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?

Foreign donation

  Written by Nicci   Posted 8 April 2016

You previously answered my question relating to receiving a donation from my brother who lives overseas - I understand that if the money comes from a foreign source that I would not be liable for tax. Further to this I would like to ask: is there a limit to how much receives as a donation before one is liable for tax or can one receive any amount as a donation?

The Smart Way to Save Tax when Renting out a Property

  Written by Marc   Posted 8 April 2016

Taxpayers who earn rental income from a second property of theirs often don’t know what they need to do when it comes to declaring this income to SARS. Sometimes taxpayers think that they don’t have to declare this extra income, or can hide it from SARS by not entering it on their tax return form - a big mistake!

The truth is that extra income earned from rental is taxable, and SARS needs to know about it. In some cases - if the amount earned (profit) outside of a sala...

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When to Expect SARS Refund

  Written by Alicia   Posted 8 April 2016

I submitted my 2011 & 2012 IRP5s yesterday and received a message that I'm owed a refund from SARS. Any idea of when I can expect this refund?

Thanks for the help!

Summary of 2015 tax year / T-filing

  Written by Alicia   Posted 7 April 2016

Hi I am needing to sort out my tax submission with SARS. Is it possible to get a breakdown of what I submitted with Taxtim for 2015 tax year?

Request the actual percentage PAYE normally taken by SARS on Bonuses

  Written by Alicia   Posted 7 April 2016

How much percentage does tax take on bonuses

Will requesting my tax status start an audit if I have not been doing my taxes?

  Written by Alicia   Posted 7 April 2016

How do I find out what my Tax status is and will that make SARS audit me if not correct?
I am a free lance artist I pay tax on some of my fees from some clients. I rent out cameras, and have a part time job at my family business (whose taxes are also a mess). Tax is like gibberish to me I do not understand how it works and so I just stay away. Now my bank needs a tax status for a loan and im scared I will get audited if not right.

When does 2016 tax season start?

  Written by Nicci   Posted 6 April 2016

When do I have to file my Tax Return for 2016?

I started working on 16 March 2015 to 31 March 2016. I have started at a new employer on 1 April 2016. I earned R8762 at my previous employer. I paid R452 income tax per month and paid R1152 on my December bonus.

How do I de-register for Provisional tax?

  Written by Nicci   Posted 6 April 2016

I am a registered provisional taxpayer from when I earned other income than my salary. I now only have a salary income. Nothing else. How do I deregister for provisional tax purposes?

Sole trader tax information

  Written by Alicia   Posted 6 April 2016

How do I find out what receipts I should keep now that I want to operate as a sole trader and what should be declared as is tax deductible?

Travel claim against commission income /vehicle claims

  Written by Alicia   Posted 6 April 2016

Can you claim depreciation as well as finance charges on a travel claim against commission income?

Tax when working for different employers / independent contractor

  Written by Alicia   Posted 6 April 2016

I am about to start 2 different half day jobs. In the morning I work for an organisation and in the afternoon I work for an individual. Should I expect the individual I work for to deduct PAYE or should I put it the PAYE amount away and pay it as personal income tax?

Unsure of the difference between tax no and vat no for my company

  Written by Alicia   Posted 6 April 2016

Ive been issued a tax reference number for income tax for my newly registered company. I'm not sure what it is. It starts with 907---

How is retirement fund lump sum withdrawal benefit calculated

  Written by Alicia   Posted 6 April 2016

How is lumpsum code 3920 calculated

How do I claim Withholding Tax back?

  Written by Nicci   Posted 5 April 2016

Hi, we get charged withholding tax from Botswana. We have the withholding tax certificates issued from BURS Botswana Unified Revenue Service, but how or where do we claim this back on our IRP6 form.
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