Written by Marc
Posted 4 July 2013
Written by Marc
Posted 3 July 2013
Written by Marc
Posted 3 July 2013
I have a problem understanding my payslip. I am a freelance and earn only commissions.
I dont know what to claim of my income tax;
My payslip consist of:
- Total earnings : 7500
- total company contributions : xxx
- taxable earnings : xxx (what does that mean)
- tax : xxx
- total deductions : xxx
- net salary : xxx
What is tax and total deductions? Those two amounts sometimes differs and sometimes are the same. As I am a freelance and work by ...
Written by Marc
Posted 3 July 2013
Written by Marc
Posted 2 July 2013
Written by Marc
Posted 2 July 2013
I had a Provident Fund with my previous employer, I changed jobs in November 2012 and transferred the funds from the Provident Fund into a Retirement Annuity. I contributed towards the Retirement Annuity in my own capacity from November 2012 - February 2013. When asked to enter a Retirement Annuity contribution for the 2013 tax year, do I only need to enter the amount contributed from November 2012 - Feb 2013 or does the RA contribution amount also need to include the funds transferred from the ...
Written by Marc
Posted 2 July 2013
Hi Tax Tim
Great website, very helpful over the last couple of months.
I am busy filling in my ITR12, and I have a lot of deductions, ie depreciation etc, but when I enter my medical aid contributions, (paid by myself, R 1900 per month), and I calculate my tax return, it shows in the 4008 field R0.00. Please advise how to make this amount come in to account and how does the new tax credit work in my case? Lastly, re-imbursive travel expenses, how do I deduct this? I travel some times f...
Written by Marc
Posted 2 July 2013
Written by Marc
Posted 1 July 2013
I am trying to do the right thing by filing my return, but what I am getting is confusing. My total income is (3601- R555 184;3805- R75 694; 3810- R72 830; 3616- R8 175;3809- R500) = total 712 383.
When I complete my return and do a mock lation it shows I owe R1225,64. My medical aid tax credit (4116) is R9 216 - for 4 people. My question is why am I being levied R 217 093.20 (for R712 383) without any deductions especially for medcial aid contributions? There is rebate of R20 656 de...
Written by Marc
Posted 1 July 2013
Written by Marc
Posted 1 July 2013
Written by Marc
Posted 1 July 2013
Written by Marc
Posted 28 June 2013
Written by Marc
Posted 27 June 2013
Written by Marc
Posted 27 June 2013
Hi TaxTim,
I earn a basic and my commission is more than 50% of my annual basic. I sell luxury automobiles for a living.
I see on my IRP5 under "Income received "an amount of R65 000 "Use of Motor Vehicle" (PAYE)
Is there a specefic place where I insert this amount on my tax return?
I kept a logbook stipulating opening,closing KM'S, private and business KM'S
My company provides me with a company vehicle in order to sell and generate an income....
Written by Marc
Posted 26 June 2013
Written by Marc
Posted 21 June 2013
Written by Marc
Posted 19 June 2013
Written by Marc
Posted 19 June 2013
Written by Marc
Posted 18 June 2013
Written by Marc
Posted 17 June 2013
I've just started at a company doing part time work (22nd May). I get paid on an hourly basis, and the amount hours I work is up to me (very flexible - I am a student). I work about 120 hours a month which returns over R10 000 per month. Since it wont be a fixed amount every month (could be less, could be up to R16K), am I provisional tax payer? The first IRP6 is at the end of August, how would I go about handling this?
Would I be expected to pay 25% of all the income from June 2013- February 2014, on payment #2 IRP6 (February 2014)?...
Written by Marc
Posted 13 June 2013
Written by Marc
Posted 13 June 2013
Written by Marc
Posted 3 June 2013
Written by Marc
Posted 1 June 2013
