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Deductions Related Posts - Page 27



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Tax free savings for the unemployed

Posted 9 February 2016

Wife has a hobby she runs from home for an income, not registered with SARS! Is she allowed to open a Tax-free savings account in parallel with me who is registered with SARS and also want to open this account. Thus can we together contribute R60K / year?

Calculate allowable deduction for pension fund contribution if total retirement fund is R103 500

Posted 9 February 2016

If the total retirement fund income on the IRP5 is R103 500. What will be the maximum allowable deduction for pension fund contribution

LOCAL SA RENTAL INCOME PLUS UK INCOME TAX PAID SEPARATELY

Posted 9 February 2016

i am 70 year old, live in UK, 95%, earning interest from investments in the UK and paying UK taxes with a UK tax no. i also have 3 properties in South Africa, and pay local tax in South Africa
from rental income. also have SARS tax no. are there new laws which i am not aware of? I have been submitting tax returns on this basis for the last 20 years with no problem. will this be ok for the future. thanks.

HOW TO ADD TAX TO GROSS

Posted 9 February 2016

I have been paying my staff the salaries without tax and uif, but I now want to add tax to the salaries I paid them. How do I go about calculating that?

Incorrect logbook information

Posted 9 February 2016

I just want to find out with regards to car allowances. I switched employment in June 2014 and did not have access to my kilometers claimed at my previous employer. I started working at my previous employer again in January of this year and found my old information. It seems like I might have submitted incorrect information on half of the year for car allowance. I am currently being audited manually, and do not know what to do, please advise?

If I pay my emplyees's lunch, can I deduct it and under what heading?

Posted 8 February 2016

My workers eat lunch daily and I pay for it out of the business profit. Can I deduct this amount and how much of it can I deduct? They eat about R100. 00 worth of food and drink per day and I keep all these slips. Can this be deducted under "entertaining"?

Medical costs deducted on IRP6 form

Posted 8 February 2016

We have no medical aid, but have dental and optometrist receipts for work done. How can we deduct this when we declare the IRP6 and ITR12?

Unemployment and provisional tax

Posted 8 February 2016

I was unemployed for roughly six months of the 2015/2016 tax year, do I need to submit any proof. Now with the new work I have to pay provisional tax because I work for myself but not as a company, how does this affect tax deductions?

Tax on resignation benefit

Posted 8 February 2016

How much is tax deducted on a resignation benefit of R1013000

ITA34 - Where's my 'Letter containing further instructions'?

Posted 8 February 2016

After submitting my ITR12, I received an ITA34 in which 'a letter containing further instructions' is mentioned. "Please note, however, that the information provided by you in your income tax return does not match the information in the possession of SARS or your tax return has been selected for verification. Attached you will find a letter containing further instructions for you to resolve this. Please note that any refund which may be due will be withheld pending finalisation of this matter. According to the information you declared in your income tax return, you were liable to pay provisional tax for this year of assessment...

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Monthly provisional tax payment and foreign exempt income

Posted 7 February 2016

Context: I am paid by a foreign employer in USD and will be processing tax payments in my own capacity. I understand from previous questions that I should register as a Provisional Tax Payer. I have two questions:
1) Is it possible to make monthly payments to SARS instead of at the 2 periods in time? If yes, how?
2) I will likely have to work outside the country for period of 183 days/ 61 days continuously - how do I go about getting the refund/ processing my tax given this?

UK property income disclosure

Posted 5 February 2016

I am due to become a SA tax resident in the next tax year if I stay (not my intention to stay, but may become a SA tax resident due to physical presence test). I have income from Uk properties which is declared on my uk tax return and uk tax is paid. I still have some net income. Questions:

1. How is this noted on my SA tax return. Ie after uk tax is paid? Or before with a credit for tax paid? But will be paying tax twice?

2. Where is this to be put on the tax return?
...

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Payment to spouses for admin work

Posted 5 February 2016

I am self employed and work from home. My wife helps me with admin part time. Am I able to pay her a reasonable market fee and deduct this from my income. My wife also contracts for other companies. What the implications for preparing tax returns.

