Reimbursive travel

  Written by Marc   Posted 12 February 2016

For the 2015 year of assessment, my employer re-reimbursed me for travel. They paid me at the official SARS rate of R3. 30 per km, I traveled 6,691. 52 kms, it is thus my understanding that because this is less than the maximum allowed by SARS of 8,000km, this amount falls under non-taxable income and should be allocated to the code 3703. My employer allocated this to code 3702 on my IRP5. I corrected this on my tax return, yet SARS are of the opinion that this amount should fall under taxable i...

Read more →

Tax for multiple income

  Written by Nicci   Posted 12 February 2016

How will I be taxed on my income if I have two jobs with two different companies? My second job will only be part time for - 6 months.

Where in the ITR12 can I claim toll fees paid on business trip if I don't use actual costs.

  Written by Marc   Posted 12 February 2016

I have incurred toll fees while on travelling on business trips to clients. My employer does not reimburse this fees I incurred citing that I should cover them from the reimbusive travelling claim that I get. I don't use the actual cost incurred but rather the estimates as per tables. My question is, where in the ITR12 can I book this fees against my income.

Client receives pension from GEPF at the age of 53 yrs. client resigned from work as a educator

  Written by Marc   Posted 11 February 2016

What tax is a person subjected to if he resigns from work and receives his pension prior to retirement age.

Taxes to be paid after increase and backpay have been worked out

  Written by Marc   Posted 11 February 2016

I have a very basic question, but cannot wrap my head around it. I pay the admin ladies' salaries (for about last year). They got an increase, but I need to backpay them now as well. Question is does the annual salary (March 2015 to Feb 2016) now need to be recalculated to see what more tax must be paid? Is there someone that can help me on an annual basis? I am so scared I work in out wrong. Please help!

How much I pay as small business.my year turnover is R800000

  Written by Marc   Posted 11 February 2016

Small business tax return

Should the tax rebate be pro-rated for foreigners starting to work in SA (not immigrating)

  Written by Marc   Posted 11 February 2016

I foreigners start to work in South Africa & earn South African source income, say, from February 2016. Will they receive their entire tax rebate for 2016 based on only the 1 month's salary? This would imply that they will obviously NOT pay ANY taxes on a salary of up to R73,650 for the month of Feb 2016. Is this correct or should the tax rebate of R13,257 be pro-rated to 1 of 12 months, because they only worked for 1 month of the 12 in the tax year?

Request for documentation for RFC

  Written by Marc   Posted 11 February 2016

I filed my tax return and it was selected for verification. I then submitted the documents for review and noticed that I had made a mistake on my tax return. I filed a request for correction and then got a notice that I needed to submit supporting documents as the information on my tax return did not match their records. Is this normal when submitting a request for correction or am I being audited?

ITSA requested shows a refund, will I get a refund?

  Written by Marc   Posted 11 February 2016

My SARS status is tax return assessed, and my SARS eFiling status correction filed. Therefore I requested a ITSA on 02. 02. 16, which shows a refund, but also shows selected for audit YES. Does this mean that I will get a refund or not please?

Meaning of medical tax credits and medical fringe benefit?

  Written by Marc   Posted 11 February 2016

Tim! Please advise on these 2 things :I am a teacher, this month (january 2016) payslip reflects the following;

1)I have 2415. 00 under medical fringe benefit. What do these numbers mean? is it money?

2)Medical Tax credits are 721. 00, Whats the meaning of this?

Capital gains tax on primary resident

  Written by Marc   Posted 11 February 2016

What is the Capital Gains Tax amount if you bought a house in 1991 for R100000 (approx. ) and sold it in 2015 for R1. 9m.

What if my salary increases significantly?

  Written by Marc   Posted 10 February 2016

If I earned a significantly lower salary for the first half of the tax year and then a significantly higher salary for the second half of the year under PAYE, would the various periods tax be calculated appropriately? I have been advised that because the new salary is much higher it therefore pushes me into a higher tax bracket and that this affects my earnings for the entire year. I. E. I have to total all my earnings and then calculate my tax payable on this higher tax bracket rate. This doesn...

Read more →

Tax on UK state pensions

  Written by Marc   Posted 10 February 2016

I am a permanent SA resident over 70 years old. I get a small UK state pension that is paid into a bank account in the UK where it accrues. Can I transfer an amount, say 2000 pounds sterling, to a bank account here without paying SA tax?

