Turnover tax enquiry

  Written by Nicci   Posted 24 March 2016

I wanted to enquire on rates for turnover tax for business.
i have small service based business.

What are the requirements and the dividend rules for if there is a after tax profit at end of year?

Are bond initiation fees, legal fees and valuation fees deductible for tax?

  Written by Nicci   Posted 23 March 2016

Hi, I have registered as a provisional tax payer and did my tax return in August. My rental expenses (levies, interest and taxes) are greater than my rental income I earn. Do I still need to file the provisional tax payer tax return now and see if any payments are due?

I have paid for your services for my personal income tax, but haven't received any of my tax information yet (for investments, medical aid etc). Must I just wait until those all come later in the year and send them thro...

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Is my business liable for PAYE as soon as I register?

  Written by Marc   Posted 23 March 2016

I registered my SME for PAYE in December 2015. When do I become eligible to start paying PAYE? I'm the only employee and my salary is tax deductible?

Do I have to register for UIF at SARS or the Labour Department?

  Written by Marc   Posted 23 March 2016

If I registered my business for PAYE at SARS do I have to register for UIF at the Labour Department or does SARS do it automatically?

What is the tax of total earnings R52499.07?

  Written by Alicia   Posted 23 March 2016

My contract was terminated and I was paid the notice pay, leave pay,leave enhancement,attendance bonus. Total earnings R52499. 07 my tax is R16339. 14. Is my tax correct. Pls help!

Amendments in EMP 201/501

  Written by Alicia   Posted 23 March 2016

This question is regarding amendments in EMP 201/501. The start date of an employee has changed. For eg, The start date was 24rth December, but the amended start date is 24th Nov. He is getting paid for the whole month of December (excluding payment made previously) and 6 days of November In March 2016. He ceased working in January 2016. Should we revise the EMP 201 of November and December? (Accrual Basis)
Or Should we treat the payment in march as a one time pay and amend EMP 501 only? (...

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Can I have a tax number while I'm unemployed?

  Written by Nicci   Posted 23 March 2016

I'm currently a student and finishing at the end of this year, is it possible for me to get a tax number now as I will be employed next year?

Question on secondary tax rebate

  Written by Nicci   Posted 23 March 2016

If you turn 65 before end of February 2017 are you considered to be 65 or 64 for the current tax year.

How do I work out tax on overtime?

  Written by Nicci   Posted 23 March 2016

How do I work out tax on an overtime of R8,006. 00

Duration for submission of AFS

  Written by Nicci   Posted 23 March 2016

I have a question, what is the maximum duration which you are given by SARS for submission of annual financial statements after your financial year end? I am asking this question because I was denied a Tax clearance certificate because I have not yet submitted my financial statements. Also, what is the effect thereof i.e. penalties involved?

Tax for R250 000 provident fund on retirement?

  Written by Marc   Posted 23 March 2016

If for example I have R250 000 provident fund amount on my retirement,will it be taxed or not?

Independent consultant and expense claims

  Written by Nicci   Posted 22 March 2016

I am an independent contractor and would like to find out how to calculate my salary due to me taking expense claims into account. Total salary = hours worked x Hourly rate
Expense claims = cell phone, internet and travel claims

To calculate tax amount you take your total salary less expense claims. Then when calculating amount payable, do you

A: (Total salary amount less expense claims) less taxable amount plus expense claims = amount due to you

OR
...

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Do I pay tax in SA as a non-resident working in SA for a US university?

  Written by Nicci   Posted 22 March 2016

I am a US citizen living here in South Africa for about two years because of my spouse's work. The university I work for has graciously allowed me to continue working remotely for them while I am here. I work with computers on the internet. Recently, someone from my work has insisted that I needed to file for income tax in South Africa. I disagree, believing that my income source is not South African and that I am a non-resident for tax purposes. Is there some specific evidence I can use to back...

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Penalties deducted from pay out?

