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...

Read more →

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...

Read more →

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?

Tax rebate when earning below R50 000 for past financial year?

  Written by Marc   Posted 7 February 2015

I only started working in January this year and earn below R50 000 for the months of January and February, can I get a tax rebate?

Provisional tax period for declaring a secondary property sale.

  Written by Marc   Posted 7 February 2015

I sold a secondary property in January 2015. The registration into the new owner's name will only go through in April/May and therefore the payout of the profit to myself. As a provisional taxpayer, my question is do I declare this transaction on my provisional tax return at the end of Feb 2015 (in the period the transaction was done) or in my August 2015 provisional tax return (in the period the transfer of ownership was done and payment received)?

Why do I pay high tax on a little salary?

  Written by Marc   Posted 6 February 2015

I'm an educator who earns about 20k gross salary and I'm also earning my late husbands annuity income of 10k pm, but whenever I go to SARS to submit my returns it turns out that I owe them a lot of money because in 2013 I paid 28k and now they want 31k so I need help as I dont understand how it gets to that high amount every year.

Tax on interest income?

  Written by Marc   Posted 6 February 2015

What is minimum amount of interest income that is non taxable. Also where is taxable interest reflected on the return?

Wasn't earning, now earning what will I pay in tax and do I go to SARS instead of eFiling.

  Written by Marc   Posted 5 February 2015

I'm a work at home struggling writer who doesn't get much work. I added up my bank statement for this year and I earned about R100k. I've been doing eFiling since it started but was told two years ago not to submit a tax return since I earned too little. R100k puts me into a tax bracket - do I go to my local SARS and fill in a form or do I do this online? BTW I bought a PC and Monitor, can I deduct that.

Reference number for EFF payment?

  Written by Marc   Posted 5 February 2015

I completed my return and received assessment showing that I owe SARS money. I'm trying to pay via EFT (internet banking) using my tax number as the payment reference, but am receiving an error message saying the format of the payment reference number is incorrect. What payment reference number / format should I be using?

No same amount of salary paid every month how do I get taxed?

  Written by Marc   Posted 5 February 2015

If I run a CC and my salaries are not the same amount every month and my credit cards are settled via the business account which I then add as salaries. Can I round off the amount accordingly? i. E. R6000 a month?

Commission less than 50%. Can I claim expenses?

  Written by Marc   Posted 4 February 2015

Hi. I earn a salary and commission. Last year my commission was lower than my salary. My consultant has claimed for expenses. Will this be allowed. I entertain clients allot, I use my car for mainly work purposes. My cellphone bill is mostly for work I have a home office. I spend allot of money to get commission. I have 3606 on my irp5

Tax penalty on fund payout?

  Written by Marc   Posted 4 February 2015

I'm currently waiting for my provident fund money payout, but i'm owing SARS 20 thousand rand, so are they gonna take their money from provident or they will wait for me to pay it?
Older posts →← Newer posts    171  172  173  174  175  176  177  178  179  180  181  182  183  184  185  186  187  188  189  190  191