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What is the tax on provident fund withdrawal?

Posted 18 April 2016

I applied for providend fund withdrawal of R66,000 on the 25th of Jan 2016. How much will I receive, after tax is being deducted?

Tax deductions on R6,300 per month

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

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?

Maximum Tax deduction for retirement fund under new tax dispensation

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.

How to treat a loss in a trust

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?

Posted 14 April 2016

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

How can we claim bond interest from rental income when married out of COP?

Posted 14 April 2016

My wife and I are married out of COP (ANC with accrual). My wife owns an unbonded property that she lets. This means she has a lease agreement with the tenants, although they pay their rent into my account. I own the property that we reside in, which is bonded. The nett effect is that we receive rental income and pay bond interest, albeit on different properties. I would like to be able to claim the bond interest from my wife's taxable income. In order to do so, I assume we need to take out ...

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Spiritual Counseling outside of medical aid

Posted 13 April 2016

As a Spiritual Counselor who has a BA in Counselling, but who is not registered as a health care professional with medical aids, as it is more a spiritual than medical. I have clients who would like to know if they can add my receipts to their tax claims at the end of the year. When the Spiritual Counselling was removed from the medical claims alot of clients do not want to go to conventional psychologists, but prefer continuing with me. Can they claim from SARS like their fuel log books? Is there a way so that clients can claim tax returns? ...

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Medical aid tax rebates

Posted 13 April 2016

Is your tax rebate higher if your medical aid contribution is made by your employer instead of done privately?

Tax on conditional sign on bonus

Posted 12 April 2016

If I was given a sign on bonus and it was taxed. Condition on the bonus is to stay employed for 3 years. I received the bonus after tax. If I leave in under 3 years how do I reclaim the tax or is it a loss.

Tax for temporary employees

Posted 11 April 2016

I am a temporary employee with three months contract in a municipality. I earn R37. 50 per hour and get paid on monthly basis. Last month my employer taxed me 18% on my salary. I worked for 160 hours. Is this the right percentage they used? please advise me on the applicable tax law for temporary employees.

Capital Gains Tax calculation

Posted 11 April 2016

I recently sold my home in South Africa at R6,500,000 (5 April 2016). I purchased this property in 2006 at R3,500,000. When would I need to submit this to get CGT assessed. In addition to the R2,000,000 primary residence exclusion, what is the 2016 annual exclusion? Is there a SARS CGT call number?

Capital Gains Tax - costs of selling primary home.

Posted 11 April 2016

When selling one's primary residence, am I correct to assume that closing out of the bond is included in costs of selling the asset when it comes to CGT payments? Does this fall under costs of selling the asset?

When to Expect SARS Refund

Posted 8 April 2016

I submitted my 2011 & 2012 IRP5s yesterday and received a message that I'm owed a refund from SARS. Any idea of when I can expect this refund?

Thanks for the help!

Sole trader tax information

Posted 6 April 2016

How do I find out what receipts I should keep now that I want to operate as a sole trader and what should be declared as is tax deductible?

Travel claim against commission income /vehicle claims

Posted 6 April 2016

Can you claim depreciation as well as finance charges on a travel claim against commission income?

Tax when working for different employers / independent contractor

Posted 6 April 2016

I am about to start 2 different half day jobs. In the morning I work for an organisation and in the afternoon I work for an individual. Should I expect the individual I work for to deduct PAYE or should I put it the PAYE amount away and pay it as personal income tax?

How do I claim Withholding Tax back?

Posted 5 April 2016

Hi, we get charged withholding tax from Botswana. We have the withholding tax certificates issued from BURS Botswana Unified Revenue Service, but how or where do we claim this back on our IRP6 form.

How to submit an oustanding return when you don't have an IRP5 and cannot find the employer?

Posted 5 April 2016

What do you do if you have an outstanding SARS tax return for 2011 if you do not have an IRP5 for that tax year since the company you were working for cannot be found/traced? I was working on a contract basis and do not recall ever receiving an IRP5 for that year. I have submitted tax returns before and was never made aware of any outstanding tax returns. Only now that SARS needs to pay me money back do they mention that there is an outstanding tax return for 2011. How does there system work? I ...

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Must commission earners register for provisional tax?

Posted 5 April 2016

Hi Tim,
I earn a basic salary and a commission. The total commission earned is more than 50% of my total earnings. Do I need to register for provisional tax?

Employee tax - earning R 6773.76 per month

Posted 5 April 2016

I have recently employed 8 people, who each earn R5376 basic salary R 1397. 76 overtime allowance per month. When I enter these figures on the payroll system that I'm using, tax is calculated at R 94. 28.... I'm confused - Is this correct? I thought only people earning above R120 000 pa pay tax?

Submission of late Provisional Tax returns

Posted 5 April 2016

I received rental income in 2016 tax year, but didn't pay provisional tax. On my ITA34 I am not registered for Provisional tax, but on my SOA, requested one day later, it states that I am registered for Provisional Tax. What are my options now in order to pay the minimal penalties/interest? Do I rather not submit the late IPR6 tax returns and only specify the rental income when I submit my next Income Tax Return?
Also, how does the fact that I am married in community of property influence ...

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SARS mistake or are refunds done per assessment

Posted 5 April 2016

I was audited and asked to submit supporting docs for logbooks, vehicle ownership/invoices and medical expenses. My assessment was calculated at R49k refund initially. When submitting medical exp I realized I had entered some expenses incorrectly so made changes to the ITR12. This resulted in a refund of R58k. In the new assessment SARS deducted the R49k under source code 4102 in the line "Previous Assessment Results", with net refund of R9k. Will my refund be both assessments ie R59k or are the...

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tax amount payable

Posted 5 April 2016

I am student currently doing my practicals,i am earning R6000 a month. They have deducted R1781. 25 from my salary. I want to know if is this the right amount that I need to pay?

If I have a voluntary RA of R1500 per month, what will my tax refund be

Posted 5 April 2016

If I have a voluntary RA of R1500 per month, how much do I get back?
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