Tax due on salary

  Written by Alicia   Posted 22 April 2016

How can I know if I am not over taxed

PAYE due on my salary

  Written by Alicia   Posted 22 April 2016

I'd just like to know if the correct amount of tax is being deducted from my salary monthly. My gross salary is R45900
My employer pays my full medical aid contribution of R7254
I contribute from my salary towards a provident fund, an amount of R2754

Could you please advise how much of tax I should be paying monthly?

Thank you

Limits to amount aggregated into tax source code 3696.

  Written by Alicia   Posted 22 April 2016

3696. Are there limits relative to total income to the amounts that can be aggregated into tax code 3696. Non taxable income?

May a sole proprietor have travel allowance and must retirement or providend fund be deducted monthl

  Written by Alicia   Posted 21 April 2016

I would like to know if a sole proprietor may allocate a travel allowance to himself?

In regards to a retirement or provident fund may I do payment once a year up to 27. 5% of my earnings or must I do it monthly?

Your help will be greatly appreciated

WS

provisional tax on a Pty and small company

  Written by Alicia   Posted 21 April 2016

I have just opened a PTY. I do not know what my turnover will be. It might be between R 500 - R 400 000 per annum. 1) Do I need to register for provisional tax and when?
2) How do I calculate provisional tax
3) would I fall under SBC or company for tax purposes?
4) what is directors tax and do I need to pay it?

the company is very simple... I have one supplier. I have no extra expenses. I have no assets. I have no employees and I am the only director. Thank you

TaxRefund

  Written by Alicia   Posted 21 April 2016

I wanted to knw if a contract worker is allowed to claim a tax return?or isn't claimed by the people who's bt working

How much will my PAYE be and am I due for a tax refund?

  Written by Alicia   Posted 20 April 2016

I earn 12000 a month which calculates to 124 000 per year. What is my total taxes and what is the amount of my tax return if I am eligible for a tax return pay out and can my employer file my tax tax returns on my behalf

Tax paying Freelance Artist / Independent Contractor

  Written by Alicia   Posted 20 April 2016

I am a freelance artist, I want to work fulltime for myself, but can't be certain how much I will make or whether I would make any money at all. I am married in community of property. My husband is lucky enough to have an employer that takes care of his submission every year. I need to ask whether I should add my income to his submission or whether I should have my own tax number. I tried to enlighten myself by reading the Tax website,, but it's all greek to me, I can't seem to figure it out. I ...

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I would like to know how can I get my tax refund

  Written by Nicci   Posted 19 April 2016

I would like to know if it is possible that I can be able to get a tax refund after retrenchment.

How is online income in foreign currencies taxed locally?

  Written by Alicia   Posted 19 April 2016

Hi. I'd like to know how online generated income is taxed. I am a South African resident currently in the process of generating income in foreign currencies ( US dollar and the Euro). I do not want to break any tax laws, please assist me.

PAYE on Road Accident Fund pay outs

  Written by Alicia   Posted 19 April 2016

One of our employees who earns approximately R57000 a year has received a pay out from the Road Accident Fund of R217657 for an accident he was involved in. He wants to know what the tax implications are on the amounts so that he can put aside funds for the end of this tax year.

How to reflect the employer medical aid subsidy

  Written by Nicci   Posted 18 April 2016

Kindly advise if I have a medical aid and it is paid from my salary by my employer, whether the employer subsidy can be added with the medical tax credits under code 4116?

Maximum amount allowed to loan out

  Written by Nicci   Posted 18 April 2016

Is there a maximum amount of money I can loan out to friends and family? Can I loan out R2 mil without having some kind of license?
Someone told me that you can only ever loan out R500 000 at a time, being broken up into maximum of 100 loans. I have loaned out more than R500 000, so I need to know if I am in the wrong here and what I can do to fix it.

Turnover Tax registration

  Written by Nicci   Posted 18 April 2016

Can I register for turnover tax if I write and sell my own CRM software program. My turnover would be under R700,000 p. a. I would be the 'manufacturer' of my product.

Interest on tax refund

  Written by Nicci   Posted 18 April 2016

My tax assessment SARS did not split my rental income 50% as I am married in community of property as was indicated on my tax return, Lodged an objection, but it took so long that I had to pay the incorrect amount in, it was R126,000. My objection was allowed and SARS paid me back the R126,000. But they had this money for 2 months and did not pay me any interest. Should they not pay me interest?, it was there mistake.

Capital Gains Tax on shares sold from a deceased estate

  Written by Nicci   Posted 15 April 2016

Does a capital gain on shares sold from a deceased estate after the death of the deceased get taxed?

Tax deductions on R6,300 per month

  Written by Nicci   Posted 15 April 2016

I am earning R6,300 per month and I have notice that there is a deduction of PAYE and my employer never told me about it. Is this legal for him to deduct without my knowledge?

How much qualifies me to pay PAYE?

Thanks

How to calculate the Doubtful Debts allowance

  Written by Nicci   Posted 15 April 2016

If provision for doubtful debts balance in 2015 was R120,000 (2014: R60,000) relating to a specific debtor. In 2014 income tax return the taxpayer claimed a doubtful debt allowance of R15,000. What is the income tax adjustment in 2015?

Individual tax registration for citizen abroad

  Written by Nicci   Posted 15 April 2016

I haven't officially emigrated but live in the UK and have subsequently discovered that I am not registered for tax in SA. This has implications for my my investments over there - is it possible as an individual to register as a tax payer without actually living in SA? It is my intention to register as a tax payer, announce that I am emigrating to obtain non-resident status allowing me to financially emigrate.

What is the tax on interest earned for a non-resident?

  Written by Nicci   Posted 15 April 2016

I am currently living outside of South Africa. Am I able to deposit money with a South African bank and at what rate will my interest earnings be taxed at? Am I able to withdraw the money easily again from South Africa?

Maximum Tax deduction for retirement fund under new tax dispensation

  Written by Alicia   Posted 14 April 2016

I am a government employee contributing towards the GEPF. I and the employer make contributions based on my pensionable salary which is 70% of my total cost to company. I contribute 7. 5% and my employer contributes 13% of my pensionable salary. Under the new streamlined retirement savings dispensation, I want to know the per annum value of my remaining tax deductable allowance, should I choose to contribute towards a RA in addition to my current GEPF contributions.

Must I pay tax on my income?

  Written by Alicia   Posted 14 April 2016

Do I pay TAX or must I have a TAX number if my salary is R5000 p/m GROSS. Was told I need Tax nr to be registered by our company bookkeeper on payroll?

How to treat a loss in a trust

  Written by Nicci   Posted 14 April 2016

Can we deduct expenses against a nil income, creating a loss, in a trust?

What is the PAYE on my salary of R5,906?

  Written by Nicci   Posted 14 April 2016

My salary works out to R5,906. I contribute to a provident fund. What is my tax payable per month?

Taxation whilst working out of South Africa

  Written by Nicci   Posted 14 April 2016

Hi I will be working in Botswana from the 1st of June. I will be taxed in Botswana but will get paid into my South African bank account. I am a South African resident but will be living and working in Botswana. Would I be taxed in South Africa as well?
I am currently contributing to a RA in South Africa would I be able to continue doing this without being taxed on it?
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