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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Where to reflect interest on Tax Free Savings account?

  Written by Nicci   Posted 11 April 2016

Must interest earned from a Tax Free Savings Account be included in one's non-taxable income that one submits to SARS?

CGT on sale of business

  Written by Nicci   Posted 11 April 2016

What CGT will be payable if you sell a business that you started in 2004 with a R3,000 loan, you now sell it for R5. 5 mil and pay a 10% commission.

Capital Gains Tax calculation

  Written by Nicci   Posted 11 April 2016

I recently sold my home in South Africa at R6,500,000 (5 April 2016). I purchased this property in 2006 at R3,500,000. When would I need to submit this to get CGT assessed. In addition to the R2,000,000 primary residence exclusion, what is the 2016 annual exclusion? Is there a SARS CGT call number?

Capital Gains Tax - costs of selling primary home.

  Written by Nicci   Posted 11 April 2016

When selling one's primary residence, am I correct to assume that closing out of the bond is included in costs of selling the asset when it comes to CGT payments? Does this fall under costs of selling the asset?

When do I need to start paying taxes?

  Written by Nicci   Posted 11 April 2016

I am 17 years old. I do binary trading online and also some part time programming on my own. These hobbies have not earned me a lot of money but the amount is increasing gradually. Last month I earned approximately R7,000 by doing this. I am also still in school and I'm finishing end of this year. My question is: when do I need to start paying taxes? I am not formally employed at all but I think my earnings will be more than R80,000 by the end of this year.

2016 delayed verification

  Written by Nicci   Posted 11 April 2016

I submitted my Tax tax returns at a SARS branch on the 25th of Feb. I was missing one document and supplied it to the branch the following day. My tax returns were triggered for verification, both the ladies who assisted me told me it takes up to 21 days, I called a few times with my case numbers and the call centre told me 60 days - this is ridiculous, as all the documents were supplied and I was not advised of this by the staff at the branch. What can I do about this?

Do I need to submit a tax return while working overseas?

  Written by Nicci   Posted 11 April 2016

Do I have to submit a tax return for 2 small investment accounts that I have with Nedbank if it is the only source of income I have here in SA? Because I have obtained a job for 3 years in Dubai.

Are retrenched employees taxed by SARS?

  Written by Nicci   Posted 11 April 2016

Will I be paid back my PAYE for the 2016 period, ending 29 February 2016 since I became retrenched in March 2016?
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