PAYE for employee with 2 employers

Posted 5 February 2016

I am sharing a secretary between me and a colleague. We are working in the same office. We pay her a total of R8000 p. M (R4000 each). Obviously PAYE should be deducted based on her total yearly income (R96000) and paid to SARS before the 7th of each month. Is it fine for me and my colleague to split the PAYE and UIF contributions and pay those separately to SARS, and issue her one payslip between us? If so, does she need two IRP5s issued?

UIF deduction from Salary

Posted 5 February 2016

On what amount do you calculate UIF deduction? On the gross salary amount? And would this calculation include overtime compensation or is the UIF deduction strictly on the base salary?

R366 364.00 per annum TTC and my pension will be at 10 percent, what will my net be

Posted 5 February 2016

If a company offers me R366 364. 00 per annum TTC and my pension will be at 10 percent, what will my net salary be? No medical aid deductions applicable

Query re first time tax for new small unregistered business

Posted 4 February 2016

I left a permanent job and started a freelance design business in July 2015. My Personal income tax for last year is up to date. I need to start paying tax on my business but have no idea how this works. I am using my personal bank account to receive payments from clients for design services. I am not yet breaking even and can barely pay my bills. I am not making a profit yet. I have no idea how tax works. I need help and wondered if signing up to TaxTim would be the way to go? I would need to b...

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Audit income statement

Posted 4 February 2016

The SARS auditor is asking for an income statement to explain why I have a lose of R16 000. This I assume was from my car travel expenses. Why are they asking me for this?

Do I need to register as a provisional taxpayer?

Posted 4 February 2016

I am permanently employed but have recently started a different business on the side as a sole proprietor ( but the "Company" has its own bank account). Please advise whether I need to register as a provisional taxpayer for this business, and if so, do I need an accountant to do the process and claim back any deductions?

Is it an expense of must it be depreciated?

Posted 3 February 2016

I am quite confused and google doesn't help. I am a freelancer and I work from home. I have a dedicated office therefore I deduct my business expenses. I recently had to upgrade my computer network - my question is, is this an expense i. E. Do I deduct the amount I spent buying the computer, or do I have to do the depreciation calculation? Is there some monetary limit to make it easier to figure out when it is an expense and when the depreciation calculation must be applied?

Does tax threshold still apply to me at age 78. I understood that I shouldnt pay tax at all

Posted 3 February 2016

Thanks for helping with my tax return! I expected to get a bigger refund. I am 78 and understood that any tax paid would be refunded in full, but am told there is still a tax threshold?

How do I register tax for a sole trader business as well as a salary?

Posted 3 February 2016

I earn a salary of R10 000. 00, My employer submits the paye. I have started a business sole trader in August 2015. Can I register for the business on my current tax number and what do I need to fill in.

Does receiving a car allowance when l have a car bought cash have impacts on my tax?

Posted 2 February 2016

I bought a car cash before getting my current job. I receive a car allowance at my current job and am not willing to change my car anytime soon. Is that an issue with SARS? Is that going to affect my tax, if so how?

Can you claim back school stationary, private school fees and gap insurance as a private individual

Posted 1 February 2016

when submitting your tax return, can you as a private individual make any claims on school stationary (books, pens etc), private school fees and / or gap insurance for medical aids?

Fringe benefit tax on fuel card

Posted 1 February 2016

We receive a fuel benefit which is indicated as an income ( this in my mind will put me into the next bracket ). I am taxed on the higher income, then the very same amount that has been used for fuel is shown as a deduction. I don't understand this can you please explain. I don't see the benefit of a fuel card.
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Submit your
tax return
right here!


TaxTim will help you:

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund

Tim uses your answers to complete your income tax return instantly and professionally, with everything filled in in the right place.

Let Tim submit your tax return direct to SARS in just a few clicks!

Get started