Written by Marc
Posted 10 September 2013
Written by Marc
Posted 10 September 2013
Written by Marc
Posted 9 September 2013
Written by Marc
Posted 8 September 2013
Hi Tim
1. I am starting a company and it will be a Personal service Provider. I know tax has to be withheld at 28% by my client. What I don't understand is whether the 28% is a flat rate or does the tax payable get recalculated when I submit my ITR12?
e.g.
Say I earn 20000 a month X 28 % tax = 5600 . Tax payed for the year = R 67200.
However if I was taxed as a regular employee my tax would have been = R 37,359.75
Will SARS pay me back the difference?
...
Written by Marc
Posted 5 September 2013
Written by Marc
Posted 4 September 2013
Hi Tim. I am about to embark on a new venture and start up my own business. We are bound by various rules and regulations as per the HPCSA and are only able to practice in an incorporated or solus practice. I am feeling very unsure as to which is the best option tax wise? The gross monthly income of the practice is expected to start off at and vary between R30 000 and R50 000 per month. I will not have any partners or permanent employees. I work from home 50% of the time and am onsite (travellin...
Written by Marc
Posted 2 September 2013
Written by Marc
Posted 2 September 2013
Written by Marc
Posted 1 September 2013
Hallo. For the last number of years my wife has been paying for our medical aid, via a direct debit every month. The medical aid is however in my name.
I have found out, from SARS, that my wife can get the benefit from this on her tax return, all she needs to do is to provide proof, e.g. bank statements etc, that she has paid for it or get letter from medical aid in that regard. This would suffice for this tax year. However last tax year, we did not do it like this, since I submitted it with my tax return and got no benefit from it, since my income was not large enough...
Written by Marc
Posted 29 August 2013
Written by Marc
Posted 28 August 2013
Written by Marc
Posted 28 August 2013
Written by Marc
Posted 28 August 2013
Written by Marc
Posted 27 August 2013
Written by Marc
Posted 23 August 2013
Written by Marc
Posted 22 August 2013
Written by Marc
Posted 21 August 2013
Written by Marc
Posted 19 August 2013
Written by Marc
Posted 16 August 2013
Hi Tim
This is a really helpful forum.
I have a query which I require advice on or a possible solution.
I completed my tax return on the 14 July 2013. In the prior year I received my refund in 2 days but this year I had been selected for verification and I submitted all the documents (logbook etc) and then few days later (23 July 2013) I get a notice letter from SARS saying I'm referred for audit (sad I know), so I waited and yesterday I had no response from SARS regards the referred for audit. ...
Written by Marc
Posted 14 August 2013
I am currently not a registered tax payer nor am I employed, I am however getting into smart phone programming and wanted to know my tax obligation when it comes to individuals who do this kind of thing in their spare time and not as a business operation.
Also - Google Admob (for smart phone app monetization) is in the U.S.A and payments are paid out when a limit of $100 have been reached. (This into bank accounts and not PayPal). At what time should I register as a tax payer and what...
Written by Marc
Posted 13 August 2013
Hello, Within the last tax year I changed jobs and in doing so had to transfer my pension fund from my former employer to my Retirement Annuity as my new employer does not offer a pension fund. On my ITR12 issued on e-filing I can see this lump sum pension fund amount reflected on a separate page with a directive number. Also I received a certificate from my Retirement Annuity institute reflecting my contributions for the tax year and this included the lump sum the I transferred.
My ...
Written by Marc
Posted 13 August 2013
Hi Tim,
I submitted my return and was asked for supporting docs which I duly submitted. Today I received a Completion Letter from SARS and just uploaded it to find the following:
-------------------
Dear Taxpayer
VERIFICATION OF ASSESSMENT
We refer to the verification of your assessment for the 2013 tax period. Please note that no adjustment has been made to this assessment. However, in terms of the Tax Administration Act the South African Revenue Service reserves the right to conduct further reviews in future if required....
Written by Marc
Posted 11 August 2013
Hi Tim. Do I understand that the R 7,000-00 write value is a once write off for items less than R 7,000-00?
What is the situation then if I start my business with the simultaneous purchase of e.g. four lawn mowers at R 6,000-00 each. Total cost = R 24,000-00 but I may only write off a once R 7,000-00 ?
What then happens if six months later my business requires one additional lawn mower again at R 6,000-00, and e.g. two months a brush cutter at R 6,5000-00. What may then be written off, if anything?...
Written by Marc
Posted 10 August 2013
Written by Marc
Posted 7 August 2013
