Maximum Tax deduction for retirement fund under new tax dispensation

  Written by Alicia   Posted 14 April 2016

I am a government employee contributing towards the GEPF. I and the employer make contributions based on my pensionable salary which is 70% of my total cost to company. I contribute 7. 5% and my employer contributes 13% of my pensionable salary. Under the new streamlined retirement savings dispensation, I want to know the per annum value of my remaining tax deductable allowance, should I choose to contribute towards a RA in addition to my current GEPF contributions.

Must I pay tax on my income?

  Written by Alicia   Posted 14 April 2016

Do I pay TAX or must I have a TAX number if my salary is R5000 p/m GROSS. Was told I need Tax nr to be registered by our company bookkeeper on payroll?

How to treat a loss in a trust

  Written by Nicci   Posted 14 April 2016

Can we deduct expenses against a nil income, creating a loss, in a trust?

What is the PAYE on my salary of R5,906?

  Written by Nicci   Posted 14 April 2016

My salary works out to R5,906. I contribute to a provident fund. What is my tax payable per month?

Taxation whilst working out of South Africa

  Written by Nicci   Posted 14 April 2016

Hi I will be working in Botswana from the 1st of June. I will be taxed in Botswana but will get paid into my South African bank account. I am a South African resident but will be living and working in Botswana. Would I be taxed in South Africa as well?
I am currently contributing to a RA in South Africa would I be able to continue doing this without being taxed on it?

Tax on share options

  Written by Nicci   Posted 14 April 2016

On 1 March 2011 MaxBuild Ltd granted me an option to purchase 10 000 equity shares in the company for R75 each. The conditions attaching to the grant of the option were that I would not be entitled to dispose of the shares for five years or until I resign, whichever occurred first. At 29 February 2016 the shares had a market value of R123 each. This offer was not extended to any other employees at the time it was made and I'm still in the employment of MaxBuild Ltd. How will this transaction be ...

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Tax implications of funds held in Share Platform

  Written by Nicci   Posted 14 April 2016

I have a question regarding funds held and traded out of EasyEquities - a share platform you might have heard of. For example, say I want to sell my SAB Miller stock at current value of R1,000 (bought it a year back for R500). I want to know will there be any tax implications if I keep that money in my EasyEquities account and reinvest it into another share. In other words, I haven't paid out the money to my bank account, but just reinvested it back into another share?
Or, does the selling of the shares automatically invoke CGT (calculated at time of sale) even if the funds didn't come directly back to me?...

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How can we claim bond interest from rental income when married out of COP?

  Written by Nicci   Posted 14 April 2016

My wife and I are married out of COP (ANC with accrual). My wife owns an unbonded property that she lets. This means she has a lease agreement with the tenants, although they pay their rent into my account. I own the property that we reside in, which is bonded. The nett effect is that we receive rental income and pay bond interest, albeit on different properties. I would like to be able to claim the bond interest from my wife's taxable income. In order to do so, I assume we need to take out ...

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Does a sole trader require signed financial statements?

  Written by Nicci   Posted 14 April 2016

Does a sole trader who is registered for provisional tax need to have annual financials done?

Tax payable on retrenchment for person below age 55 years

  Written by Nicci   Posted 14 April 2016

I am below 55 years of age and am being retrenched. My Lumpsum is R519,000-00 what is my tax payable

Spiritual Counseling outside of medical aid

  Written by Alicia   Posted 13 April 2016

As a Spiritual Counselor who has a BA in Counselling, but who is not registered as a health care professional with medical aids, as it is more a spiritual than medical. I have clients who would like to know if they can add my receipts to their tax claims at the end of the year. When the Spiritual Counselling was removed from the medical claims alot of clients do not want to go to conventional psychologists, but prefer continuing with me. Can they claim from SARS like their fuel log books? Is there a way so that clients can claim tax returns? ...

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Setting up small business while employed

  Written by Alicia   Posted 13 April 2016

Can I set up a small business while still employed? The business doesn't do work that conflicts with current employer.

