If e.g. an amount of R1.2m is withdrawn from pension is the R203400 added to the last tax portion?

  Written by Marc   Posted 19 February 2016

What does R203 400 36% mean in the pension withdrawal tax table?

Tax question on medical aid and correction for SARS

  Written by Marc   Posted 19 February 2016

I've just got back and seen the email from SARS. I have a few questions. 1. I made a mistake on the foreign Income, as it was through the business and not my personal account. I was busy doing my business accounts while filling in my personal tax and got confused. 2. My medical aid was paid by my previous employer. They forgot to cancel my medical aid and have asked me to pay them back for that year. I received a tax certificate from my medical aid so do I still qualify to claim tax from that?

Ring fencing of assessed loss

  Written by Marc   Posted 18 February 2016

I sold a property during the 2015 year of assessment and made a significant capital gain. I also claimed an assessed loss deduction on the same property for rental losses (finance charges, levies etc) against my other income up to the date the property was sold. SARS ring fenced this loss as my total taxable income falls in the highest tax bracket. However this is only as a result of the significant capital gain I made on the same property I claimed the loss on. Is there a provision in the act t...

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How to get a tax number if unemployed?

  Written by Nicci   Posted 18 February 2016

Hi there, my mom has not worked in 7 years and her partner has passed away. She is due a payout from the accident fund at his employer. They are insisting she needs a tax number to process any payment to her. How do you register to get a tax number when you have no income or job?

Does C.G.T. apply to the sale of offshore assets held by someone living in SA?

  Written by Marc   Posted 18 February 2016

Does C. G. T. Apply to the sale off shore assets held by someone who is a permanent SA resident but not a SA citizen?

What are the tax implications of share options?

  Written by Nicci   Posted 18 February 2016

I have an opportunity to exercise options for an unlisted, US-based company. The purchase value of the options will be around $5400 International holding tax of about $4881. 53 so I need to understand what would be expected in terms of a SARS payment. I plan to hold on to the shares.

Will Company Director be responsible for company debt in the event of liquidation?

  Written by Nicci   Posted 18 February 2016

My company owes SARS VAT, PAYE, AND INCOME TAX. If I voluntarily liquidate, with no business assets, and no personal assets, will SARS prosecute me personally if they cant get the money from the company? Does liquidation void the tax debt to SARS?

What is a Members Loan Account?

  Written by Nicci   Posted 18 February 2016

I have a small business and I had an accountant that did my accounts for me. I have noticed that he put in a members loan account under Equity and Liabilities. I am not sure what this means and where he would have received the amount from. Please can you help explain what the members loan account means?

Supporting Elderly Family Members

  Written by Marc   Posted 17 February 2016

I support my elderly mother on a monthly basis with around R2500 p/m - is there a tax efficient or tax deductible manner that this can be done?

ITR 12 or IRP6?

  Written by Marc   Posted 17 February 2016

First of all I do have a tax number after working for an investment company a couple of years ago. I then resigned there and for the last three to four years not needed to pay tax. Currently I work for myself receiving three to four different income streams. All under my own name from research to maintenance. My question is: I now have to start paying tax again. The taxing income started on 1 Sep 2016, thus the first six months goes to end Feb. Do I need to submit a ITR12 or IRP6? And which pack...

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What are my SARS obligations on UK earnings?

  Written by Nicci   Posted 17 February 2016

I am South African with a British Passport. I lived in the UK for 9 years and am now living in South Africa and have done for the past two years. I do not work in South Africa, all my earnings come from my registered business in England. What am I required to do with SARS? I obviously pay tax on earnings in UK and every couple or so months I transfer money over to South Africa.

SARS Retirement Fund Lump Sum Tax Calculator

  Written by Nicci   Posted 17 February 2016

Your SARS Retirement Fund Lump Sum Tax Calculator says that I need to pay NO tax on my retirement fund withdrawal. I think it might be broken.

Turnover Tax Exceeded limit

  Written by Nicci   Posted 16 February 2016

TaxTim, I have a company registered for turnover tax. I Have the following questions please:

1 - What happens when you exceed the allowed R1m turnover in a tax year?
2 - Do you have to recalculate tax for the past year using the SBC Tax Tables?
3 - What about the VAT? I have not registered for or charged VAT, what will happen now that I've exceeded the R1m threshold. I thank you in advance for your support.

