Married taxation on investment interest

  Written by Marc   Posted 13 October 2015

My girlfriend and I are planning on getting married and as part of this we would like to know if being married In Community of Property will affect the tax applied to any investment income I currently earn. Ideally once we are married I would like to transfer half of my current investment into her name so that we both earn interest separately (in order to pay less than half of the current tax I'm having to pay on the interest as the amount would then push us into lower earning bands?) however I'm wondering if this would then have the tax benefits that I think it would?...

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Why did I get tax deducted when I employed for 1 month

  Written by Marc   Posted 13 October 2015

I want to understand how do I get my tax deducted if I was on a 1 month contract that they did not renew

Claims for home office expenses

  Written by Marc   Posted 13 October 2015

I am a salaried employee of a large corporate company, but I also earn commission from a part-time business, for which I have a dedicated office at home. This commission is paid into my bank account and I receive an IRP5 for it. Am I allowed to claim expenses like telephone, stationary, renovations in the home office, catering expenses, etc?

Capital gains and recoupments

  Written by Marc   Posted 12 October 2015

If my selling price for an asset is R 2,258,548, Cost is R 2,800,000 and the Tax Value is R 1,120,000. What will my recoupment and capital gain be?

How long for money into my account from SARS as my refund?

  Written by Marc   Posted 12 October 2015

Hi my accountant rang me fri to let me know he's asked for money to be paid into my account as everything is finalised how long does it take please?

Full-time student, earn below tax bracket can I be taxed 25% per promotion job?

  Written by Marc   Posted 12 October 2015

Hi TaxTim,
I am a full-time student and work for a company during my free time where I do odd promotions in a month. I am earning below the tax bracket and I am being taxed 25%. I get taxed on jobs where I earn R350, R500, and R800. My question is should I be taxed even though I am way below the tax bracket? And how does it work with the tax if I do not have a tax number and the company have deducted tax but have not given pay slips yet? Can I be exempt from paying tax on a R350? What happ...

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Do I get anything for contributing on tax?

  Written by Marc   Posted 12 October 2015

I Have been working for the company on contract and my monthly salary was 10. 000 and I have been paying 700 tax every month and now the company is terminating my contract will I be getting anything from SARS? or I will only get UIF?

My medical aid is only deducted after PAYE. (i.e. Income - PAYE) = x less medical aid

  Written by Marc   Posted 12 October 2015

My company insist that their calculations are correct. They only deduct my medical aid contribution after PAYE. As a result instead of my deduction being R10 000 to R11 000 odd I end up with at least R15000 plus deductions. Then they are adamant that when I do my tax returns I should get all that is due to me which is not true.

Earn commission apart from full time job, what are the tax implications?

  Written by Marc   Posted 12 October 2015

I am earning commission on sales from selling an appliance. This income I earn on a part time basis apart from my full time job. What will the tax implications be on such an income, the commission varies from month to month? How do I go about paying this?

RAF conversion - might flag risk and SARS might want tax on it as they might think it is paid out

  Written by Marc   Posted 12 October 2015

I claimed RAF deductions of about R9000 last year but this year it is only R850 because I took an authorised premium payment holiday allowed by Sanlam. I also converted my RAF's to a new generation RAF platform, so they are were never paid out but I am very worried that SARS will think that the RAF's were paid out and want to tax them - what should I do?

What will I be paid or have to pay pleas

  Written by Marc   Posted 11 October 2015

Are you able to retrieve my tax certificate if I give you my Id number

Delay in SARS response

  Written by Marc   Posted 11 October 2015

I have used my accountant to claim my SARS tax return two weeks ago. But there's no response, what is the delay?

Maximum salary amount in order to legally not have to submit tax return.

  Written by Marc   Posted 11 October 2015

How much money must I earn (ie. Gross monthly salary) before I need to fill in/submit a tax return with SARS (irt12?) Also, can my employer force me to submit a tax return? I'd prefer not to if possible.

Does disability influence the tax calculation on lumpsum pension fund payout?

  Written by Marc   Posted 9 October 2015

If I have been really receiving a disability income from my place of work, how does this affect my pension fund lump sum payout? Is disability taken into account when the lumpsum is taxed?

Can I claim for old returns?

  Written by Marc   Posted 9 October 2015

If I never claimed tax from 1994 to 2013 in my working period can I still claim if im not working at this moment.

Should I pay tax if earning that amount

  Written by Marc   Posted 9 October 2015

Im earning 1. 559. 20 per week do I need to pay tax

Savings

  Written by Marc   Posted 9 October 2015

I have a savings account with R40,000 with interest of 1,991. 28 this financial year. Does this need to be declared and if so where does it go on the tax form.

Tax refund waiting for me?

  Written by Marc   Posted 9 October 2015

Hi I'm currently unemployed since 2010 & dont have any banking details or cash. If possible? TaxTim can u please check if there is a refund dew to me & than deduct whats due to u from there?

Do I declare money sent from Abroad?

  Written by Marc   Posted 9 October 2015

I have been Living and earning outside of SA for 2 years now, most of the money that I have earned is invested outside of SA. I have however set money back to SA to cover misc expenses related to the rentl of my property. Does the money sent back to SA need to be entered onto my tax return? If so, how?

MEDICAL TAX CREDIT REFLECTED ON IRP5/IT3(a)

  Written by Marc   Posted 9 October 2015

1. I am retired and a deduction for my Medical Aid Contribution is made from my monthly pension. My Tax Certificate displays a basic Tax Credit (R257 x 2 x 12) which does not include the extra Tax Credit for claims submitted to, but not paid by, my Medical Aid Fund. My neighbour, on the other hand, who also has a deduction for his Medical Aid Contribution from his monthly pension, received his Tax Certificate which reflects a Tax Credit taking into account a basic Tax Credit (R257 x 2 x 12) as well as his claims submitted but not paid by his Medical Aid Fund...

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Car Allowance Capped / eFiling adjustment considered.

  Written by Marc   Posted 9 October 2015

Dear TaxTim. I only recently realised that SARS have been capping my yearly travel allowance (code 3701) at R66,000 which is my monthly car allowance x 12. Thanks for your feedback on that. I do however qualify for an allowance of R100,000 per year based on value of the car and log book total vs. Business km's. When doing my onlie eFiling, the system did allow me to reduce 3601 Income and increase 3701 by the same amount that I decreased the income 3601. I am hoping that this will then prevent m...

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My tax number please for work?

  Written by Marc   Posted 9 October 2015

I'v got a new job,now they want me a tax number,I don't remember it.

Just want my tax no

  Written by Marc   Posted 9 October 2015

How do I get my tax no?

UNDER 65 PAYE 2005 R4500 NET SALARY

  Written by Marc   Posted 8 October 2015

What was the paye amount for an individual under 65 years of age earning 4500 NET IN 2005??

Unemployed

  Written by Marc   Posted 8 October 2015

I was retrenched and I'm presently unemployed. I'm living on the interest from a lump sum investment which amounts to about R8000 per month. Do I need to pay tax?
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