IRP5s and companies paying RA for employees
Posted 7 May 2020
If a company is paying into a Retirement Annuity (RA) for employees when preparing an IRP5, using source code 3828 as income, would we then need to use source code 4006 for the same amount? In other words, source code 3828 for the amount paid by company on behalf of employee (this amount will be added to the income total) and code 4475 for the same amount. If an employee has not contributed anything code 4006 will be 0, but will still have to appear on the IRP5?
Foreign Employment and Tax Implications
Posted 29 April 2020
I am a South African resident currently employed full time. I earn a monthly salary of R23000 (before tax). I have recently started consulting part time for a foreign company that will pay me in dollars. On average $2000 every 3 months.
Provisional Tax and Rental Income
Posted 29 April 2020
I have filed and completed the 2017 personal income tax for myself. I started receiving rental income from my property in March 2017. Where do I declare this income? Is it part of provisional tax and will I pay penalties for late submission?
Also,
1. The property is owned by myself and my wife. Will we both need to file tax returns for this Rental Income?
2. Does this mean a whole new tax return must be submitted, or is it only necessary to complete the IRP6?
Provisional Tax and Annuity Income
Posted 2 April 2020
At the start of the 2021 tax year I will be earning a monthly income from my living annuity [LA], however as I understand from the provider of the LA, that tax will be deducted by them before I receive the monthly amount. I am registered as a provisional taxpayer and will be earning additional income on top of the LA income. So, I therefore assume that I can continue being a provisional taxpayer and declare the additional income only in the IRP6, or would I have to declare both incomes and then ...
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Structuring tax for a side businesses
Posted 13 November 2019
I need some advice regarding how to structure my taxes and what ways I will be able to reduce my tax exposure through deductions, registering as a private Pty vs Sole proprietorship etc... I have a salaried job and am starting up a side business working from home as a web developer. I am also considering to start renting out our flatlet via Airbnb. The total income I am looking at includes (per month): 1) Salary: R70000 2) Airbnb: R3000 (which is a bit hard to estimate right now till we have built a track record, but this is assuming an average occupancy of 13%) 3) Web development: R5000...
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Tax on shares
Posted 19 September 2019
I received a once-off payment for shares in November 2018. I then opted to pay tax on the shares before the payments was made to me. Therefore the tax was already deducted before any monies were paid to me. I am now uncertain how to enter this in my 2019 tax return. Can you please advise %u2013 do I need to submit this income in my 2019 tax return and if I must, what figures must I submit in terms of the share payment made to me in this tax year?
Corrected IRP5
Posted 11 September 2019
My employer had to fix the tax period on my IRP5 and it has now been resubmitted to SARS. I would like to know if I am able to get TaxTim to reload this new IRP5 document for me? Also, please note that there are some amount changes as well which were made and this needs to reflect before I can agree to submit the final details. Is there perhaps a process whereby TaxTim can import the IRP5 before commencing to the submission state?
Earnings of a teacher and tax
Posted 5 June 2019
I would like to find out if I should submit a tax return as a teacher that earns R300 000 per annum. Would this be required of me?
Tax allocation
Posted 21 May 2019
Where does my tax money go to?
Two incomes and tax calculations
Posted 20 May 2019
I am 51 years old and I receive a monthly taxable salary and a monthly pension. How do I calculate my tax on both incomes?
Backpay and bonus taxed in same way?
Posted 17 May 2019
Can a bonus and an arbitration award backpay be added on one source code?
The employer added the arbitration award backpay for 2014 to 2017 august under one source code of bonus. What is the impact are the two taxed in the same way?
Leave days and tax
Posted 27 March 2019
How are the leave days calculated when an employee resigns from a company?
Business travel from home office
Posted 12 March 2019
I work for a multi-national company and I am home based. I would like to find out, when I travel into the office for meetings, can I claim that mileage as business travel? Also, just for interest sake, would it be different if I was a salary earner and I did receive a travel allowance?
