fees

  Written by Marc   Posted 21 November 2014

Where in eFiling do you log business parking fees?
(If your business is in a business park)

what is IRP6?

  Written by Marc   Posted 20 November 2014

what is IRP6?

Income tax on salary from a non- profit organisation in USA

  Written by Marc   Posted 18 November 2014

I"m working for a non-profit organisation in America. How does the income tax work?

WHAT ARE DEDUCTIBLE EXPENSES FOR SELF-EMPLOYED SURGEONS

  Written by Marc   Posted 15 November 2014

I am a self-employed surgeon in the private sector. My business is my primary source
of income with most expenses [ including the astronomical amount for my insurance!] being
covered by it.

How do I fill in my tax return? What can my deductible expenses be? I travel to congresses
regularly and cover most of those expenses on my own.

When I was employed in the state sector it was much easier with my IRP5 Form.

If you're a freelancer who earns below R70 700, do you have to submit a provisional tax return?

  Written by Marc   Posted 14 November 2014

I am a freelancer but I earned under the R70 700 threshold. Do I have to register for provisional tax? Some people have told me that I have to submit a provisional tax return anyway while reflecting on the return that my taxable income was zero. Seems stupid.

When do you file the first and second period of the IRP6 form if you only opened in Nov 2014?

  Written by Marc   Posted 14 November 2014

If you left work in February 2014 and started your own small business in August 2014 but you only changed from a non provisional taxpayer to a provisional taxpayer in November 2014. When do you file the the first and second period of the IRP6 form?

Where do I enter the capital gain for unit trusts on my tax return

  Written by Marc   Posted 13 November 2014

I have an IT3c unit trust provisional consolidated capital gains tax certificate in front of me. I need to fill in the capital gain for my unit trust under code 4250. I believe I need to select the last question on the first page saying - have you received any additional income. From there it gets rather confusing because it asks me under capital gain what assets and how many I have disposed of? Where do I just fill in the capital gain for unit trusts? If I say that I have disposed of assets and...

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Interest on late refund from SARS?

  Written by Marc   Posted 12 November 2014

In response to your blog entry "What?%u20AC%u2122s the delay with getting my SARS Refund?". When and how does SARS become liable to pay interest on late refund payments? Surely there must be a mechanism to keep SARS honest when it comes to keeping our money and delaying our refunds?
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