Tax for pensioners

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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Provisional Tax Calculation

Posted 24 August 2015

how do i work out the estimated profits for provisional tax payment to be effected end of august?

Tax exempt working aboard

Posted 24 August 2015

When you work out the country for 60 days or more you don't get taxed

Refund on Dividends Withholding tax?

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.

Using someone else's banking details for my tax refund from SARS?

Posted 20 August 2015

Hi i'm orginally from Nigeria, I live and work in SA, I just did my tax retuns but they told me I cannot use my foreign acc except and Indian foreign acc,i tried opening a capitec acc but was told my papers are about to expire so I need to wait for the new ones... Can I use a 3rd parites banking details and have my retuns paid into their acc instead?

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

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?

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?

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.

Academic fees from SARS?

Posted 19 August 2015

I'm a full time student who works at different places over weekends to fund my studies which are ~R50K p. A
Is there a portion that I can be able to claim back from SARS?

Is spousal maintenance a taxable income?

Posted 18 August 2015

Is spousal maintenance a taxable income?

The higher your local liabilities the lesser our tax amount payable on our completed return or other

Posted 18 August 2015

Do we pay less tax or more tax if our local liabilities are higher for example - Car finance and credit card debt?

Am I and independent Contractor or a Bookkeeper for tax purposes; can I deduct a pc course as an exp

Posted 18 August 2015

I am a bookkeeper for 2 entities with the same directors, but different company and tax numbers. I invoice a fixed fee per month, but split it based on the pro-rate turnover per entity. I work form my study although I also do visit their office especially certain periods during the month - ie mid-month for invoicing and month end to balance the books. Question: Does this mean I am an Independent Contractor? Is this applicable for the 80/20 split as an independent contractor? Do they have to deduct tax from me on a monthly basis?...

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Do foreign nationals with South African work permits qualify for the offshore tax exemptions?

Posted 17 August 2015

I am a foreign national (New Zealand) based in South Africa on a work permit, working for a South African company. However all of my work is "offshore" in the DRC in the mining industry. I am away from South Africa for about 300 days per year for up to 60 days at a time. Can you please let me know if I qualify for the tax exemption on my salary. Thanks, Dan

How to declare foreign income?

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

Posted 17 August 2015

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

What to include as taxable income for provisional tax calculations

Posted 13 August 2015

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

Thank you.

What are the tax implications for Voluntary Severence Package?

Posted 13 August 2015

What is the tax implication for Voluntary severence packages? Does it qualify for any severence benefits. According to general opinion, the first R500 000 is tax exempt?

Reconciling interest per S24J

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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Is the Provisional Tax threshold inclusive of Normal Salary + My company paying me out (Dividend)?

Posted 12 August 2015

I registered a company and It was registered for income tax. I am the sole Director and shareholder. When it makes money and I pay some of this to myself am I liable for provisional tax? I know there is a threshold but does that threshold amount include my Normal Salary that I get from my employer?

Passive investment and unit trust income - do I submit a tax return?

Posted 12 August 2015

I am an independent contractor and my earnings is below R200 000 per year. Over the past two years, I have managed to save and have invested R100 000 in listed shares and R50 000 in investment funds such as unit trusts. I am not sure whether I need to submit a tax return?

Tax on endowments

Posted 12 August 2015

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

Is there income tax payable on interest received from SARS?

Posted 12 August 2015

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

Tax on living annuity?

Posted 12 August 2015

I currently contribute to a provident fund as well as my employer. My portion is taxable and the employer's not. When I retire I plan on investing in a living annuity, will the income from the living annuity be taxable?

Income whilst working outside of South Africa

Posted 12 August 2015

Can you please clarify this question for me: "Did you earn any income whilst working outside of South Africa?"
My answer is yes but this income is non-taxable in South Africa because I was not physically present in South Africa. I am only filing my income tax return do to a loss on my SA rental property.

SARS says submit my 2011/2012 tax returns but I wasnt employed nor did I have tax number

Posted 11 August 2015

I emailed SARS to enquire why my 2015/2015 tax returns have not been paid to me yet and they replied saying my 2011/2012 tax returns were not submitted so until they receive that then they will be able to pay me. However I received my 2012/2013 tax returns with no problems as well as my 2013/2014 tax returns as well. I don't really understand this because in 2011 - 2012 I only had a casual job for 2 months in which my wages were way below a tax bracket and I had no medical payments of my own nor...

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