Tax when selling the shares
Posted 17 February 2019
I previously received an opportunity to invest in shares through my company. I invested a portion of my income every month and every six months shares were purchased on my behalf at a 14% discount. The shares are US based and tax was deducted locally off my payslip. I would now like to sell off my shares, but I don't fully understand how I'd be liable for tax. We were able to sell them as soon as we had them. They were part of an ESPP (Employee Stock Purchase Plan) and were purchased by deduction from salary and taxed (nothing given out-right). On the platform, they do seem to be classified as short/long term but I think this is geared up for US rules of capital gains....
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Relocation expenses
Posted 11 February 2019
I got a new job and the new company is paying me one month's salary as relocation allowance. I understand that this is taxed, but can I have any tax deductions if I can prove actual relocation expenses?
I still have source code 3697 and 3698 on my IRP5 for 2018
Posted 23 October 2018
Question: Where can I input source code 3697 or 3698 from my IRP5? I do not see a place for this anywhere?
Answer: Those codes are no longer applicable for 2018 IRP5s, if you have 3697 and 3698, add them together and include that total amount for source code 3699.
Everything you need to know about Pay Periods on your IRP5
Posted 12 October 2018
What are Pay Periods?
Your IRP5 has two fields on it that relate to Pay Periods:
- Periods in year of assessment
- No. of periods worked
- Period employed from
- Period employed to
A Pay Period describes an amount of time within a year that you were employed by your employer.
This can be an amount in:
- DAYS - maximum 365, or 365.0000
- WEEKS - maximum 52, or 52.000 (can show a partial number, e.g...
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Bitcoin and Tax
Posted 8 January 2018
Are the earnings from Bitcoin taxable?
No time to go to SARS
Posted 20 July 2017
I cannot get the time to go to SARS, is there a service that you
offer to get my SARS eFilling account active and then also submitting my IRP5s?
SARS does not want to pay me the money it owes me.
Posted 18 July 2017
Good day, SARS owes me money, had to go through the ombudsman to prove this, successfully did so however, SARS now requires that I prove that I actually did pay an amount I owed 2 years back before they refund me. My question is: is that even legally allowed/required of me or is it foul play from SARS? Thank you for your assistance
Difference between provident fund and retirement annuity?
Posted 18 July 2017
There is no code 4006 on my IRP5, but I pay into a provident fund via my employer. There is an amount with code 4003/4473 (the same amount). Do I need to enter this amount anywhere?
This query relates to question 6806 "Do you have a %nextpass% Retirement Annuity Fund that you want to enter?" in the Retirement Annuity section.
RAF
Posted 18 July 2017
Kindly advice me on tax deductions regarding RAF maximum amount that ca be
deducted.
If a person is on Salary range of 280 000 to 300 000 p.a.
The employer and contribute each 7.5 % of the basic salary p.a to pension
The employee currently contribute R405 per month towards retirement
annuity fund per month
The question is how much can be deducted or get refunded from SARS annual
or how much can contributed to RAF to ensure that he/ she is not paying too...
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Old 2009/2010 efiling returns
Posted 17 July 2017
SARS say they upgraded their system and have now seen i did not file a tax return in 2009,2010 and have fined me for each year. Both years i was under the threshold but they are insisting i file these returns. I do not have the IRP5 anymore and the company no longer exists. They advised that I open the return on efiling and can then submit as it should have all the info, I have done this but there is no earning/medical aid information etc.
How do i resolve this now as both returns are now sitting open on efiling and i am getting fined R250 per month now that i do not resubmit....
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Penalty for non-submission
Posted 13 July 2017
I received a notification from SARS indicating that I have admin penalties
indicating that ITS outstanding tax returns for 2008, 2009 and 2010.
What does this mean and can you help rectify?
Submit a return with medical aid claims on
Posted 12 July 2017
I wanted to enquire approximately how much it would cost for me to do my Tax Returns?
Just an estimation.
It would be just for me. Straight forward Gross Salary plus medical aid. No other claims such as commission, mileage, petrol etc.
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