What to do about old tax returns since leaving South Africa?

  Written by Nicci   Posted 16 February 2016

I left South Africa in 2003 and did not formally emigrate. What should I do about all those outstanding tax returns?

Do I need to tick box on tax return for IRP5/IT3A for foreign pension received?

  Written by Nicci   Posted 16 February 2016

Hi there, was filing my tax return and got selected for verification. I think that it might be as a result of ticking the wrong boxes though - I receive a pension from overseas and interest on my Standard Bank account but I did tick the box for the IRP5/ IT3A saying that I got one such certificate. I then filled in the interest amount under Local Interest and noted the foreign pension under not taxable. Am I right in assuming that I should, in future not mark the IRP5/ IT3A box? (I always though...

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How does it work now if you just earn commission but tax and uif does not get deducted?

  Written by Marc   Posted 16 February 2016

Hi. I used to work for company that deducted tax from my salary, so I'm a registered. But now I work for a company that does not deduct tax and I only get commission. My question is how do I claim my tax for my medical aid if I don't receive a IRP5?

How does it work now if you just earn commission but tax and uif does not get deducted?

How much tax on provident fund withdrawal?

  Written by Nicci   Posted 15 February 2016

I have been working in the mining industry for the past 8 years and I am about to be retrenched. I currently have R769 837 in provident fund. I intend to cash that money and pay off my bond. Please, tell me how much am I going to receive after all the tax has been taken.

Tax percentage for overtime

  Written by Marc   Posted 15 February 2016

Hi Tim, what is the tax percentage for over time when I earn R70 per hour?

Apply RA tax deductible to provisional tax payment or get a refund after the final tax submission

  Written by Marc   Posted 15 February 2016

I am a provisional tax payer and contributing the maximum allowed deductible to an RA (15% of non-retirement funding income). I would like to know whether I can deduct this from the taxable income myself for the provisional tax payment, meaning I pay less to SARS now and do not get a refund later, or whether I should pay tax on the full income without deducting the RA deductible and then get a refund from SARS later on? If I have a choice, I would prefer not overpaying taxes to SARS and aim for ...

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Family gifts less than R100 000

  Written by Marc   Posted 15 February 2016

Hi there!

I've read your post about family gifts of money and I just want to confirm:

If my father gives me less than R5000 per month as per a family agreement, I do not have to pay tax on the receipt of this money and have to just include it in the section of my tax return as "Amounts not considered taxable"?

As well as this, my father will not have to pay donation tax because the sum will not exceed R50 000 every year?

Chairperson tax explained

  Written by Marc   Posted 15 February 2016

Please explain the following to me:
1. The taxation of non-executive chairpersons of small companies earning a monthly amount in directors (Chairperson) fees. (They work full time earning a salary from a different Company. )
2. Should the non-executive chairperson be treated as an employee on the payroll of the small Company whilst working for another company or can it be treated through normal finance department transactions?
3. Should the normal statutory deductions like SDL an...

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What tax is payable on overtime and standby?

  Written by Nicci   Posted 15 February 2016

How much tax must be paid on standby and overtime?

Where to disclose SASSA income on tax return?

  Written by Nicci   Posted 15 February 2016

I receive a disability state pension from SASSA as well as another small monthly annuity. Do I have to put the SASSA income onto my tax return? And if so what documents do I need and where does it go on the form?

Are there separate tax tables for commission earners?

  Written by Nicci   Posted 15 February 2016

I would like to understand and know how tax is calculated on commission earned. In other words it is taxed seperately from the gross income.

Should I provide SARS with an affidavit if the requested documentation is unavailable?

  Written by Marc   Posted 13 February 2016

My previous employer refuses to provide me with my 2013 IRP5, which resulted into me paying an penalty amount. I was told that I should provide SARS with an sworn affidavit to prove that one cannot produce the document they requested. Is that true? I would also like to know if you provide SARS with the affidavit, do you still need to pay the penalty amount?
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