Salary / IRP5: 10 most popular posts
Accepted auto assess forgot my travel logbook
Posted 18 August 2020
What will happen if I already accepted my auto assessment, but I have done so without submitting my travel log book, am I able to fix this myself, what should I do? Am I correct in saying that I would need to request some sort of correction on eFiling and how would I go about doing this? How and where on the eFiling system should I go to get the request for correction?
What does SARS mean by auto-assessment?
Posted 27 July 2020
I saw something in a news article about SARS issuing auto-assessments this year from 1 August. I tried to research but couldn't find much and this is all very new to me. Please can you explain what this is? Are there any new changes which I need to be aware moving forward? I have been filing my own tax return for the past years, but I hear that I might not need to do so this year.
Why am I getting auto-assessed? Where is my tax return?
Posted 23 July 2020
I received an auto-assessment from SARS but I am confused what this means. Why have I been selected by SARS and how did SARS get my data? Can I still submit a tax return if I want to?
Posted 22 July 2020
I have been working overseas and will be doing so for the whole of 2021 tax year making me provisional:
a. What average exchange rate will I use as February 2021 has not yet arrived?
b. When is the first Provisional tax return due and, if necessary payable?
c. Can I deduct my overseas pension and medical from my gross income or is this only if I have a pension/RA and medical in South Africa?
d. I know that R1. 25 mil is exempt so how would I work out the tax on that as I know...Read more →
What happens to previous late/incomplete tax returns after a penalty has been paid in full?
Posted 21 July 2020
I have been working abroad permanently for more than three years and I reside outside of South Africa. I have never fully understood the tax rules and see that I have some penalties (fines) for late/incomplete submissions. I do not have any way of receiving all information needed to submit old tax returns, so I want to know what will happen when I pay the penalties? Will it just start racking up again for the same infringements or will I have a clean slate to do things the right way going forwar...Read more →
SARS sent me an SMS about auto-assessment? Is this legit?
Posted 20 July 2020
I received an SMS from SARS which mentioned something about an auto-assessment. I have not heard of this before. I don't trust anyone these days, and because of that I just want to ensure that this is legit - do you think this is a scam?
What is cut-off date for tax return submissions?
Posted 18 June 2020
What is the cut-off date for submitting a tax return this year? I am struggling to get a hold of my IRP5 from my previous employer and I am therefore concerned that I will miss the submissions cut off date.
When can I submit my tax return?
Posted 31 May 2020
When can I submit my tax return for the 2020 tax season? Are the filing dates still the same as those of the previous year?
TaxTim Filing before tax season
Posted 22 May 2020
I have registered on TaxTim and have also granted you permission to get my information from SARS. Should I wait till tax season begins before I complete all the questions on TaxTim? I am however still waiting for my IRP5 from my employer. I also have property that I am renting out and have a logbook. Please advise.
Retirement lump sum calculator
Posted 12 May 2020
The TaxTim lump sum tax calculator provides for BEFORE and AFTER retirement, retrenchment or death - with a marked difference between the BEFORE and AFTER options. I would just like to make sure that this is correct, as I am being told by my fund that withdrawing retirement funds (post retrenchment - but before retirement age) does not have the same rate. I have been forced to withdraw from my pension fund because of retrenchment due to "redundancy because of a general reduction in personnel" (a cost to company reduction)...Read more →
IRP5s and companies paying RA for employees
Posted 7 May 2020
If a company is paying into a Retirement Annuity (RA) for employees when preparing an IRP5, using source code 3828 as income, would we then need to use source code 4006 for the same amount? In other words, source code 3828 for the amount paid by company on behalf of employee (this amount will be added to the income total) and code 4475 for the same amount. If an employee has not contributed anything code 4006 will be 0, but will still have to appear on the IRP5?