Medical aid tax rebates

  Written by Alicia   Posted 13 April 2016

Is your tax rebate higher if your medical aid contribution is made by your employer instead of done privately?

Foreign Gift to SA Citizen / Donation

  Written by Alicia   Posted 13 April 2016

I am a South Africa citizen and would like to receive a monetary gift from my sister who is a UK citizen only - is there any tax implication for me?

Can u perhaps help me I need my tax number

  Written by Alicia   Posted 12 April 2016

I need my tax nr. Please

Tax payable on Preservation Provident Fund before retirement

  Written by Alicia   Posted 12 April 2016

Hi. If I have a Preservation Provident Fund ( -R1 444 594) and wish to do a once-off withdrawal of R580 000. 00. What will my tax liability be?

Born 1963.

Tax on conditional sign on bonus

  Written by Alicia   Posted 12 April 2016

If I was given a sign on bonus and it was taxed. Condition on the bonus is to stay employed for 3 years. I received the bonus after tax. If I leave in under 3 years how do I reclaim the tax or is it a loss.

Need help with proof of res ans how to make sure I dobt keep going back and forth to sars / SARS doc

  Written by Alicia   Posted 12 April 2016

I am getting my tax number today and am 22 I need to have a tax number in order for me to start working I have never had any sort of bill on my name to have access to proof of residence, I live with my parents and they have such how do I proof that I live there too? without having any sort of bill payments? help please

Financial assistance to a relative / Donation

  Written by Alicia   Posted 12 April 2016

Is there a tax benefit when assisting a relative financially?

Returning to SA after 8 years and still earning pounds and not rand. When am I tax resident in SA?

  Written by Nicci   Posted 11 April 2016

I'm South African born and worked and lived in the UK for 8 years before moving back about a year ago. I have dual citizenship and I am still paid and taxed by a UK company and earn no income in South Africa. When will I be considered a tax resident in South Africa?

I went to see a tax consultant who didn't really give me much info except 'don't worry', that while I'm not earning South African income I wouldn't be taxed here. I also have shares in a UK company that I'm periodically se...

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What do I do about offshore investments not previous disclosed to SARS ?

  Written by Nicci   Posted 11 April 2016

My client for a year has suddenly revealed an investment file that shows offshore investment of about R13 million. I am concerned when I look at her previous IT12 tax returns that this was not disclosed. How can I assist my client with the fix as the previous accountant had past on? What will SARS do about these Bonds and equity held offshore which were not disclosed? What is the risk to me, the new accountant? What are my obligations?

Zim Nationals New Tax Numbers

  Written by Nicci   Posted 11 April 2016

I have several employees that need tax numbers. They are all Zim Nationals on an Asylum visa. How do I get them Tax numbers? Can I apply to SARS on their behalf, in bulk without them going to the SARS offices.

Tax payable on buy to let property

  Written by Nicci   Posted 11 April 2016

I have invested in 4 properties to rent out to provide me with income. The total income I am recieving each month is R 18 000. I am 60 years old and have no other income. The properties are all in my name. How much tax will be payable on this monthly amount considering that this is my primary income.

Tax for temporary employees

  Written by Nicci   Posted 11 April 2016

I am a temporary employee with three months contract in a municipality. I earn R37. 50 per hour and get paid on monthly basis. Last month my employer taxed me 18% on my salary. I worked for 160 hours. Is this the right percentage they used? please advise me on the applicable tax law for temporary employees.

Invoice format while waiting for VAT number?

  Written by Nicci   Posted 11 April 2016

Myself and my associates have just opened a restaurant. We formed a new company for this restaurant and spent R1. 2m on installations. It has been trading for approximately 5 weeks and has done about R600K in turnover. We are expecting to surpass the R1m VAT threshold sometime in April. We have already put in our registration application for VAT however we have not yet received our number, which might take a few more months. While we are waiting, what should our invoices to clients look like? Sh...

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