Tax Q&A
Multiple sources of income
I am a co-owner of a company which I work for and currently work part time for a University. Last year I worked part time for a corporate company and thus I h
Read morePension/provident fund payout after retrenchment
My husband was retrenched last year November 2015, he is still without a job and his pension/provident fund need to pay out, on you free SARS retirement fund
Read moreIf our company makes a yearly loss of R9233899.00 . how is the tax refund is calculated?
If our company makes a yearly loss of R9233899. 00 how is the tax refund is calculated? There will not be a refund, but the taxable loss will be used to of
Read moreDeduction of finance charges from rental income.
I have a question relating to rental income from investment property in my personal name. Very simple put, I have R 1000 000 available on my primary residence
Read moreTax free savings for the unemployed
Wife has a hobby she runs from home for an income, not registered with SARS! Is she allowed to open a Tax-free savings account in parallel with me who is regi
Read moreCalculate allowable deduction for pension fund contribution if total retirement fund is R103 500
If the total retirement fund income on the IRP5 is R103 500. What will be the maximum allowable deduction for pension fund contribution It will be 7,5% of
Read moreLOCAL SA RENTAL INCOME PLUS UK INCOME TAX PAID SEPARATELY
i am 70 year old, live in UK, 95%, earning interest from investments in the UK and paying UK taxes with a UK tax no. i also have 3 properties in South Africa,
Read moreHOW TO ADD TAX TO GROSS
I have been paying my staff the salaries without tax and uif, but I now want to add tax to the salaries I paid them. How do I go about calculating that? Pl
Read moreDo SARS offer payment plans?
Do SARS have a payment option, I have been informed that I owe them an amount from 1999 and the interest is now more than what the original amount was. I cann
Read morePercentage tax payable for 65yr old on dual monthly income
I receive a gross monthly pension of R10637. 01 from Old Mutual and a gross salary of R15000 from my present employer. What Percentage tax should I be paying
Read moreWhat does a "manual audit" mean, what does it entail and why would I be trasnferred to it?
I have submitted my tax return and was triggered for audit verification. I missed the first deadline to submit and then received a final demand letter. I subm
Read moreIncorrect logbook information
I just want to find out with regards to car allowances. I switched employment in June 2014 and did not have access to my kilometers claimed at my previous emp
Read moreWhat are the penalties and interests paid for provisional tax?
What are the penalties and interests paid for provisional tax? Late payment of provisional tax: a penalty of 10 percent on the assessed amount you owe;Late
Read moreIf I pay my emplyees's lunch, can I deduct it and under what heading?
My workers eat lunch daily and I pay for it out of the business profit. Can I deduct this amount and how much of it can I deduct? They eat about R100. 00 wor
Read moreHow do I calculate employees tax?
How do I calculate employees tax when there's an annual amount? You need to use the annual tax tables on the SARS website. You can also make use of our
Read moreRevenue paid offshore
If a South African company is paid offshore for services rendered within South Africa, is the company obliged to bring the revenue back to SA?Revenue is repor
Read moreMinimum asset write off for depreciation?
What is the amount per asset that you can immediately wright of for example if an asset cost less than R7000 you can depreciate it to R1 immediately to pay le
Read moreMedical costs deducted on IRP6 form
We have no medical aid, but have dental and optometrist receipts for work done. How can we deduct this when we declare the IRP6 and ITR12? In your tax retu
Read moreUnemployment and provisional tax
I was unemployed for roughly six months of the 2015/2016 tax year, do I need to submit any proof. Now with the new work I have to pay provisional tax because
Read moreHow to renew clearance certificate and how much it will cost?
I started a company last year and were I registered my company they also did tax clearance certificate,since I open the company it never worked the whole year
Read moreTax on resignation benefit
How much is tax deducted on a resignation benefit of R1013000 Is this a resignation from a retirement fund? (i.e. Pension, Provident or RA)
Read moreITA34 - Where's my 'Letter containing further instructions'?
After submitting my ITR12, I received an ITA34 in which 'a letter containing further instructions' is mentioned. "Please note, however, that the information p
Read moreWill I be taxed if I loan my brother money interest free?
Will I be taxed if I loan my brother money interest free. I am a South African resident but he lives in the UK. How long does he expect to loan you the mo
Read more1. penalty - delayed return. 2. submit returns for previous years 3. community of property/customery
1. What is the penalty for delayed tax return submission?2. Can you still submit tax returns for previous tax years which were never submitted?3. What effect
Read moreMonthly provisional tax payment and foreign exempt income
Context: I am paid by a foreign employer in USD and will be processing tax payments in my own capacity. I understand from previous questions that I should reg
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