Provisional Tax Posts in Tax Q&A

CGT Losses carried forward?



I'm a provisional tax payer over 65.
If I have a CGT loss of say R50,000 do I carry forward the R50,000 or R20,000 (R50,000-R30,000)?

RA contributions - tax benefits?



I have a sole prop who earns R3m per annum. To reduce his PAYE I have suggested he takes out an RA.
What is the maximum he can contribute for Feb 2014 so as to maximise his tax position.

Avoid annoyance of IRP6 submission?



I am a pensioner and get a pension that is taxed plus RA payments and receive interest on investments that are below taxable.

How do I avoid filling in a IRP6?

Commercial fisherman - tax situation?



How would a self-employed commercial fisherman pay tax?

Does TaxTim also help provisional tax payers with IRP6 forms?



You mention that TaxTim completes an IRP12 form for you, but does it also help provisional tax payers with their IRP6 forms?

When is the due date for ITR12 and ITR14?



When is the due date for ITR12 and ITR14?

Second provisional tax calculation and supporting documents required?



How do we calculate second provisional tax and what documents are required?

I am confused when IRP6 and IRT12 forms must be submitted?



My dad is considered a provisional taxpayer with SARS. I am confused as to when he must submit IRP6 and IRT12 forms?

What date should I use for my Provisional Tax EFT payment as part of my 19-digit reference?



If I want to pay my provisional tax to SARS. First payment was due 31 August 2013 but I'm only making it now. I want to make this payment via EFT but cannot figure out what date is required in my 19-digit reference. I know the "dd" in "ddmmyyyy" is replaced with "00" but which month and year should I put in "mmyyyy"?

Medical scheme tax credit amount



I'm completing my IRP6 (second part) as I am a provisonal tax payer. In the space provided for medical scheme fees tax credit (I believe it's R242 for this year) do I fill in R2904 (R242 times 12) for the full year I've been paying towards medical aid. Or do I only have the one credit of R242 for the entire year?

Request a correction for provisional tax?



I have been running a small business and am a provisional taxpayer. I became employed in March 2013 and earn a salary, but still earn income from my sole proprietorship business.

I was advised when I submitted my first IRP6 in August 2013 to keep the salary separate from my other income as it would be reflected in my ITR12 this year with the relevant IRP5. After a bit more homework on my part I realised that I should I have added my total salary to my estimate in my first IRP6 submis...

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Do I need to pay or declare income tax on donations received?



Hi Tim, I have started a small web design business with a turnover of just under R60 000 per year. I am struggling financially, so my father has been helping me with another R60 000 per year as a donation. I have read on the SARS website that as a sole trader if I earn less than R250 000 per year I do not have to register with SARS and I have no need to register for VAT. My question is, do I need to register with SARS for income tax as my income falls under the threshold without the donation or ...

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What info on Period 1 and Period 2 for provisional tax filing?



Provisional Tax Period 1 2014 was not submitted, Personal tax was submitted on time. According to eFiling I should still submit Period 1 2014? I am confused as to the difference between info on Period 1 and Period 2.

Period 1 and period 2 what info required for Provisional tax return IRP6.



Late with Prov tax Period 1 2014 that should have been submitted Aug 2013. Personal tax already submitted on time. Confusion as to difference between period 1 and 2.

Does SARS recognise a tax loss as a deferred tax asset?



Hi Tim,
I am a provisional tax payer and for the 2015 tax year, I will have recorded a net income loss. Am I correct in saying that this will yield me a tax loss (deferred tax asset) which I can use to offset my taxable income in subsequent tax years?
The loss was substantial and I hope to be able to use the tax loss to offset my taxable income for at least 2 years.

Multiple IRP5 in tax return using TaxTim?



I'm a provisional tax payer and I changed jobs in February last year. I would like to use TaxTim to submit my return, but would just like to ensure that the program will handle both provisional taxpayer and multiple IRP5s.

Tax payable as freelance worker?



I work on commission basis as a freelance teacher and have no basic salary. What tax must I pay?

How to invoice customers re VAT as sole propieter if you are not VAT registered.



I am starting a solar business as a sole proprietor and pay VAT on all the hardware I buy.
How do I invoice my customers? Surely I cannot charge them VAT as I am not registered. I have also heard that if your turnover is less than 1 Million a year you cannot/should not register. To further complicate things for me company's want VAT invoices.

Get started on TaxTim?



Okay how do I actually complete my tax return on TaxTim? I have registered with the site, now want to get started.

Which is the simplest way for me to submit my tax returns?



I have a small business. My monthly sale is approx 70000 to 80000 Rands and I am running my business as a sole proprietor. I am presently unable to afford a book-keeper. Which is the simplest way for me to submit my tax returns.

August provisional tax amount?



I'm starting provisional tax paying in Feb.2014

Please help me understand the provisional tax amount that I have to put in for when I do my AUGUST provisional tax in 2014.

In your guidelines for when doing tax in August, you say I must not put in my income for the past 6 months (from Feb to Augustus).

So what amount must I put in there? (The estimate amount that I THINK I would have made by 2015 then?)

How will my tax work when I work in SA for a foreign based company?



I will be working for a UK based company from my home in SA. It is a very small business my sister has opened. I will be receiving foreign currency in either dollars or euros. I will earn a monthly salary. Will I pay normal tax? Will I pay tax in UK before I get my salary? How will this work for me? How will I get an IRP5? I wont be getting R250k per year but I am already a registered tax payer with the company I currently work for. I registered and submit returns every year even though I dont ...

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Mixture of employed and self employed income tax status?



I have to commend you on a great business idea. Being an eCommerce start up myself, I can see massive potential with this online service you have developed.

My question is: I am currently employed and salaried but as mentioned above, have started a small internet start up. I will be registering a new company with CIPC and operating at a small scale while staying employed. How does this affect my current non-provisional tax status and are there any benefits/pit falls I need to be aware...

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Are insurance premiums a tax deductions from a business?



As a sole proprietor, can I deduct insurance premiums on electronic equipment as an expense? (3x computers I use to carry on my trade as an animator)

Am I a provisional tax payer?



If I earn less than R20 000 a year selling AmC pots plus earn a normal salary do I have to register as a provisional tax payer?
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