Written by Marc
Posted 20 November 2012
Written by Marc
Posted 20 November 2012
Written by Marc
Posted 19 November 2012
Written by Marc
Posted 12 November 2012
Hi Tax Tim, thank you for a very informative website, I've learnt a lot!
My question is this: which option is more tax beneficial?
My situation:
My wife and I are both principle members of the same medical aid, with a baby on the way. My understanding of the new tax credit rules for 2013 would imply that it doesn't really matter how we as a family structure our medical aid. Be it as 1 principle member and 2 dependents, or 2 principle members and 1 dependent. Is this correct? The new rules disregard the fact that I am in a higher tax bracket as well...
Written by Marc
Posted 6 November 2012
I am a South African citizen residing in South Africa and work from home on the Internet. My company is registered offshore in the Seychells and have an offshore bank account in Mauritius. I have no clients in South Africa or Africa, but work with clients in other countries and have mandates with companies in the USA, Moscow and Hong Kong. I stand a good chance to earn a substantial commission which will be paid into my offshore account. Can I opt to pay taxes in Mauritius as i also want to...
Written by Marc
Posted 6 November 2012
Written by Marc
Posted 31 October 2012
I earn R8500 a month, which is the most I've ever earned. My boss keeps my salary low because he says that way I won't pay tax. I am so ignorant. Am I breaking the law or is my boss? SARS doesn't know I exist. Would I be fined? I don't have any savings stored up either. It's not that I did this on purpose. If I register it'll jeopardize my job. In fact, everyone working for him isn't registered with SARS. Isn't there a form you're supposed to have at ...
Written by Marc
Posted 29 October 2012
Written by Marc
Posted 29 October 2012
Written by Marc
Posted 29 October 2012
Written by Marc
Posted 25 September 2012
Written by Marc
Posted 17 September 2012
Great informative site!
A question for you please.
I live in the UK (and have done so for the pass 12 Yrs) but was born and bred in South Africa. I therefore have dual citizenship, having not renounced my SA .
I have recently been bequeathed property back in SA, which I plan to rent out for R5k/month.
Am I a tax resident now that I own an asset in the country and do I need to register as one now that I own property and do I need to start paying tax on the rental income ?...
Written by Marc
Posted 17 September 2012
Written by Marc
Posted 17 September 2012
Written by Marc
Posted 20 August 2012
Written by Marc
Posted 20 August 2012
I've gone through the entire process and am filling in the e-filing form. I'm stuck on the Medical Deductions section. I've filled in what TaxTim suggested, but the e-filing calculator is ignoring the amount at code 4020.
The "Did you incur any medical expenditure?" is ticked "No". But if I change it to Yes then it expects that I have paid to a medical aid and wants a "0" if my "employer" paid the total.
My specific scenario is a little different. My wife pays the medical aid each month and claims that on her own tax return...
Written by Marc
Posted 4 August 2012
"This is a common problem here in South Africa, what to do if you pay for someone's medical aid. The practice is that you can claim this benefit, if asked for documentation from SARS you will obviously have to produce the records you have mentioned above."
Are there regulations / documented precedent that I can cite to support this? I am having difficulty in getting GEMS to understand my request for a tax certificate for another main member (my father) who's medical aid contributions ...
Written by Marc
Posted 30 July 2012
Written by Marc
Posted 30 July 2012
Written by Marc
Posted 30 July 2012
Written by Marc
Posted 15 March 2012
A burning question people often ask tax professionals is whether or not they are a tax resident in a certain country. The question is important because it distinguishes between tax residents and tax non-residents – both paying tax in South Africa.
...
Written by Marc
Posted 6 January 2012
So as we are getting closer to Provisional Tax Season the question on taxpayer’s minds is, do I qualify as a provisional taxpayer? The Income Tax Act sets out specifics as to who qualifies and who doesn’t.
If you are a salaried employee then your employer will deduct a monthly amount and pay it over to SARS on your behalf. You will only have to file one tax return at the end of tax season.
Otherwise you may qualify as a provisional taxpayer and will have to submit a return twice a year...
