Tax Threshold Posts in Tax Q&A


Tax on money held in offshore account?



I have an offshore transactional bank account into which I transferred cash into. To clarify, the currency is in Australian Dollars. Also, I do not earn any income on this account nor do I earn any income from abroad. With that said, the interest rate for this account is set at zero on the deposits made. What I would like to know is, would I in this case need to pay tax on any currency movements while the cash is in the account and if that is the case, how would this work if I make payments from...

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Old 2009/2010 efiling returns




SARS say they upgraded their system and have now seen i did not file a tax return in 2009,2010 and have fined me for each year. Both years i was under the threshold but they are insisting i file these returns. I do not have the IRP5 anymore and the company no longer exists. They advised that I open the return on efiling and can then submit as it should have all the info, I have done this but there is no earning/medical aid information etc.
How do i resolve this now as both returns are now sitting open on efiling and i am getting fined R250 per month now that i do not resubmit....

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Unit trust and tax



Do I need to declare interest from unit trusts that is under the threshold of R33000 (e. g. Local interest earned was R15000).

How will I be taxed?



How much will I get if I'm earning R1000.00 and I'm being taxed 10%?

Why Register for an Income Tax Number



I earn R6000.00 a month. My employer told me that everybody has to register and have a tax number, regardless if you earn under the threshold and don't pay tax. What's the reason that we all have to register for an income tax number, is this correct?

Tax on income from internship



Do I have to pay tax earning R3200 a month?

Do I need to file a tax return with R260 000



I am unemployed but earn interest income ( approximately R260 000 annually)from fixed term deposits
I am under 65 and contribute to medical aid and retirement annuity
Do I need to file a tax return

Should he pay tax?



My husband is a South African citizen and he is only earning R5500 a month does he have to pay tax?

Are foreign students required to pay tax on their earnings for part-time work?



My son is a foreign student studying for his degree at a South African University. He has a valid Study visa and is permitted under this visa to work 20 hours per week. His employer wants to pay him a salary of R10,000 per month. Firstly does my son have to pay tax on this and if so, how does he register with SARS without a SA Identity document?

Do I need to file old returns to obtain refund, even if I fell below the tax filing threshold?



SARS want to me file all my previous tax returns in order to receive my refund for this year. In 2011 I tutored at a university and earned below the tax filing threshold and therefore did not file my tax return. How do I file my tax return now for 2012 or how do I show SARS that I didn't need to?

If my turnover drops below the 28% threshold, do I still have to pay tax at 28%?



As a small business, if my turnover is R14 million in year one and then drops to R12 million in year two, do I still have to pay tax at 28% per annum,even through the turnover has dropped below the threshold?

Transfer a tuck shop in my name



I am buying a tuck shop but need to know how I can register it in my name, its a sole proprietor.

Donation to family members



I gave my mother and sister R25000 each, can I deduct it as an expense against my income and how much donations tax should I pay on it?

Why am I registered for income tax



Hi I was working last year earning R3000 a month. I got an sms this year stating that I have been registered for tax accompanied by a tax number. I want to know why this happened?

Tax on interest



Hi. I am unemployed but my income from investments and interest exceeds R30000 but below R75000. Do I pay tax?

Does interest form part of the R75000 threshold or R30000?

Can I claim my monthly expenses, can I get a refund on monthly regular day-to-day expenses?



I have properties jointly with my wife (Community of Property) and getting rents which covers all my payments towards my bonds, Rates & Taxes, Levies and Refuse accounts. Little extra amount is surplus. My question is: Should I need to pay Tax on my monthly Rental Income?

I pay for my Groceries, Fruit & Veg, Rents, Electricity, Gas, Domestic Maid, School Fees, Kids Sports Fees, Transportation, Petrol, Bank Charges, Personal Loan (Absa) Credit Card Fees & Financial Charges, Telkom & Vo...

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Do construction workers pay tax?



if working in the construction company,do they have to deduct my monthly tax returns from my salary?

How do I calculate provisional tax and when/where do I pay it?



I am a freelance writer and my income depends solely upon jobs that I get from international clients. I get paid weekly in dollar and my income fluctuates. Recently I've started earning more and I suspect I might be in a tax bracket. As far as I know I have to pay provisional tax but how do I work it out and where and when do I pay it?

Is it necessary to inform SARS of additional income received?



Hi TaxTim

I am a full time salaried employee but I also sometimes get tutoring jobs and I run a lift club. Will I need to declare what I earn for the latter 2 items?

Am I able get a tax refund?



How do I know if I qualify for my tax return

Am I able to claim additional medical expenses?



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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Am I required to pay tax?



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

What will my tax liability be if I start a business?



Hi, I can provide services such as graphic design, animation, music production and web development. I recently caught attention of few business owners wanting me to do work for them, will I need to pay tax approaching them as self employed individual? I am prepared to charge everything once off based.

Can my VAT liability be back dated?



I run an events company and should have registered for VAT a long time ago, but am only doing so now. On completing the registration form, they will see that my company has been operating for a couple of years now, some of which, my turnover has been over the threshold. My question is: Will SARS investigate my prior years financial turnover? What will happen if they do investigate my prior year finances?

How to complete the IRP3(a)



In terms of the IRP3(a), how does one do the manual calculations of the taxation that should be deducted if ''other''(X) is ticked under the directive reason, as there are calculations available for the retirement and severance benefits.
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