Can we deduct loan payments ans taxi fare expenses?

  Written by Marc   Posted 16 February 2015

Hi TimI would like to know if a private company can deduct a loan repayment which was utilized in the production of income, the proceeds received and receivable, of which have been included in gross income. Furthermore, can the company also deduct other miscellaneous expenses such as taxi fare and so on. Thank you.

Provisional tax for bonus paid

  Written by Marc   Posted 16 February 2015

Ood day Tim, I heard from a passerby that I can ask my company to deduct provisional tax every month from my salary for the next reason :When I receive my annual bonus, it can be paid out in full, due to the fact that I already paid the tax throughout the year. Does this make sense? And how legit and effective is this? What if I am not due for an bonus for any reason whatsoever. . . Will the company be able to return the provisional tax money paid?

IT3a When do I recieve it.

  Written by Marc   Posted 16 February 2015

When do I receive a IT 3a to declare the income at the end of Tax year.

Changing accountants, from my current one to TaxTim

  Written by Marc   Posted 16 February 2015

I already have an accountant that does my tax returns etc. I would now like to change over to TaxTim. What is the process in changing?

Tax fluctuations on my payslip?

  Written by Marc   Posted 16 February 2015

Why does tax differ/fluctuate from month to month even though nothing has changed in your salary?

Bank statements

  Written by Marc   Posted 15 February 2015

I want to apply as a taxpayer, what if I don't have three months bankstatements yet,but I have my contract?

When is my first provisional tax payment duel?

  Written by Marc   Posted 15 February 2015

I established a new medical practice in January 2015. When is the first provisional tax payment due?

What will my refund be?

  Written by Marc   Posted 15 February 2015

How much should I expect to receive from SARS as a refund?

Income per annum to submit tax return to SARS?

  Written by Marc   Posted 15 February 2015

What must your salary per annum be to submit your tax return?

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)?

Should student register as a taxpayer

  Written by Marc   Posted 13 February 2015

Hi Tim,

My daughter is an Arts student and occasionally (2-3 times per year) does Poetry performances, for which she is usually paid in cash. She recently performed at a theater, and the theater company now wants her to register as a taxpayer in order for them to pay her. According to them, in November of 2014, a new law was passed requiring everyone that earns income to register as a taxpayer. Her total earning from the few performances she does for the year would hardly be in excess...

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How much will I pay on a salary of R5772?

  Written by Marc   Posted 13 February 2015

Do interns subject to income tax?. . My gross salary is R5772,00

How can I apply and register for Business tax reference

  Written by Marc   Posted 13 February 2015

How can I apply and register for Business tax reference

RA - not full tax year

  Written by Marc   Posted 12 February 2015

How do I enter my RA amount if I've only been contributing for the last few months of the tax year, ie from 1 November? Would I enter the total of the monthly amount paid in the year section?

In need of a tax number

  Written by Marc   Posted 12 February 2015

I need a tax number, I have never had it before and the SARS office are too far from where I stay.

Foreign income tax for SARS?

  Written by Marc   Posted 11 February 2015

I'm moving back to South Africa after 5 years but have forex investments abroad, I will be transferring the profits to my south African bank account monthly once I am back, how will I be taxed for this? if I keep the money abroad will it change things?

Tax directives on commission?

  Written by Marc   Posted 11 February 2015

What is the position where an employee earns a high salary and pays site and PAYE on this but also earns commission over and above his salary. Can he claim a tax directive on commission or must he estimate his tax liability. This could be difficult as he does not know what commission he will earn.

Do I pay tax on my buy to let property inspite of being a tenant in someone else's property?

  Written by Marc   Posted 11 February 2015

I own a property that I rent out but I am also a tenant to someone in someone else's property. Once the buy to let property is paid off, am I still obligated to pay tax on the property I own or is this considered a primary residence?

Self-employed and Commission Earnings Tax?

  Written by Marc   Posted 11 February 2015

I will be starting a new job where I will be working on a contract basis and invoice the company each month for my hours worked to receive payment. How much will I be taxed? 25%?

Also I might start earning commission a few months down the line, how much tax am I charged on commission?

Thank you in advance for the help!

Income tax not deducted'on my payslip?

  Written by Marc   Posted 11 February 2015

Ive been working for roughly 7 months on a continuous contract and I earn R5500 a per month. On my payslip it doesn't show any PAYE or any income tax deductions except UIF, how can this be because I have registered for tax.

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?

Can I depreciate a second hand vehicle?

  Written by Marc   Posted 9 February 2015

Vehicle depreciation and year model clarity. Can I buy a second hand vehicle that is three years old and still depreciate the vehicle over five years?

Tax calculation on cost to company package of R 988 152

  Written by Marc   Posted 9 February 2015

I am 43 and I earn per month a gross of R71 805, with a contribution of R3705. 15 as my contribution towards my pension. I have made provision for payment of my bonus as at my birth date which is 03 August of every year with the option the tax thereof recurring. What should be take home after tax, put differently, what should I be contributing as my tax on a monthly basis?

I started with my new employer on 01 October 2014, does a start date have an effect on my tax contributions, if s...

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Homeloan interest payments or the whole repayment

  Written by Marc   Posted 8 February 2015

SARS have asked me to take a look at my 2014 return and to correct any "errors" that I find. I receive property rental income. I have a bond on that property. Should I list the interest portion of my bond repayments under "interest" and am I able to claim the balance of the repayments under other? I seem to have entered those figures incorrectly, which may be what is bothering SARS.

Retirement lump sum withdrawal benefits

  Written by Marc   Posted 7 February 2015

How would you tax a retirement lump sum withdrawal benefit? How would you calculate deduct this retirement lump sum withdrawal benefit in your tax calculation for an individual, if the individual only gets a members salary and retirement lump sum withdrawal benefit? Lastly how would you enter such information into income tax return ITR12/14?
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