Foreign Employment and Tax Implications
Posted 29 April 2020
I am a South African resident currently employed full time. I earn a monthly salary of R23000 (before tax). I have recently started consulting part time for a foreign company that will pay me in dollars. On average $2000 every 3 months.
Provisional Tax and Rental Income
Posted 29 April 2020
I have filed and completed the 2017 personal income tax for myself. I started receiving rental income from my property in March 2017. Where do I declare this income? Is it part of provisional tax and will I pay penalties for late submission?
1. The property is owned by myself and my wife. Will we both need to file tax returns for this Rental Income?
2. Does this mean a whole new tax return must be submitted, or is it only necessary to complete the IRP6?
Provisional Tax and Annuity Income
Posted 2 April 2020
At the start of the 2021 tax year I will be earning a monthly income from my living annuity [LA], however as I understand from the provider of the LA, that tax will be deducted by them before I receive the monthly amount. I am registered as a provisional taxpayer and will be earning additional income on top of the LA income. So, I therefore assume that I can continue being a provisional taxpayer and declare the additional income only in the IRP6, or would I have to declare both incomes and then ...Read more →
Structuring tax for a side businesses
Posted 13 November 2019
I need some advice regarding how to structure my taxes and what ways I will be able to reduce my tax exposure through deductions, registering as a private Pty vs Sole proprietorship etc... I have a salaried job and am starting up a side business working from home as a web developer. I am also considering to start renting out our flatlet via Airbnb. The total income I am looking at includes (per month): 1) Salary: R70000 2) Airbnb: R3000 (which is a bit hard to estimate right now till we have built a track record, but this is assuming an average occupancy of 13%) 3) Web development: R5000...Read more →
Independent Contractor versus Personal Service Company
Posted 2 October 2019
I'd like to get some clarity on whether there is a difference between an Independent Contractor and a Personal Service Company?
Tax on shares
Posted 19 September 2019
I received a once-off payment for shares in November 2018. I then opted to pay tax on the shares before the payments was made to me. Therefore the tax was already deducted before any monies were paid to me. I am now uncertain how to enter this in my 2019 tax return. Can you please advise %u2013 do I need to submit this income in my 2019 tax return and if I must, what figures must I submit in terms of the share payment made to me in this tax year?
Posted 11 September 2019
My employer had to fix the tax period on my IRP5 and it has now been resubmitted to SARS. I would like to know if I am able to get TaxTim to reload this new IRP5 document for me? Also, please note that there are some amount changes as well which were made and this needs to reflect before I can agree to submit the final details. Is there perhaps a process whereby TaxTim can import the IRP5 before commencing to the submission state?
Earnings of a teacher and tax
Posted 5 June 2019
I would like to find out if I should submit a tax return as a teacher that earns R300 000 per annum. Would this be required of me?
Calculating leave days payment
Posted 29 May 2019
How do we calculate leave days for payment purposes? For example, if someone who has a monthly basic salary of R17933.00 and has carryover leave days of 20. We want to pay out the carryover leave days. The employee works 40hours per week. We also have employees who are working 37.5 hours per week not 40 hours. So, if one worked 37.50 hours per week, with the same basic of R17933.00 and had 20 leave days to be paid, how would you calculate?
Posted 21 May 2019
Where does my tax money go to?
Two incomes and tax calculations
Posted 20 May 2019
I am 51 years old and I receive a monthly taxable salary and a monthly pension. How do I calculate my tax on both incomes?
Backpay and bonus taxed in same way?
Posted 17 May 2019
Can a bonus and an arbitration award backpay be added on one source code?
The employer added the arbitration award backpay for 2014 to 2017 august under one source code of bonus. What is the impact are the two taxed in the same way?
Leave days and tax
Posted 27 March 2019
Business travel from home office
Posted 12 March 2019
I work for a multi-national company and I am home based. I would like to find out, when I travel into the office for meetings, can I claim that mileage as business travel? Also, just for interest sake, would it be different if I was a salary earner and I did receive a travel allowance?
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