Provisional Tax Posts in Tax Q&A

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



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?



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?

Depreciation/Wear and Tear



Calculating Depreciation/Wear and Tear (note 47), does it apply to both provisional taxpayer and regular taxpayer ?Under which conditions can you claim for it ?

Need clarification on whether an ITA34 means they have concluded your review by SARS?



I would just like clarity on this. I submitted my return, they asked for supporting docs, I gave my tax certificate of medical aid only and then was issued with a ITA34 which said said I was due a refund.I don't have an ITSA, should we get both? See below. What I am unclear of is the wording, it says the assessment has been concluded but then later on it talks about info not matching and a review. I have looked back on previous returns I have done and it said the same and I got the refunds with no hassle. Just want to know if this is final now or may they come back and request more info or can I expect a payment in the next few days?...

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What of form of tax do I pay if I am an SA resident employed and paid by a foreign employer?



I am employed by an non-profit organisation based in the UK. I am a permanent resident of SA and I work from home. I receive my salary from the UK (monthly, with payslips) in GBP every month and I would like to know what I need to do to pay tax and what documents are required for SARS. Do I do a normal tax return?

Is it best to keep financial records?



Do I need financial statements if I'm a sole proprietor?

What is Section 89 Quat(2)



What is section 89 quat(2) interest?

Paying tax working for a partnership.



I have started a new job where I'm working for partners and they will be paying me R5000 each from their respective accounts. I have not paid tax before but assume I will have to start now. What type of tax do I pay? Colleagues contract themselves to them and pay a provisional tax. Do I pay PAYE of provisional tax?

When to submit provisional tax returns?



Hi, I have submitted my 2013/2014 ITR12 - have now discovered that I am a provisional taxpayer. So do I have to now complete an IRP6 for the period March to August 2014?

Provisional Tax Payer



Must I register as a provisional tax payer OR will SARS inform me?

Does a sole prop with employees need to register for PAYE?



I am a sole prop and therefore do not have a company registered with CIPC. I have a few staff that work for me. Do I need to register for PAYE and UIF with SARS? Can a sole prop (ie and individual) register for PAYE?

How will I be taxed as a freelancer on retainer?



Hi there!

I am currently full-time employed as an editor, but would like to go freelance next year. I am busy putting a proposal together to encourage my current employer to keep me on retainer for a portion of my current duties, for a portion of my current salary from January 2015, so that I can at least be guaranteed a basic salary for the first year or so of being a freelancer while building up a client base.

As far as tax goes, my understanding was that the burden was on freelancers to submit quarterly or annual tax returns, and that employers using freelancers were not necessarily obligated to deduct tax on their fees...

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Is there a threshold for registering for provisional tax for a non salary person?



I run my own business as a sole prop in my own name. I read somewhere that if my taxable income is below a certain threshold for the year, that I do not need to register as a provisional taxpayer. Is this correct? I was under the assumption that because I earn income other than a salary (from carrying on a trade) I am automatically a provisional taxpayer?

If I am below the threshold and do not need to register, then how will I know this before hand? For example, for the 2015 tax year, I will only know if I am below the threshold at the end of the year, being Feb 2015. By then, I would be late in submitting my provisional tax returns (due in Aug 14 and then Feb 15)?...

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Must I submit a provisional tax return if I only became a provisional taxpayer in October?



I started my own business on 1 October 2014 and am now running as a sole prop. I am aware that I am now a provisional taxpayer and need to submit IRP6's.

My question is do I need to go back and submit an IRP6 for the first provisional return for 2015 tax year at end August 2014 (for 201501) even though I was not a provisional tax payer at that stage?

Would I just submit a Rnil return?

Can I claim expenses in the current tax year for prior year expenses?



I am a provisional tax payer. My 2013 tax year has been assessed and finalized.
Can I claim business expenses in my 2014 tax year, that were incurred in the 2013 tax year but not claimed?

I have earned R130K, mostly contract work, no irp5. How much do I keep to pay tax, do I file?



I have not been filing due to unemployemnt. But this year I have a very small job that will pay out about R30K and I recieve money for contract work to the tune of R100K 1) How much money should I keep aside for tax (approximately)2) Should I file a tax return. (I usually efile.)Thank you so much for your answer in anticipation.

Closing date for tax returns to be filed with SARS?



When is the closing date for tax return?

Do I submit an IRP6 for the sale of a primary property if there is no Cap Gains Tax payable?



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?

Should you subtract VAT when calculating business expenses?



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?

What is provisional tax?



What is provisional tax?

Do we include inheritance and personal property as a sole prop when filing small business tax return



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.

PAYE tax credits on IT14



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?

Can both employer & employee med aid contribution be used in calculating Add Medical tax credit



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...

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What are the tax implications for international network marketing reps?



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?

First IRP5 2015 setup on TaxTim



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?
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