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TaxTim says: 24 July 2013 at 19:58 Did the Trust issue you a tax certificate? If not you would need to add this under "local business income" or "other income" on your tax return. Remember you can deduct expenses related to earning this income. |
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Frustrated Taxpayer says: 25 July 2013 at 9:37 Thank you for your assistance. So far they have made a provisional payment - but they do not deduct tax from this payment. If they do issue a tax certificate would I show the income under another section? So to make provision for the tax do I simply add the income to my salary income and calculate tax from there? |
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TaxTim says: 25 July 2013 at 10:16 You would do that yes and then apply the tax tables - SARS tax rates 2014 If they issue a tax certificate then this will be shown on your ITR12 tax return already. Speak to the auditors/accountants to see which method they will be using. |
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Frustrated Taxpayer says: 25 July 2013 at 10:48 One last question - does the taxpayer have to become a provisional tax payer? |
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TaxTim says: 25 July 2013 at 11:08 If the income from the trustees fees is greater than R20 000 per annum then yes they will have to register as a provisional taxpayer. What is Provisional Tax? How and when? Am I a Provisional taxpayer? |
