Are independent contractors buisness or individual taxpayers

  Written by Marc   Posted 30 September 2014

I am registered as an independent contractor code 3616, do I fill my ITR12 as an individual or as business. I pay wages to my two employees but don't know how fill it out on the form.

Is there a tax on bringing large amounts of cash in from offshore account?

  Written by Marc   Posted 23 September 2014

My brother has been working on the ships for a while, and wants to transfer about R1mil to his South African account to buy property in Cape Town.

The money is currently in an account in the Cayman Islands.

Everything I have read indicated allowances and limits taking money out of South Africa. Are there any tax implications bringing money in?

How late can a request for correction of my ITR12 be made?

  Written by Marc   Posted 8 September 2014

A friend of mine, has submitted her IT12 by e-filing, she was then asked to submit supporting documents, once these were submitted, she was told that she will be audited as part of the tax compliance procedure. She is concerned because when submitting her IT12, she had lost her log book and had to redo this from memory and is now worried that the log book will be inaccurate and the audit will bring this up. As she doesn't want to get into trouble, she wants to know if it is still possible to do ...

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Foreign subsistence allowance code

  Written by Marc   Posted 2 September 2014

What is the difference between tax codes 3714 and 3716 for allowances. Is it true that code 3714 has now replaced code 3716 since 2010, for foreign subsistence allowance?

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?

What and how much can I claim for on my own car expenses when the car is used for business

  Written by Marc   Posted 27 August 2014

Hi Tax TimI get paid a basic and commission each quarter of the year. I pay for my own petrol and car expenses and I am looking to claim all of this back from SARS at the end of the year. I have been keeping a log book and I would liek to know the percentage of my expenses that I cna claim back if I rarely use my car for private use. What percentage will I be able to claim back from my business expenses on my car. Can I also claim for my cars depreciation? And again what is the percentage for th...

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Which motor vehicle expenses to claim through company versus personally?

  Written by Marc   Posted 25 August 2014

I am the sole director of a company. I travel extensively for business using my personal vehicle. My question is do I deduct vehicle expenses such as petrol, insurance, services etc.. through the company, or do I rather take these deductions into account in submitting my personal tax return?

Can I Just enter business trips on my SARS logbook?

  Written by Marc   Posted 21 August 2014

Can you pleas tell me if I can just enter business trips into my SARS logbook or do I have to include both private and business trips?

How do I know if I am a tax resident of South Africa?

  Written by Marc   Posted 18 August 2014

My client was employed in Zimbabwe for 11 of 12 months, so he qualifies as being out of the country for more than 183 days. However, he regularly traveled back to SA on week-ends for a break, so was never out of the country for more than the 60 days in a row as required. Does this then disqualify him from being a non-resident for tax purposes?

Can we claim if we pay for our uniforms?

  Written by Marc   Posted 18 August 2014

We are wearing uniforms at the medical practice where I work and we are spending money on this monthly can we claim from SARS for this?

Is my travel allowance too high for tax purposes?

  Written by Marc   Posted 18 August 2014

Please help, I receive a fixed travel allowance of R9400pm (car R4400 fuel R5000) under code 3701 which is taxed at 80% by my employer. My cars value is 160K and I do approximately 45K a year (12-15K personal) I keep a logbook. Will this be regarded negatively by SARS and more importantly would I possibly have to pay in an amount?

ITR12 Tax Return Source Codes?

  Written by Marc   Posted 17 August 2014

Where will I find that my employer used the correct codes. 3601, 3703, 3713, 3714?

Taxation of individual shares versus unit trusts?

  Written by Marc   Posted 15 August 2014

If I purchase equities, as I understand it, I will need to hold each share for at least three years for any profit to be deemed capital (CGT) and not revenue (full profit included in taxable income.
BUT - if I purchase unit trusts, as I understand it, I can sell them at any time (no 3 year waiting period), and only CGT will apply.
Is my understanding correct, or does the three year rule apply to unit trusts as well?

