Tax implications on Salary pegged in USD

  Written by Marc   Posted 28 January 2016

I work for an International company and all our income is in hard currency. I want to negotiate to have my salary pegged in USD. What are the Tax implications of having my salary pegged in USD but getting the ZAR equivalent every month?
e. G. Say I negotiate USD1000 with my employer
Jan the rate is 16. 6---->R16 600
Feb the rate is 18. 1---->R18 100

Can I claim tax on parking paid

  Written by Marc   Posted 28 January 2016

As a permanent employee, can I claim tax on monthly parking paid from my nett salary? My employer does not provide parking or contribute towards parking but I need a parking space in the adjacent building.

Which return/s to complete if I have not yet filed a return for 2015 and am a provisional taxpayer?

  Written by Marc   Posted 27 January 2016

I have not competed a tax return for the 2015 tax year. I am registered as a provisional tax payer. I am unsure whether I need to complete two tax returns or one? And which tax returns they would be?

Tax and emigration

  Written by Marc   Posted 27 January 2016

As someone who was born in South Africa and have always resided in South Africa what are the tax implications if I decided to emigrate? Is there an exit tax?

Do l get exemption from tax since l fund my own BTech: Civil studies

  Written by Nicci   Posted 27 January 2016

I am a salaried employee and have just registered to study BTech Civil. I am fully responsible for funding my studies as the company does not sponsor BTech and it is in line with my profession as l currently have a diploma in civil engineering, so l want to know whether l am eligible to getting any form of exemption from income tax because the fees are rather high.

What to do when disability & medical on ITR12 is not part of ITA34 and received letter of completion

  Written by Marc   Posted 27 January 2016

Hello TaxTim, for the tax year 2015 I completed my ITR12 through e-filing on the 26-11-2015, including my disability totals. The same day I received the ITA34 but not reflecting my disability & medical costs. I also received a letter to submit supporting documents the same day and did so on that same day. I also filed a NOO on the 10-12-2015 objecting the fact that they excluded the disability & medical claim/section, accompanied by the supporting documents. They send me an SMS that I have to pa...

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What are fringe benefits?

  Written by Marc   Posted 27 January 2016

My company pays for my medical aid in full. But I get taxed more on my salary,They say its called fringe benefits. Please explain

Confusion about claiming expenses

  Written by Marc   Posted 26 January 2016

I earn a monthly income on contract basis from a company, but I also freelance from home. Does this make me a provisional taxpayer and an individual taxpayer?
does this mean I can claim tax back from expenses such as petrol, cell phone and home office space?

Can I submit a tax return with both provisional tax and IRP5 information?

  Written by Marc   Posted 26 January 2016

Hi there! I am a freelancer and earn about R120 000 a year. Some of my clients pay me the exact amount I invoice them, but two of my big corporate clients deduct tax before paying me. Can I include all this information in my first provisional tax return?

How much will she be taxed

  Written by Marc   Posted 26 January 2016

Hi TaxTim my daughter is 11 years old she does acting part-time now I want to know as she earn R1500 per shoot, she only had 10 shoot how is she going to be taxed. She has a tax number.

Would I get the refund originally calculated after verification assessment is complete?

  Written by Marc   Posted 26 January 2016

When I submitted my tax return, I received an ITA34 informing me that I am due a R3 000 tax refund from SARS. Then I received a letter from SARS asking me for supporting documents, for verification assessment, which I had then submitted. Now I receive further correspondence regarding the verification assessment saying that "no adgustment has been made to the assessment". Does this mean I still get my R3 000 tax refund? And if so, by when can I expect payment of this refund?

What is the final payout on R968876.30 after tax

  Written by Marc   Posted 26 January 2016

My accumulated pension fund is R968876. 30, if I resign how much will be my payout after tax.

Tax implication on Buying Namibian property and Rental income from Namibia

  Written by Marc   Posted 26 January 2016

What is my tax obligation/implication when firstly, buying a property in Namibia and secondly, after building on it renting it out and earning rental income on a monthly basis. I am an employed SA citizen. How do I declare this on my tax return

CGT on deed of sale or on date of transfer of property

  Written by Marc   Posted 26 January 2016

I sold a rental property in my personal capacity and the deed of sale was 22 January 2015 but the deed of transfer was 6 months later. When am I liable for CGT? Tax year 2015 or 2016?

Income TAX for temp job with total income under tax threshold

  Written by Marc   Posted 26 January 2016

Will be registering with SARS for income tax this coming week. Doing a temporary job for January and February. 1. The business owner is telling me that will deduct 25% from the amount agreed, although for the two months (Jan and Feb) the total amount will be below the annual tax free threshold (R73 650)
Is this correct?

2. Will I be able to recover all the TAX, which will be deducted, when I submit the tax return for 2016?
(the actual amount is R63K and my tax will be friken R15 750 in total!)...

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How do I gain access to eFiling to see the progress on my returns, returns done by tax practition?

  Written by Marc   Posted 26 January 2016

I have a tax practitioner that does my tax returns on my behalf. How do I gain access to SARS eFiling to see the progress on my tax returns?

Tax payable on unit trusts in us $ when converted to cash

  Written by Marc   Posted 26 January 2016

Tax payable on unit trusts in US $ WHEN CONVERTED to cash

PAYE calculation on Tempory/Part time employee

  Written by Marc   Posted 26 January 2016

Good day, if an employee has a 6 month contract, does he pay more tax than a permanent employee and if so, what %?

How to calculate provisional tax Feb 2016

  Written by Marc   Posted 26 January 2016

As a provisional tax payer what are the periods (months) that I need to consider in order to calculate my tax submission for 28 Feb 2016?

Is SARS definition of 'taxable income' circular with respect to donations made?

  Written by Marc   Posted 26 January 2016

According to SARS, "Deductions in respect of donations to certain public benefit organisations are limited to 10% of taxable income (excluding retirement fund lump sums and severance benefits)". But taxable income is the difference between gross income and deductions, one of which is the amount donated. So the SARS definition is circular, and therefore impossible to calculate. Or am I missing something?

Capital gains tax on property

  Written by Marc   Posted 25 January 2016

I have sold property and would like a estimate how much CGTi I must pay.

How do I get an IRP5 from a previous employer (strained relationship due to CCMA applic)

  Written by Marc   Posted 25 January 2016

I am struggling to get an IRP5 from a previous company. Can I submit so long without the IRP5? If not, what do you suggest I do to get it.. Do I have to go thru SARS?

Full time employee who does after hours freelance work, should I register as a provisional tax payer

  Written by Marc   Posted 25 January 2016

I am a freelance web designer / developer. I work a normal 8 - 5 job during the day from which I get a monthly salary from my employer, I fall into the lower end of this tax bracket R377 451 - R528 000. On some months, I get side projects to work on and during the course of last year, the freelance business made approx R40000 (forty thousand rand) after expenses. I would like to find out if I should register as a provisional tax payer.

How do I deregister as provisional tax payer

  Written by Marc   Posted 25 January 2016

I got an sms from SARS saying that I owe them R5500. When I queried this,,my accountant said that SARS registered me as a provisional taxpayer, which I am not. I have a small private business in the health industry and the only other income I have is my son's maintenance from his father. How did this happen? And how can I deregister as provisional taxpayer?

PAYE Requirements for companies

  Written by Marc   Posted 25 January 2016

I have a PTY(ltd) company and would like to know if I must register for PAYE. I am the only person/owner/director in the company with no employees who derives an annual gross Salary of R72000pa.
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