Can both employer & employee med aid contribution be used in calculating Add Medical tax credit

  Written by Marc   Posted 9 September 2014

I need to calculate the Additional Medical Expenses Tax credit to be included onto my Provisional Tax Form IRP6 for 01-2015. Half of my medical Contribution is paid by my employer directly to the medical aid and I pay the other half. Must I use both be added together to include in the calculation? Furthermore I have no excess medical fees/expenses. Another problem is that my 7.5% of my taxable income is greater then the medical value subtotal. This results in a negative value for the Addit...

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What are the tax implications for international network marketing reps?

  Written by Marc   Posted 29 August 2014

Would Network Marketing Income (Commission) be treated as small business income? Does expenditure on MLM product (travel, merchandice etc.) & branded clothes be allowed as expenses?Would international income be taxed when paid into an international account or only when transferred to a South-African account?

First IRP5 2015 setup on TaxTim

  Written by Marc   Posted 27 August 2014

I am a new provisional tax payer. I understand that I need to submit my first IRP6 by end August 2014, to cover the period March until August 2014. When I choose the tax year as 2015 in the set-up of my taxtim profile, it says I should be submitting for 2014. How do I move forward?

Risk of underestimation of provisional tax in August?

  Written by Marc   Posted 24 August 2014

If you underestimate your provisional tax in the August submission, but then are better able to more accurately estimate it in February, are you penalised for the under estimation in August? Furthermore, are there possibly any thresholds for underestimation in August which gives rise to a penalty, even if you accurately submit in February. Or is it is you're able to estimate accurately in February, that there are no penalties induced despite the underestimation in August?

2015 Provisional Tax figures please?

  Written by Marc   Posted 18 August 2014

1. Tax tables for 20152. Tax Rebates - Primary & Secondary3. Tax Thresholds for over 654. Exempt portion on investment interest - over 65

Do provisional tax payers that have PAYE deducted and paid over monthly have to submit 1/2 year retu

  Written by Marc   Posted 15 August 2014

If I am a provisional tax payer and my company pays my PAYE over to SARS on a monthly basis, do I have to fill in the half return. Can I not just state that PAYE is deducted and paid over monthly. I earn dividends and some interest over and above my monthly salary.

At what stage must a SP register for tax?

  Written by Marc   Posted 14 August 2014

I run as a sole-proprietor a small beauty business. I have been a student and then on completion of studies decided to work for myself. I am alone in my business and have built up the earning capacity slowly, due to my expenses of buying equipment and upgrading my home salon as I go along. I don't pull a salary for myself of over R8000.00 per month and some months only draw about R2500.00I am not registered for TAX personally as I looked at the tax tables and did not seem to earn enough to...

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Query on how to pay provisional tax and when to submit normal tax return?

  Written by Marc   Posted 13 August 2014

This is my first time submitting for provisional tax as I have additional income this year in addition to the salary I earn. Please can you advise how I go about applying for the IRP6 and when do I complete my normal tax return in addition to the provisional tax?

What is the tax effect of me turning 65 years of age?

  Written by Marc   Posted 11 August 2014

for 2015 tax year ending Feb 2015 , I will be 65 in Dec must I treat my provisional tax return for the mentioned period as if I are already 65 by using rebates and other tax credits for over 65?

Do I submit an IPR6 form with my optional 3rd payment for provisional tax?

  Written by Marc   Posted 7 August 2014

On your provisional tax page, you say "two (or optionally three) payments are made during the tax year at the end of August and end of February, with an IRP6 required for each one."

There are IRP6 forms in eFiling for 2014-01 and 2014-02, but nothing for 2014-03. Do I need to submit an IRP6 form with my third payment (and, if so, where can I find that form in e-filing?), or do I just pay the additional money with no form?

Can I claim deductions for items bought in Feb to start with sole proprietor business in March

  Written by Marc   Posted 29 July 2014

I started a sole proprietor hairdressing business on 01 March, I started to purchase stock and had some upgrades done to a rental property during Feb. Can I claim a deduction for the chairs and sinks, I purchased as well as the repairs to the deck. I am renting a small property because my home is not large enough for the business

Tax status before submission?