Multiple sources of income

  Written by Marc   Posted 10 February 2016

I am a co-owner of a company which I work for and currently work part time for a University. Last year I worked part time for a corporate company and thus I have multiple sources of income. I find it extremely difficult to understand where each of these earnings should go etc.

Pension/provident fund payout after retrenchment

  Written by Marc   Posted 10 February 2016

My husband was retrenched last year November 2015, he is still without a job and his pension/provident fund need to pay out, on you free SARS retirement fund lump sum tax calculator is shows that if you take the money after retirement/retrenchment/death you don't pay TAX on a amount under R500 000. 00, is that correct?

If our company makes a yearly loss of R9233899.00 . how is the tax refund is calculated?

  Written by Marc   Posted 10 February 2016

If our company makes a yearly loss of R9233899. 00
how is the tax refund is calculated?

Retirement Funds Tax Laws Effective 1 March 2016 - How SARS' New Changes Affect You!

  Written by Vee   Posted 10 February 2016

If you’re diligently putting money away for your retirement in the form of a pension, provident fund or retirement annuity, you may be curious – perhaps even a touch concerned – about the changes SARS has made to the retirement fund tax laws, which come into effect on 1 March 2016.

If you missed the news, here's a quick overview.

SARS have changed how contributions to retirement funds are treated from a tax perspective, as well as how your funds are managed when you retire...

Read more →

Deduction of finance charges from rental income.

  Written by Marc   Posted 9 February 2016

I have a question relating to rental income from investment property in my personal name. Very simple put, I have R 1000 000 available on my primary residence bond - I would like to utilize this to acquire a rent producing flat. Will I be able to deduct the finance charges incurred on the R 1000 000 from the rental income to reduce my taxable rental income?

Tax free savings for the unemployed

  Written by Marc   Posted 9 February 2016

Wife has a hobby she runs from home for an income, not registered with SARS! Is she allowed to open a Tax-free savings account in parallel with me who is registered with SARS and also want to open this account. Thus can we together contribute R60K / year?

Calculate allowable deduction for pension fund contribution if total retirement fund is R103 500

  Written by Marc   Posted 9 February 2016

If the total retirement fund income on the IRP5 is R103 500. What will be the maximum allowable deduction for pension fund contribution

LOCAL SA RENTAL INCOME PLUS UK INCOME TAX PAID SEPARATELY

  Written by Marc   Posted 9 February 2016

i am 70 year old, live in UK, 95%, earning interest from investments in the UK and paying UK taxes with a UK tax no. i also have 3 properties in South Africa, and pay local tax in South Africa
from rental income. also have SARS tax no. are there new laws which i am not aware of? I have been submitting tax returns on this basis for the last 20 years with no problem. will this be ok for the future. thanks.

HOW TO ADD TAX TO GROSS

  Written by Marc   Posted 9 February 2016

I have been paying my staff the salaries without tax and uif, but I now want to add tax to the salaries I paid them. How do I go about calculating that?

Do SARS offer payment plans?

  Written by Marc   Posted 9 February 2016

Do SARS have a payment option, I have been informed that I owe them an amount from 1999 and the interest is now more than what the original amount was. I cannot pay it all at once, so do they have payment options

Percentage tax payable for 65yr old on dual monthly income

  Written by Marc   Posted 9 February 2016

I receive a gross monthly pension of R10637. 01 from Old Mutual and a gross salary of R15000 from my present employer. What Percentage tax should I be paying monthly on each of the amounts so I can have them changed from 01/03/2016. I am 65yrs old

What does a "manual audit" mean, what does it entail and why would I be trasnferred to it?

  Written by Marc   Posted 9 February 2016

I have submitted my tax return and was triggered for audit verification. I missed the first deadline to submit and then received a final demand letter. I submitted all the supporting documents on the final due date. I have called 3 weeks later and they say I have been transferred to a manual audit. I was not informed that my audit was being transferred to "manual", which I don't know what it means. What does a manual audit mean and why have they transferred me to it?
Older posts →← Newer posts    71  72  73  74  75  76  77  78  79  80  81  82  83  84  85  86  87  88  89  90  91