what expenses can i claim if I own a taxi?

  Written by Alicia   Posted 26 May 2016

If I own a second vehicle and use that second vehicle 100% as a Taxi. Would the tax be payable on only the income or payable on income - (minus) expenses?

For example, monthly costs breakdown as follows:

Expenses: Vehicle Repayment Costs - R1500 / Vehicle Insurance: R1100 / Vehicle Tracking Costs: R100 // Total: R 2,700. 00

Income: R 8,000. 00

Income (R 8,000. 00) - Expenses (R 2,700. 00) = R 5,300. 00

My question is. Would I pay tax on the income of R 8000 before deducting expenses...

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How does one declare and pay CGT?

  Written by Alicia   Posted 26 May 2016

If you are a shareholder of a company and the company has sold out a chunk of its shares... And due to this a pay out will be made to each shareholder.. I own 2% of the company. I am told I will get a pay out of R60k what will be my CGT amount more or less?

Can I claim for travel expenses without any records?

  Written by Alicia   Posted 26 May 2016

I am a freelancer which I started in June 2015
I did not keep a log book
am I still able to do any sort of travel claim as I spent most of my time driving out to clients

Is money received from an NPO taxable?

  Written by Alicia   Posted 26 May 2016

A friend of mine receives money from a NPO regarding admin services performed to that NPO. Should it be included in her gross income?

PAYE due on my pension fund withdrawal?

  Written by Alicia   Posted 26 May 2016

I've just resigned and waiting for my pension fund to be paid out which is 77000 what tax am I going to pay on that amount or not?

Can I still pay UIF if I dont have a tax number?

  Written by Alicia   Posted 25 May 2016

I have been working for 2years now and my employer gave me a Employee Income Tax Certificate(IRP5). I don't have a tax number but there's deduction for UIF,I would like to know where is that money going to

Am I really an independant contractor?

  Written by Alicia   Posted 25 May 2016

I am soon to start with a company which has listed me as an independent contractor. - I will be working from home after my initial 6 week training/trial period. - I will go to business meetings. - My main earnings will come from this company
- They reimburse for internet, phone and training course up to a certain amount. - They say in the contract that they will not pay PAYE, UIF or anything like that. - I am to invoice them at the end of every month
- I have no indication of leave days in the contract...

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Am I able to claim additional medical expenses?

  Written by Alicia   Posted 25 May 2016

Hello - I am 52 years old - I have a medical aid - a discovery coastal saver - essentially a hospital plan with a portion of my my premiums going into a savings account every month. I understand that I get a rebate based on my premiums paid. I am trying to understand what constitutes a qualifying medical expense. If money is taken form my medical savings account (which is effectively my money) do these expenses count as "qualifying" - my accountant has told me that only if I spend more than a c...

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Medical aid gap cover

  Written by Alicia   Posted 25 May 2016

What about medical aid gap cover, can I add this to my total for the tax year? I. E. Adding it to the total of what I paid for during the tax year on my medical aid.

Maximum tax deductible contribution towards a RA

  Written by Alicia   Posted 25 May 2016

I am trying to work out the maximum tax deductible contribution to a Retirement Annuity. Person earns R1 000 000 of which 75% is pensionable. Total contributions to pension fund is 13%. He made a capital gain of selling shares at R150 000, received rental income of R180 000 with R50 000 deductible expenses. I'm confused on how to work out this question. It states that max deduction for a RA is 15% of non-pensionable income. I get R250 000 R150 000 R130 000 = R530 000 x 15% = R79 500. However...

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Not a South African resident, but have a local investment, do I need to pay tax?

