Penalties Posts in Tax Q&A

Passive income of spouses married in community of property?



I understand that when one spouse recieves interest or dividends, that it is deemed to have acrrued equally between the spouses married in community of property. When completing the tax return and answering the questions that TaxTim asks you, do you fill in 50% of the interest or dividend that you earn as the other 50% will be taxed in the hands of the spouse, or do you fill in 100% of the interest or dividends?

Do additional taxes from late submission or under estimate get included in the irp6 form?



In filling in the irp6 form for provisional tax must the additional taxes incurred from late submission or under estimate for the second provisional tax payment be included in the form and if so where? Or does SARS tell you the additional taxes incurred when they send you your assessment for the year?

Do I pay tax on my late wife's pension?



I am currently receiving my late wife's pension monthly, but I am also employed. The SARS tax calculator now shows that I owe SARS around R7000. Please advise if this right?

Started freelancing, not paying provisional tax. Can TaxTim help?



I have being earning some money on the side as a freelancer during this last tax year and I went fulltime freelancing in a personal capacity at the end of 2011.

Will TaxTim be able to guide me with the expenses I can claim as part of operating as a freelancer? SARS is very strict on when certain expenses can be claimed. They seem to only allow expenses when salary is earned on a commission basis.

How do I account for online Forex Trading in my income tax return?



A little background on myself. I am a salaried employee of the department of health in South Africa. I am registered with eFiling and have been submitting tax returns since 2008/09.

I have a hypothetical question on forex trading. If I make say R300 000 suppose in the 2012/2013 tax year year and the amount I deposited was about R50000to fund the account, then what would my taxation be? Or at least what would the percent on taxation be and on which what amount would that percentage be taken off? The nett or the total?...

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Payment of tax liability by a taxpayer on retirement unemployed



At the time I received my tax assessment from SARS for tax year 2011, I was on retirement and unemployed. I have now relocated from South Africa and I am burdened by the thought of my inability to pay the tax liability. Please advise me.

Why are there different levels of tax rebates?



Why are there different levels of rebates, i.e, primary, secondary and tertiary, for natural persons? And what are the effects (on both individuals and companies) of the change from STC to dividends tax?

Do you think that the section 10(1)(i) interest exemption should be increased each year?



Do you think that the section 10(1)(i) interest exemption should be increased each year? Why or why not?

What are the proposed changes to the tax treatement of retirement fund contributions?



What are the proposed changes to the treatement of retirement fund contributions announced in the 2012 budget? The maximum deduction limit of R250 000 a year for taxpayers under 45 years may seem significant but is it beneficial to all taxpayers?

What do I do if my employer hasn't paid my employee's tax over to SARS?



I was employed at a company from 2011/08/01 till 2012/02/01. The employer never paid my tax and did not give any salary advice slip. Can you give advice on how to handle the situation.

I am an employee, how come I owe SARS more money?



My payslip shows all the deductions including tax that I pay monthly, so I don't understand how I got to owe SARS R1700 where as I pay monthly via PAYE?

If I owe SARS money, is it possible to pay SARS back in installments over time?



Is it possible for me to pay SARS half the amount I owe for two months, as I cannot afford the full amount in one payment?

What happens once I've submitted my tax return form?



One of the questions most asked when it comes to tax season, is “what happens now that I’ve submitted my income tax return, when do I get my refund?”’

If you’re due a tax refund then you will probably get the money deposited into your account within a few days. SARS will also email or SMS you telling you that an IT34 (Summary of your return and refund) and ITSA (Income Tax Statement of Account) have been issued. They will detail your tax refund (tax back) if any. So look forward to that deposit into your account. ...

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How do I calculate how much tax I owe?



TAX PAYABLE is essentially calculated as follows:


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



A burning question people often ask tax professionals is whether or not they are a tax resident in a certain country. The question is important because it distinguishes between tax residents and tax non-residents – both paying tax in South Africa.

    • Tax non-residents are people who do not ordinarily reside in South Africa but do business here and thus pay tax to the SA government ONLY on what they earned from South African sources.
...

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What is Provisional Tax?



So as we are getting closer to Provisional Tax Season the question on taxpayer’s minds is, do I qualify as a provisional taxpayer? The Income Tax Act sets out specifics as to who qualifies and who doesn’t.

If you are a salaried employee then your employer will deduct a monthly amount and pay it over to SARS on your behalf. You will only have to file one tax return at the end of tax season.

Otherwise you may qualify as a provisional taxpayer and will have to submit a return twice a year...

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