Provisional Tax Submission

  Written by Nicci   Posted 31 March 2017

I freelanced for the 2016 tax year. I just applied to be a provisional taxpayer on SARS eFiling. Do I need to fill out an IRP3(pa)? And when is my first provisional tax payment due?

Working from Home

  Written by Nicci   Posted 26 March 2017

I work from home and make approximately R25000/month. I don't do much traveling and I
manage everything from my desk. I service one company only- I'm basically working for myself. They don't cover any tax etc. and I receive this
payment monthly. What's the best way to deal with the Tax?

Provisional Tax and REIT Income

  Written by Nicci   Posted 24 March 2017

I'm a stay at home mom. The only income I get is from interest ( - R10000.00), dividends (-R15000)and REIT Income ( -R25000). I file only 1 tax return per year. Should I be registered for provisional tax due to the REIT income?

Alert: Change to Provisional Taxpayer Rules

  Written by Nicci   Posted 23 March 2017

Currently, there is a legal obligation for South African resident employers to register with SARS for employee’s tax (PAYE) so they can withhold tax on a monthly basis from their employees’ salaries, and pay this over to SARS. However, the situation is different for foreign companies who employ South African residents. If these companies don’t have an office or a branch or some other legal representation in South Africa, they don’t have an obligation to register with SARS for PAYE...

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Registering as a Provisional Tax Payer?

  Written by Nicci   Posted 22 March 2017

I had freelance jobs and although I don't own my
own business/am not registered as a business. All but one of the freelance
jobs were taxed.
Should I register as a provisional tax payer? If so, how do I go about
doing this and what deductions can I make? e.g. Can I claim for Uber trips,
cellphone bills, wear and tear on my equipment (computer, camera) etc? If I
can claim for things like this, how do I go about doing it?

Set-off: Tax loss of different trades

  Written by Nicci   Posted 22 March 2017

As an individual can I set-off a trade loss from a trade (such as a coffee shop, which I am trading as a sole proprietor, 1st year of trading) against my other taxable income being a salary and rental income.

How to enter a severance payment in my provisional tax return?

  Written by Nicci   Posted 28 February 2017

I'm doing my provisional tax return and received a severance payments during the year as part of a voluntary retrenchment. My employer applied for a tax directive which was successful and I received the lump sum pay-out with the tax benefits associated on the sliding scale. How do I deal with this in my provisional tax return? If I enter the severance payment gross amount, the SARS eFiling system calculates taxes on it using the normal tax tables (it gets calculated at the highest marginal rate...

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Which base cost to use when calculating CGT?

  Written by Alicia   Posted 24 February 2017

I bought some Satrix Divi through the Satrix Investment Plan in Aug 2007. All dividends were reinvested by Satrix, ie every quarter more shares were bought. In July 2011, I transferred all of my "units" to an online broker and made no further purchases. For the first few months, my statements from that broker show a base cost per share of 0. Suddenly, in the March 2012 statement, it lists a cost per share, which appears to be the share price on March 16 2012. I have just sold these share...

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Do I need to file a tax return with R260 000

  Written by Alicia   Posted 24 February 2017

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

Why 2 returns in one month?

  Written by Alicia   Posted 23 February 2017

I have just filed a tax return in February 2017 and have to pay in an amount by end March 2017. Why am I asked to file ANOTHER tax return for provisional tax before the 28th February 2017?

2017/2018 Budget - The rich are going to pay more, but what does that mean for the rest of us?

  Written by Marc   Posted 22 February 2017

Personal Tax Rates (rates below)

Individuals across the country, those qualifying above the new tax threshold of R75 750 (previously R75 000) will be paying increased taxes of R16.5bn (previously R5.65bn in actual tax increase) for the next tax year, most of this will be for high income earners, however. Taxpayers generally across the board will be earning the tiniest bit more money each year as their tax brackets...

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SARS correction still possible?

  Written by Alicia   Posted 17 February 2017

I submitted an income tax return as farming sole prop for 2016. SARS requested supporting documentation and then I uploaded an income statement. I then received an Operations Audit letter from SARS asking to furnish them with the reason of farming income loss. The letter was emailed and does not appear on SARS eFiling. On SARS eFiling they sent a new letter the same as the old one requesting supporting documentation and the generic letter that says if you dont agree re-look at your tax return. I...

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File ITR14

  Written by Alicia   Posted 16 February 2017

My company was registered in October 2016 and my financial year end is February, can you help me do my IRP6 and company tax return or should I wait as the company have not started trading?

IRP6 required

  Written by Alicia   Posted 16 February 2017

SARS requested an IRP6 from me but I was not trading in that tax period, what should I do?

How do you perform tax calculations for property and interest while married in Community of Property

  Written by Alicia   Posted 16 February 2017

My husband and I own property, receive interest income and are married in Community of Property. What percentage of the property income, property expenses and interest income should we each include on our Provisional tax under the total turnover and estimated taxable income respectively?

Payment of income tax on rental income and interest earned.

  Written by Alicia   Posted 14 February 2017

I have some rental income that I would like to invest monthly in my fixed deposit. I know I must pay tax on both the rental income and the interest earned but when? I have to fill in a tax return twice yearly as a provisional tax payer. If the rental income and interest is fixed into the deposit account and I am not allowed to withdraw money, how would I go about paying the interest? Should I keep funds separate specifically for this in another account.

Deregister foor provisional tax

  Written by Alicia   Posted 14 February 2017

I am an estate agent and earn only commission income. I am registered for provisional tax, but my employer has now started to deduct PAYE from my commission. Can I now deregister for provisional tax?

IRP6 completion

  Written by Alicia   Posted 14 February 2017

SARS says that my taxable income is an error, but I declared the income I earned for the year.They keep speaking about my previous year's income but I am no longer employed, how do I fix this?

Lump sum on IRP6

  Written by Alicia   Posted 14 February 2017

Am I supposed to include my pension lump sum on my IRP6?
Also, how should this income be reflected on the annual income tax return?

Source code for renting out camera gear

  Written by Alicia   Posted 14 February 2017

Looking for the source code for a sole proprietor renting out camera gear, I am trying to apply for turnover tax and the form I'm filling in is asking for a source code?

No IRP6 forms or history on my SARS profile

  Written by Alicia   Posted 13 February 2017

TaxTim helped me fill in my provisional tax return last week but I am not able to actually put in my Provisional Tax information as SARS is not showing my IRP6 tax return for 201702, can you tell

Turnover tax and provisional tax

  Written by Alicia   Posted 8 February 2017

If I am paying provisional tax, do I need to register for turnover tax too?

Do I declare my CGT on the IRP6?

  Written by Alicia   Posted 6 February 2017

My husband and I sold our primary residence and bought a new one in April 2016. According to TaxTims Calculator, we don't need to pay Capital Gains Tax because it was less than R2m, but:
1. Do I still need to declare the capital gain?
2. If so, do I declare 50% of it because I own half of the property?
3. Also, I missed any mention of capital gains in my Prov tax Period 1. When I filled in Period 2 today, I didn't see any space to add Capital Gains.

ITR14 confusion

  Written by Alicia   Posted 6 February 2017

I started my company in jan 2015 and want to submit my tax for march 2015- Feb 2016. I requested ITR14 for tax year 2016 is this correct. Which one do I request for Provisional tax for the same tax year. (2015-02,2016-01,2016-02)?

Divide pension between spouses

  Written by Alicia   Posted 3 February 2017

I am married in community of property and my wife and I are both individual provisional tax payers. I have been retired for 20 years. Can i divide my pension income between myself and my wife's income on our IRP6s?
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