  Written by Alicia   Posted 25 May 2016

I'm a dual citizen having both South African and British citizenship. I have worked all my life in UK and am in full time employment under a contract with UK employer. I tax return to South Africa once every year and stay for a holiday between 4 to 6 weeks. If I invest in a fixed rate account of some R500 000 over 5 years, am I liable to pay any tax on that investment product as I'm not ordinary resident in South Africa for tax purposes not indeed even have a South African tax number

No payslips, no proof of PAYE being withheld

  Written by Alicia   Posted 24 May 2016

Good evening, My fiance has been employed by a small business as from the 1st of February 2015. His employer does not provide him with payslip nor did they provide him with an IRP5 when we needed to do his tax submission. When we submitted his tax returns for tax period 1st of March 2014 to 28th of Feb 2015 we had submitted the month of Feb 2015 blank and only stipulating the company's name. As another tax period is coming up, and no payslips can be provided to SARS, what does my fiance do. I wa...

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Tax return filing for an employee, who's PAYE is borne by his employer

  Written by Alicia   Posted 24 May 2016

Hi Team

If any employee goes on deputation to South Africa from any country and his PAYE is borne by an employer. Then who is responsible to file a tax return in South Africa employer or employee.

Am I required to pay tax?

  Written by Alicia   Posted 24 May 2016

Need to now if I must pay tax. I earn about R6000 but my employer deduct about R141,16 for Uif so that leaves me with R5,858

Medical aid cover in relation to out of pocket medical expenses

  Written by Alicia   Posted 24 May 2016

Is it more beneficial to have a medical aid that covers less so your medical expenses (not covered by the medical aid) that qualifies for a tax return would be more therefore your tax return would be more?

Change in asset value when converting company from a CC to a PTY

  Written by Alicia   Posted 24 May 2016

When converting from a close corporation to private company, will movable assets cost value change in the books of the company. That is the book value in the close corporation at the end of tax year will now be the cost in the company commencement

Increasing rental property loan to reduce home loan?

  Written by Alicia   Posted 24 May 2016

Is it possible to take some equity out of our rental property by increasing our loan on that property to put against our home loan and would the increase in interest on our rental property loan still all be tax deductible?

Business tax assistance

  Written by Alicia   Posted 24 May 2016

I have a small company in the travel and tourism industry. I am the sole owner/director and also am running things by myself at the moment. Do you assist with company tax and submissions as well?

Can I deduct the commission earned by the attorney on a deposit?

  Written by Evan   Posted 24 May 2016

We bought a house and gave a large cash deposit to the attorney to hold. The transfer of the house took a while so the interest accrued amounted to some R65000. However, the attorney took as a commission about R10,000. Both amounts are shown on the IT3b. SARS included the total interest on my tax return but disallowed the deduction. Is there any way to get the deduction?

Return completion?

  Written by Alicia   Posted 24 May 2016

What are this code for 3696, 3697 & 3698?
where should we put the amount from certificate for income tax purposes from SANLAM?

Meaning of non taxable income

  Written by Alicia   Posted 24 May 2016

What doe a non taxable income means on my IRP5 code 3696

SARS Penalty for late tax return submission 2015

  Written by Alicia   Posted 24 May 2016

I haven't done my taxes for 2015. Will I get a fine?

Correct calculations for income tax for a small business

  Written by Alicia   Posted 24 May 2016

Please could you direct me onto the right path. I am in the process of starting a small agricultural business, small here meaning the minimum amount of employed staff as required by SARS to be classified as a small business, but the business has a very high income potential which does not correspond to the financial numbers required to be classified as a small business as stipulated by SARS. The figures exceed the indicated numbers as set forth by SARS. How do I calculate the correct business ta...

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How much CGT am I due to pay?

  Written by Alicia   Posted 24 May 2016

I inherited a property in 2007 (it was transferred into my name in 2007, although my dad passed on in 1997) - delay caused by issues with executing the will. I valued the property in 2002 for Capital Gains Tax and it was valued for R760 000 at the time. I want to sell the property now for R3. 95 million. I earn a salary of R480k per year. How much CGT will I have to pay?

Tax directive withheld due to tax debt

  Written by Alicia   Posted 24 May 2016

If tax payments to SARS is outstanding, why won't SARS issue a provisional taxpayer with a tax directive
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