Tax refund on retail slips

  Written by Nicci   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?

  Written by Alicia   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

  Written by Alicia   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?

  Written by Nicci   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

  Written by Nicci   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

  Written by Nicci   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?

  Written by Nicci   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

  Written by Nicci   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

  Written by Nicci   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

  Written by Alicia   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

  Written by Nicci   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?

  Written by Nicci   Posted 14 April 2016

My salary works out to R5,906. I contribute to a provident fund. What is my tax payable per month?

How can we claim bond interest from rental income when married out of COP?

  Written by Nicci   Posted 14 April 2016

My wife and I are married out of COP (ANC with accrual). My wife owns an unbonded property that she lets. This means she has a lease agreement with the tenants, although they pay their rent into my account. I own the property that we reside in, which is bonded. The nett effect is that we receive rental income and pay bond interest, albeit on different properties. I would like to be able to claim the bond interest from my wife's taxable income. In order to do so, I assume we need to take out ...

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Spiritual Counseling outside of medical aid

  Written by Alicia   Posted 13 April 2016

As a Spiritual Counselor who has a BA in Counselling, but who is not registered as a health care professional with medical aids, as it is more a spiritual than medical. I have clients who would like to know if they can add my receipts to their tax claims at the end of the year. When the Spiritual Counselling was removed from the medical claims alot of clients do not want to go to conventional psychologists, but prefer continuing with me. Can they claim from SARS like their fuel log books? Is there a way so that clients can claim tax returns? ...

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Medical aid tax rebates

  Written by Alicia   Posted 13 April 2016

Is your tax rebate higher if your medical aid contribution is made by your employer instead of done privately?

Tax on conditional sign on bonus

  Written by Alicia   Posted 12 April 2016

If I was given a sign on bonus and it was taxed. Condition on the bonus is to stay employed for 3 years. I received the bonus after tax. If I leave in under 3 years how do I reclaim the tax or is it a loss.

Tax for temporary employees

  Written by Nicci   Posted 11 April 2016

I am a temporary employee with three months contract in a municipality. I earn R37. 50 per hour and get paid on monthly basis. Last month my employer taxed me 18% on my salary. I worked for 160 hours. Is this the right percentage they used? please advise me on the applicable tax law for temporary employees.

Capital Gains Tax calculation

  Written by Nicci   Posted 11 April 2016

I recently sold my home in South Africa at R6,500,000 (5 April 2016). I purchased this property in 2006 at R3,500,000. When would I need to submit this to get CGT assessed. In addition to the R2,000,000 primary residence exclusion, what is the 2016 annual exclusion? Is there a SARS CGT call number?

Capital Gains Tax - costs of selling primary home.

  Written by Nicci   Posted 11 April 2016

When selling one's primary residence, am I correct to assume that closing out of the bond is included in costs of selling the asset when it comes to CGT payments? Does this fall under costs of selling the asset?

When to Expect SARS Refund

  Written by Alicia   Posted 8 April 2016

I submitted my 2011 & 2012 IRP5s yesterday and received a message that I'm owed a refund from SARS. Any idea of when I can expect this refund?

Thanks for the help!

Sole trader tax information

  Written by Alicia   Posted 6 April 2016

How do I find out what receipts I should keep now that I want to operate as a sole trader and what should be declared as is tax deductible?

Travel claim against commission income /vehicle claims

  Written by Alicia   Posted 6 April 2016

Can you claim depreciation as well as finance charges on a travel claim against commission income?

Tax when working for different employers / independent contractor

  Written by Alicia   Posted 6 April 2016

I am about to start 2 different half day jobs. In the morning I work for an organisation and in the afternoon I work for an individual. Should I expect the individual I work for to deduct PAYE or should I put it the PAYE amount away and pay it as personal income tax?

How do I claim Withholding Tax back?

  Written by Nicci   Posted 5 April 2016

Hi, we get charged withholding tax from Botswana. We have the withholding tax certificates issued from BURS Botswana Unified Revenue Service, but how or where do we claim this back on our IRP6 form.

How to submit an oustanding return when you don't have an IRP5 and cannot find the employer?

  Written by Nicci   Posted 5 April 2016

What do you do if you have an outstanding SARS tax return for 2011 if you do not have an IRP5 for that tax year since the company you were working for cannot be found/traced? I was working on a contract basis and do not recall ever receiving an IRP5 for that year. I have submitted tax returns before and was never made aware of any outstanding tax returns. Only now that SARS needs to pay me money back do they mention that there is an outstanding tax return for 2011. How does there system work? I ...

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