Tax liability for an Independent Contractor

Posted 25 April 2016

My son started as a independent contractor March 2015 and has not paid tax. He earned R10k for 2 months and R5k for the rest of the year. He got paid a lump sum of R80k when the job was done. He is going to SARS but what tax or penalties can he expect

Will SARS refund one amount for 2009 to 2016?

Posted 24 April 2016

Hi Tim, I have an income tax statement but the period is from 2009 to 2016 and I have already received one payment do I still get other payments from SARS or is it only one payment?

Do we calculate vat on legal fees from Road Accident Fund proceeds?

Posted 24 April 2016

I work for a legal firm that deals with Road Accident Fund (RAF) on behalf of our clients. We deduct an amount of legal fees after the matter is settled - can we use the amount received from RAF to calculate our input vat?

Do I have to record all kilometers travelled?

Posted 24 April 2016

Does my travel logbook have to include private kilometres travelled? Do I need to write down KM's (business and private) every time I get in the car for the rest of my working days, while claiming?

What is an effective logbook method for tax?

Posted 24 April 2016

I would like to know what is the most effective way to log your work travels in order to be able to claim it for tax?
Is it really necessary to write down every destination I go to and who was seen, etc? Or do they need to have an odometer reading every day and night (opening and closing?) Or as some say, can it just be based on the reading from 1st March to 28 Feb?

I have downloaded an app which acts as a log book (feulio), would that be sufficient?

PAYE due on my salary

Posted 22 April 2016

I'd just like to know if the correct amount of tax is being deducted from my salary monthly. My gross salary is R45900
My employer pays my full medical aid contribution of R7254
I contribute from my salary towards a provident fund, an amount of R2754

Could you please advise how much of tax I should be paying monthly?

Thank you

May a sole proprietor have travel allowance and must retirement or providend fund be deducted monthl

Posted 21 April 2016

I would like to know if a sole proprietor may allocate a travel allowance to himself?

In regards to a retirement or provident fund may I do payment once a year up to 27. 5% of my earnings or must I do it monthly?

Your help will be greatly appreciated

WS

Full time salaried employee or Independent Contractor?

Posted 21 April 2016

I work part time ad hoc shifts as a doctor at a private hospital, where I am paid an hourly rate and my hours of work are between 0 and 30 a week. In terms of tax deductions (specifically MPS - medical malpractice insurance, travel expenses, training course fees); would my work be classified "full time salaried work"?

I understand this is important in terms of which items one can claim back.

provisional tax on a Pty and small company

Posted 21 April 2016

I have just opened a PTY. I do not know what my turnover will be. It might be between R 500 - R 400 000 per annum. 1) Do I need to register for provisional tax and when?
2) How do I calculate provisional tax
3) would I fall under SBC or company for tax purposes?
4) what is directors tax and do I need to pay it?

the company is very simple... I have one supplier. I have no extra expenses. I have no assets. I have no employees and I am the only director. Thank you

TaxRefund

Posted 21 April 2016

I wanted to knw if a contract worker is allowed to claim a tax return?or isn't claimed by the people who's bt working

How much will my PAYE be and am I due for a tax refund?

Posted 20 April 2016

I earn 12000 a month which calculates to 124 000 per year. What is my total taxes and what is the amount of my tax return if I am eligible for a tax return pay out and can my employer file my tax tax returns on my behalf

Tax paying Freelance Artist / Independent Contractor

Posted 20 April 2016

I am a freelance artist, I want to work fulltime for myself, but can't be certain how much I will make or whether I would make any money at all. I am married in community of property. My husband is lucky enough to have an employer that takes care of his submission every year. I need to ask whether I should add my income to his submission or whether I should have my own tax number. I tried to enlighten myself by reading the Tax website,, but it's all greek to me, I can't seem to figure it out. I ...

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I would like to know how can I get my tax refund

Posted 19 April 2016

I would like to know if it is possible that I can be able to get a tax refund after retrenchment.

Tax refund on retail slips

Posted 19 April 2016

How much tax refund would I get if I submit retail slips amounting to R10 000?

How is online income in foreign currencies taxed locally?

Posted 19 April 2016

Hi. I'd like to know how online generated income is taxed. I am a South African resident currently in the process of generating income in foreign currencies ( US dollar and the Euro). I do not want to break any tax laws, please assist me.

PAYE on Road Accident Fund pay outs

Posted 19 April 2016

One of our employees who earns approximately R57000 a year has received a pay out from the Road Accident Fund of R217657 for an accident he was involved in. He wants to know what the tax implications are on the amounts so that he can put aside funds for the end of this tax year.

Are consulting fees with regards to a share sale agreement deductible?

Posted 18 April 2016

Are consulting fees incurred for the acquisition of 75% equity shares in company deductible?

How to reflect the employer medical aid subsidy

Posted 18 April 2016

Kindly advise if I have a medical aid and it is paid from my salary by my employer, whether the employer subsidy can be added with the medical tax credits under code 4116?

Interest on tax refund

Posted 18 April 2016

My tax assessment SARS did not split my rental income 50% as I am married in community of property as was indicated on my tax return, Lodged an objection, but it took so long that I had to pay the incorrect amount in, it was R126,000. My objection was allowed and SARS paid me back the R126,000. But they had this money for 2 months and did not pay me any interest. Should they not pay me interest?, it was there mistake.

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?
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