Tax Free Unit Trust Investments?

  Written by Marc   Posted 15 August 2014

Is there any other tax saving unit trust that one can invest in other than an RA or Pension fund. I heard there is a R 30 000 pa allowance if you invest in the right unit trust (or is this from 2016?)

Non Taxable Travel Allowanc exceeds maximum permissible. Source Code 3702

  Written by Marc   Posted 12 August 2014

On my IRP5 I have a Source code of 3702 which is for my non-taxable travel allowance. When I submitted my tax return I received a letter from SARS saying that I need to submit relevant documentation because my non taxable travel allowance exceeds maximum permissible. This is not true as my total amount was only R2211 which is clearly less than the permitted 8000km. As I did not keep a log book what relevant documentation do I need to submit? As I understand, since my travel allowance is less tha...

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What is a reasonable market related interest rate to use on a loan to a family trust?

  Written by Marc   Posted 8 August 2014

Hi Tim, what is regarded as a reasonable interest rate on a loan made by a trustee to a family (discretionary) trust in order to avoid a "Deemed donation" being made in the form of no/too low interest? I would argue that it would be an "opportunity cost" rate - for example a FNB money market rate.

How to calculate vehicle depreciation and home office space for tax deductions?

  Written by Marc   Posted 6 August 2014

how to calculate vehicle depreciation and home office space

As a salaried employee can I claim my cellphone expenditure as I only get a R500 allowance?

  Written by Marc   Posted 6 August 2014

As a salaried employee can I claim my cellphone expenditure as I only get a R500 allowance?

What expenses can he claim on to get a refund back from SARS?

  Written by Marc   Posted 1 August 2014

hI TIM,I HAVE A CLIENT WHO HAS WORKED AS AN INDEPENDENT CONTRACTOR AND PAYE HAS BEEN DEDUCTED FROM HIM IN TOTAL OF ABOUT R150,000.Can he claim on petrol expenses and travel expense if he does not have a travel allowance?

Reimbursed Travel per km- how to put on my ITR12?

  Written by Marc   Posted 31 July 2014

I receive a reimbursement from my company for the usage of my own car for company purpose, the reimbursement is 3.24per km. Should I disclose this in my ITR12? and should I pay any tax on this reimbursement?

Why is my SARS refund delayed?

  Written by Marc   Posted 30 July 2014

Hi Tim,

My route has changed from last year meaning the private and business km's. Have already submitted through eFiling 2 weeks ago. How long will it take for me to get a refund?

no separated business and private trips

  Written by Marc   Posted 30 July 2014

I have car allowance nobody informed me about the log book only thought I will give the mileage I have used. I did separate business trip and private trips.

How much income tax am I liable to pay?

  Written by Marc   Posted 29 July 2014

I earn a monthly commission, my "employer" requests me to invoice them for the commission and I then get paid the full commission earned. From the Commission I earn I have to pay 2 labourers to help deliver the stock I sell as well as supply the vehicles and fuel. I also supply all office equipment, telephone and stationary, these expenses are all calculated into my "commission". How do I go about paying tax as the total commission earned is not what I actually earn? I know the "employer" does n...

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Can I claim back petrol, whist been paid a monthly travel allowance?

  Written by Marc   Posted 24 July 2014

I receive a Travel allowance of R2000.00pm. on top of my salary.
My question is can I still claim for petrol back on my travels?
My reason is that my understanding of a travel allowance is as follows

Travel allowance - is any allowance paid or advance granted by the employer to the employee for the use of his or her private motor vehicle for the employer?%u20AC%u2122s business purposes.

Claiming a tax benefit for private car use without a car allowance

  Written by Marc   Posted 22 July 2014

i use my private car daily for business - driving to and from client meetings. I do not receive a formal travel allowance or claim for petrol. Is there a way for me to claim depreciation or a tax benefit when I submit my tax return? if so where on the return do I do this
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