  Written by Nicci   Posted 22 March 2016

I looked on the SARS eFiling and it stated that I should pay them a big amount of money (I assumed it was for late tax returns). A week later they paid out a small amount, after a consultant said we do not owe anything on their system. Am I correct in assuming that they deducted the penalties from the tax returns and paid out what was left? Or should I still be worried about that letter?

Can residual bond interest from one property be offset against rental income from another property?

  Written by Nicci   Posted 22 March 2016

I have two properties and I pay bond interest on both.

With regards to deducting bond interest from rental income, can residual bond interest from property A be deducted from rental income from another property for tax purposes?

Single versus married benefits, whats the difference?

  Written by Marc   Posted 22 March 2016

If you are single, you pay more taxes. How does this affect your payout on resignation? Do you get a lesser payout than your counterpart who is married? By rights, your pension benefits should actually be higher than that of someone who is married and retires with the same amount of years service??? Ie. 20yrs???
Gg

MEDICAL TAX REBATE REFUND

  Written by Marc   Posted 22 March 2016

IF YOUR PAYE CONTRIBUTIONS EXCEED THE TAX PAYABLE WHICH MEANS YOU ARE DUE A REFUND DOES THE ANNUAL TAX CREDIT R257 PER MONTH TIMES 2(taxpayer and spouse) times 12 ( R6168) INCREASE YOUR REFUND FROM SARS?

It is aleady summarised

  Written by Marc   Posted 22 March 2016

Is south African interest exempted?

Estates Tax Liability on Dealth of Spouse

  Written by Marc   Posted 22 March 2016

My wife and I hold assets in terms of cash at bank and a single main residence. All assets are held in joint names. Should one spouse die can the assets be transferred to the surviving spouse without an estates tax liability. Alternatively is the liability calculated as 20% of the remainder of (50% of the combined assets - 3. 5M Rand tax exemption )

How to calculate the IRP6 and ITR14?

  Written by Nicci   Posted 22 March 2016

My company was registered with CIPC last year in March 2015 and when I went to SARS to submit my ITR14 they say I must register online but before I submit the ITR14 I must firstly submit the IRP6. I would like to know firstly as to how do I calculate my IRP6 and when do I start to calculate since as I said my company was registered last year?

My PAYE deduction is way to high - how do I claim?

  Written by Nicci   Posted 22 March 2016

I have calculated my yearly taxable earnings for the 2015-2016 tax year, and the PAYE deducted each month was significantly higher than needed as I was unemployed for the majority of the year, bar a few months. How do I go about getting this money back? Is the company liable to pay it back to me or must I claim it from SARS (the last month I worked was November 2015, and I started in August 2015).

Meaning of medical aid 4005?

  Written by Nicci   Posted 21 March 2016

What does medical aid source code 4005 mean?

Taxation on foreign sourced pension

  Written by Nicci   Posted 21 March 2016

My wife and I are Irish and UK citizens respectively, currently living in the UK and are interested in the feasibility of retiring to South Africa. Our method of retirement would be either on a temporary retirement visa or as a person of independent financial means. I only mention this in case it impacts on my question. My particular interest is understanding how my UK pension income would be taxed in SA. My pension would be derived from a number of sources
1. UK State pension
2. Company pension. All pension is derived from activities not associated with South Africa...

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Should there be a PAYE deduction from my sole proprietor invoice?

  Written by Nicci   Posted 21 March 2016

I operate a sole proprietor providing services to various companies on an "in need" basis on short and medium tem basis. I operate at my client place of business however the latest client has started deducting PAYE from my invoice at a rate of 33. 3% although I am not on a fixed contract and will not derive more than 80% of my annual income from them. Are they entitled to do this and how do I reconcile these deductions as a provisional tax payer?

Tax on package and retirement cash withdrawal under the age of 50

  Written by Nicci   Posted 21 March 2016

I am 40 years old. I have taken the retrenchment package from my company, the amount of R307,000. I also want to withdraw my retirement fund of R714,000 as cash amount and invest in the bank. Can you please inform me what my tax will be on my retrenchment package and my retirement.
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