  Written by Marc   Posted 28 July 2014

Can I have a provisional calculation on tax before I submit on Efiling?

Tax responsibilities following resignation?

  Written by Marc   Posted 23 July 2014

I would like to find out how my SARS tax returns will work for the 2015 tax year.

I resigned from my employer of 10 years at the end of January 2014 to start my own business from home.

What are the implications and my responsibilities to SARS from this point on? I am technically unemployed with low annual income currently.

My business is home-based. I have no other means of income. My husband is currently employed full time. We are married in community of proper...

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Does community of property includes sole proprietor?

  Written by Marc   Posted 22 July 2014

Does a sole proprietorship form part of joint estate?

Selected yes for provisional taxpayer in error?

  Written by Marc   Posted 17 July 2014

I selected yes for provisional tax while registering for
eFiling. How do I amend this? And will it make a difference?
When I submit my tax return?

As a provisional taxpayer being self employed, may I claim for office space in my home and travel?

  Written by Marc   Posted 17 July 2014

As a provisional tax payer being self employed, may I claim for office space in my home and travel? If so, what is the fair amount?

Recently self-employed

  Written by Marc   Posted 16 July 2014

I recently (1 May 2014) opened my own business (A Pty Ltd) to operate from as a consultant. Am I correct in assuming that I am now a provisional tax payer? If so, do I need to register as such (I am a registered income tax payer already from previous fixed employment)? Do I only need to submit an income tax return after February 2015 and make a provisional tax payment in October?

What % of total income amounts do we show in each IRP6 to ensure the rebates can be claimed twice

  Written by Marc   Posted 13 July 2014

Good day

Thanks for your tax articles. I have one basic question, please.

In the case of provisional tax paid for persons married in community or property, what income amounts does one enter into each IRP6 to ensure that one can claim the rebate twice. I have heard I should enter 100% of our total income in my IRP6 and 50% of that same income in my wife's IRP6?

IRP5 from a company I don't work for anymore

  Written by Marc   Posted 11 July 2014

I have received an IRP5 form from an agency that I previously worked for from another company in Cape Town. I have no clue what I am suppose to do with this IRP5 form because I don't work for the company anymore.

Can you please advise me or assist me on this matter? Thank you

How do I close my tax account?

  Written by Marc   Posted 9 July 2014

I am a provisional taxpayer. I used to have my own business. I am no longer employed and I am leaving the country in December. I am wanting to know what the procedure is to follow in closing my tax account. Do I need to get a tax clearance?

ITR12 option not available

  Written by Marc   Posted 7 July 2014

My SARS eFile does not have ITR12 option under my "Returns Issued"...it only has "Provisional Tax (IRP6)". What should I do?

Earning a salary and having a sole prop on the side, how does the tax work?

  Written by Marc   Posted 3 July 2014

I am employed and earn a regular salary from my employer. BUT I also run a small business (just me as Sole Prop) on the side. (I help people with Web development and design work)How does tax work in my case? Do I need to put away a percentage of each transanction and pay it manually each year or how does it work? I don't want to get into any trouble with the tax man :-)

Taxation on profit for sole proprietor?

  Written by Marc   Posted 29 June 2014

NOTES: 1. Taxation R12 523 x18% = R2254.14 less rebate under 65 years R12 080 = R 0
am I correct with the above calculation or will I need to still pay the tax of R2254?

Rent Income

  Written by Marc   Posted 28 June 2014

If your rent income and salary income amounts to less than the required amount for taxpayers to submit income tax does that mean I do not need to pay provisional tax or does any additional income count as 'taxable'?

Transition from adviser to TaxTim?

  Written by Marc   Posted 27 June 2014

I am a provisional tax payer and have been using a tax adviser. My affairs are simply - I earn a salary and receive rental from 2 properties.

Are there any issues to consider with regards to the provisional tax I have paid?
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