Provisional Tax, should I submit?

  Written by Marc   Posted 28 August 2015

I get income through three sources:
- Salary
- Rental Income
- Affiliate Advertising Income

This year, I filled in my tax return (using TaxTim) indicating that I am (or should be a provisional taxpayer). However, my rental made a loss after all expenses and my affiliate income was really small for the year (less than R5,000 after expenses). I received the following from SARS in my ITA34 for 2015 tax season:
"According to the information you declared in your income tax return, you were liable to pay provisional tax for this year of assessment...

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How much I must pay/be paid?

  Written by Marc   Posted 28 August 2015

Thank you for submitting your income tax return for the 2015 year of assessment. Your assessment has been concluded and reflects an amount refundable to you of R -316. 36

Please note that this amount only reflects your income tax assessment and does not reflect tax payable under any previous assessment or any other balances on your account. The current balance on your assessed account is R 4621. 86. For a statement reflecting your final balance (including all amounts payable or refund...

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What expenses can I deduct to calculate my taxable income

  Written by Marc   Updated 28 August 2015

Please enter your Taxable Income. This is your Gross Income minus the business-related expenses from business or rental income. Also subtract any contributions to a pension fund or retirement annuity fund, donations, depreciation and other travel allowance deduction and any exempt income. Does this mean petrol, stationery, ink rent etc.?

Taxation on UK pension lump sum payout (Aged 55 and now reside in SA since 1 Jan 2014)

  Written by Marc   Posted 28 August 2015

I have decided to cash in my Pension Pot in the UK (I was 55 years old in 2014 and therefore can retire) - I have been paid out UK Pound amount 47843 of which tax of UK Pound 19977 was deducted. I now need to recover this tax from the UK and then submit same to SARS. My query is therefore:
1. I need to complete UK/SA double taxation form to apply for relief of income tax at source ie UK and claim back my tax
2. I need to submit??? to SARS for them to calculate tax owed by me - I would however need help with this so as to understand how much tax will be owed (would be interested to know what conversion rate will be used by SARS in the calculation)...

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Taxation of rental income within a business

  Written by Marc   Posted 27 August 2015

I own properties in a business with 2 partners, can the monthly bond repayments be deducted from the income generated from the rentals?

Tax payable on savings?

  Written by Marc   Posted 27 August 2015

What % tax do you pay on interest earned on savings and or fixed deposit.

Purchasing a home for a relative

  Written by Marc   Posted 27 August 2015

I am considering purchasing a residential property for a family relative, who would stay there and contribute towards the bond repayments. However, I would not live on the premises. From a tax perspective, what is the correct approach to avoid my relative's contributions being viewed as rental income?

Tax for pensioners

  Written by Marc   Posted 24 August 2015

I am helping someone with their tax. The person is 66 years old and has an monthly retirement annuity payout of R7000 and monthly interest (from investments) of about R4000 that gets paid out also monthly to them. Should a tax return be filed,or are there exemptions? I know the over 65 year olds get exempt of certain amounts for interest earned,but im not sure if that is the only excemption,or is there a total amount of income they are excempt of? Or must you add the two excemption amounts toge...

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Levies for medical expenditure on my tax return?

  Written by Marc   Posted 24 August 2015

Im on chronic medication I have to pay a levy every month on my repeats

Refund on Dividends Withholding tax?

  Written by Marc   Posted 24 August 2015

I have twins and have set them up with unit trust investments in their own name. The distributions from the trusts are fully reinvested. However the trusts pay out a mixture of interest and dividends etc. On the dividends can I submit tax returns for them to claim back the dividend withholding tax. The interest and capital gains portions are below annual limits. They have no other income as they are not working.

Is rental income taxable if i'm renting somewhere else?

  Written by Marc   Posted 21 August 2015

I bought a property and after a year, I decided to let it out and go rent somewhere, so now that am earning rental income on my property, i'm I liable to pay tax on the rental income received?

Capital Gains on joint ownership of property where only one person is the primary resident.

  Written by Marc   Posted 20 August 2015

I am joint owner (50%) of a property with my son. He is the primary resident, I am not. If we sell the property, how is the Capital Gains Tax calculated? The gain will be way below the threshold of gain of a primary residence.

What other documents are needed to hand in with IRP5 at branch or efiling?

  Written by Marc   Posted 19 August 2015

Hi, what other documents is requiered at the SARS branch whith my IRP5? And do I need it for SARS eFiling as well? Thanks

Must I pay provisional tax?

  Written by Marc   Posted 19 August 2015

I earn a salary of R5500 per month, I am under 65 years and receive interest and dividends of R25000 per year. What forms must I complete for my tax return? Must I pay provisional tax?
Thank you

Is the sale of an old house & purchase of a new house show on my tax return?

  Written by Marc   Posted 19 August 2015

If I sold my old house for R830,000 & bought a new house for R1,150,000 do I need to inform SARS of this?
I did this in order to move closer to my place of employment.

Tax implications on unit trust for a new born child

  Written by Evan   Posted 17 August 2015

Hi Tim
What are the tax implications if I have a unit trust fund for my child. Do I need to disclose the interest and capital gain on sale in my tax return? Thank you

How to declare foreign income?

  Written by Evan   Posted 17 August 2015

Hi, I have a small website that generates some commission from clicks on advertisements. I get paid in USD and GBP. The money is wired from Germany directly to my personal bank account and converted into ZAR. I don't own a formal business and it is relatively small amounts that are transferred. I also have a property that generates rental income. How do I go about declaring the income properly on my tax returns?

Need help with filing for CGT

  Written by Evan   Posted 17 August 2015

I need help with filing for capital gains tax. I sold my property in August 2014.

I want to know how much tax I should pay?

  Written by Marc   Posted 17 August 2015

What is the amount tax to be deducted from a R11000 basic salary(nett income)the only deduction I have is my pension fund of 660 / UIF of 120 and my rent of the house im renting of 2205.

Tax Refund on my personal property?

  Written by Marc   Posted 13 August 2015

I bought a property in December last year. I was wondering if I could claim any tax. Thanks

What to include as taxable income for provisional tax calculations

  Written by Marc   Posted 13 August 2015

When calculating "taxable income" on an IRP6 should one include
- expected investment interest ?
- expected investment share dividends ?

Thank you.

Reconciling interest per S24J

  Written by Evan   Posted 12 August 2015

An IT3(b) form for interest from a bank, when added to the opening balance of a fixed deposit investment, does not agree with the closing balance due (I think) to the accrual provisions of Section 24J of the ITA. I have to "fudge" the entries I have made for interest received each month so that I can get the balances correct for SARS tax returns. Is there any way round this other than to make no bookkeeping entries until IT3(b) are issued after the end of the tax year. This is for a family trust...

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Tax on endowments

  Written by Evan   Posted 12 August 2015

What percentage of tax do you pay on endowments upon a husband's death, and his wife is the beneficiary?

Taxable Benefits

  Written by Marc   Posted 12 August 2015

Our company provides a contribution towards provident fund based on 15% of basic salary. Does this form part of your taxable income. Were should it be recorded on the IRP5

Is there income tax payable on interest received from SARS?

  Written by Marc   Posted 12 August 2015

Is there income tax payable on interest received from SARS?
Which section in the tax act does this come from?
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