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Mike says: 25 February 2016 at 18:36 Another question - what if the business has run at a loss? It's a medical practice, and turns out many of my claims will only be processed in March 2016 i.e Next tax year. That means my total income for the business so far has been R30 000, with expenses totalling R50 000. Surely I don't have to submit a provisional tax return? |
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TaxTim says: 25 February 2016 at 22:42 You do, but you would submit zero estimated taxable income and tax. |
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Mike says: 25 February 2016 at 22:45 Okay sure. I was also a salaried employee for the last 8 months, and received a few sources of additional income that was all PAYE. I'm assuming that I would have to include and declare that on the IRP6? If so, I haven't been issued IRP5's yet for my salaried work - am I then expected to calculate it on my own? |
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TaxTim says: 25 February 2016 at 22:51 You can take your latest payslip and use the total PAYE and Income on there, usually found at the bottom of the page. |
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TaxTim says: 25 February 2016 at 22:58 You can take your latest payslip and use the total PAYE and Income on there, usually found at the bottom of the page. |
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Mike says: 25 February 2016 at 23:00 Ok, I follow you. I'd then have to calculate all my deductions from medical aid and retirement annuity and so forth? [If so, this is going to take a lot longer than I thought...] |
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TaxTim says: 25 February 2016 at 23:02 The retirement you can just deduct from your gross income less the business loss. Then make use of our Medical Tax Credits Calculator to work out what those amounts will be. |
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