Payment Periods

  Written by Marc   Posted 2 December 2015

With regard to Provisional Tax:When SARS refers to the periods 2016-01 and 2016-02 (see below) is SARS referring to the months i. E 2016-01 = January and 2016-02 as being February or are they referring to the two payment periods for Provisional Tax being February and August? Could you please explain. 5. 3 Provisional Tax Returns can only be requested for periods that fall within:
ï%u201A· The current period
ï%u201A· The current periods minus two periods
ï%u0192º Example: if the current period is 2016-01 and 2016-02, IRP6 forms can be requested for the periods 2015-02 and 2015-01. ï%u201A· The current periods plus one period...

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Does provisional income/ capital gains count towards income iro RA contributions?

  Written by Marc   Posted 1 December 2015

I own a business and I draw a standard non- pensionable salary of R1 440 000 (120K p/m). I pay R360k (30k p/m)to an RA. Which means I actually don't earn enough to achieve the max tax destructibility for my RA. However this year for the first time I have other income from share sales (my share trading G&L statement currently reflects a gain of 264K). Will this income add to the non-pensionable salary above and thereby reduce the disallowed portion of the RA Contribution?

Foreign Income included in Turnover Tax?

  Written by Marc   Posted 27 November 2015

1. Which one of the following squares must be clicked on under "Foreign Income - Yes or No" on the "Information to create your personal Income Tax Return" (see background information in 2 below)

2. My husband is a pensioner and a Provisional Tax Payer. He also practices art as a hobby and registered as Turnover Tax payer regarding this income. How should he declare the foreign income from paintings that he sold to clients abroad, which is already included in the Turnover Tax amount d...

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Can I claim bank fees if I'm a sole proprietor?

  Written by Marc   Posted 27 November 2015

Can I claim bank fees if I'm a sole proprietor?

As a sole proprietor I don't have an IRP5, how am I going to complete my Tax return?

  Written by Marc   Posted 27 November 2015

As a sole proprietor I don't have an IRP5, how am I going to complete my Tax tax return?

Provisional Tax Payer and not a Individual

  Written by Marc   Posted 27 November 2015

I'm about to do my first tax return, I'm registered as Individual tax payer but have been doing freelance work on an invoice basis. I did not realise that in this case I would need to be registered as a provisional tax payer instead. Am I correct in saying that I should be registered as a provisional tax payer?

How do I proceed from here?
- I should have done two IRP6's and made payments. - Then I should also do a ITR12, which is then only due in January 2016
What do I do regarding the outstanding IRP6's?...

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Tax on interest only, no other income

  Written by Marc   Posted 26 November 2015

I am a non working wife, married out of community of property. I am not working
I am 55 years old
I have just received R2 000 000. 00 and have invested it in the bank
I receive monthly interest of R10 000 per month, this is my only income. Must I register to pay tax?
What will the monthly tax amount be?

Capital gain from trust split between spouse and myself

  Written by Evan   Posted 26 November 2015

I earn a salary and have an IRP5. This year I have received a capital gain distribution from a trust of which I am a beneficiary of. A property was sold in the Trust and it was decided to split the capital gain between myself and my husband in equal shares. I am not sure how to deal with this on my tax return. I assume that I tick the box that says that a capital gain is applicable - it then asks me to put in the proceeds and base cost etc, but as I only received half the gain I am not too sure ...

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Don't know if i'm provitional or individual tax payer.

  Written by Marc   Posted 26 November 2015

I'm not sure which type of tax return should I submit.

Declaring profit on Bitcoin trading and speculation

  Written by Evan   Posted 25 November 2015

I am earning a local profit from trading Bitcoin in various exchanges throughout the world. I have lodged this under: Other Receipts Accruals - Royalties - Amount Profit - 49224

This profit was calculated by tracking how many payments I receive FROM BitX.co.za and Ice3x.co.za (which was used to trade Bitcoin for ZAR)
LESS payments made TO BitX and Ice3x, as well as all payments made to my Mercantile Bank account (which is only used to send Forex to offshore Bitcoin exchanges) as well as any other Forex payments (through my main account at FNB) destined for offshore Bitcoin exchanges...

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I am a provisional tax payer with an employee - I want to give him a bonus for December -

  Written by Marc   Posted 25 November 2015

I am a provisional taxpayer with an employee - I want to give him a bonus for December - does he pay paye/uif on this?

Difference between IRP5 and IRP12?

  Written by Marc   Posted 25 November 2015

I registered for SARS eFiling this morning but online it says IRP12 n IRP6 was I on the right page? because am having IRP5 and they sent me an sms asking me to fax I'd copy n IRP5

What amount of tax can a sole proprietor expect to pay, on profit of R105504 ,and salary of R281590?

  Written by Evan   Posted 24 November 2015

I run a small business, a sole proprieter. Over the 2014/2015 tax year a earned an annual salary of R281590, I also realised a profit of R105504. According to my accountant, I need to pay R22408 in tax for the financial year. Is this correct, as it seems a bit much to me?

Steps to obtain an ITA34

  Written by Evan   Posted 24 November 2015

I am a sole proprietor and work for the last 4 months for my self. I take an income of R30 000.00. How do I get a ITa34 that the banks requested for a loan?

What taxes would be applicable to my gross salary in UK?

  Written by Evan   Posted 24 November 2015

Dear Tim, I am a provisional tax payer in South Africa. What would my tax parameters be if employed and paid by UK company?

Do all provisional tax payers pay twice a year?

  Written by Evan   Posted 24 November 2015

I am sure I am a provisional tax payer, however, I have only paid tax once a year in the past. Is this right?

Find out if I am a provisional tax payer?

  Written by Evan   Posted 24 November 2015

Am I a provisional tax payer?

Provisonal tax versus monthly tax

  Written by Marc   Posted 23 November 2015

I am currently an independent consultant and I know I currently qualify as a provisional tax payer. Is there a way of paying my tax monthly (as a normal employee) by myself without having to pay the two major payment twice a year?

Can you assist with complicated tax return, involving extra income, provisional tax etc?

  Written by Evan   Posted 23 November 2015

My situation is pretty complicated. I am a provisional tax payer. I earn extra income for 3 properties, but also from a side business. All goes through my own personal bank account, so it is personal tax all of it. I am fully employed, however I was retrenched in 2014 June. I have an income protector and claimed from it for 2 months, until I started work again in September 2014. I have retirement annuities, medical aid etc.

Am I able to use your services effectively and accurately in...

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Independent contractors - which form?

  Written by Evan   Posted 23 November 2015

1- If a person is an independent contractor which form do they fill?

2- What happens if they have not been paying provisional tax, are there penalties?

Where do you include deductions in terms of a business as a sole proprietor?

  Written by Evan   Posted 23 November 2015

I know a medical practitioner who in addition to working at a hospital, started their own private medical operations in Jan. As a sole proprietor, I understand that the profit/loss should be included in their personal tax return.

Where on their tax return should they fill in deductions of expenses incurred in the production of income ito the practice?

IRP 6 (3) - TOP UP TAX FORM

  Written by Marc   Posted 22 November 2015

Does your Provisional Tax Product include the  IRP 6 (3) which I understand is the form required for the 'top-up' tax?

Can financial derivative gains be declared on the ITR12

  Written by Evan   Posted 22 November 2015

I earned income using financial derivatives during the 2014/2015 tax year. I was not registered as a provisional tax payer. Can I declare my income on the ITR12 personal income tax return? If not, what steps do I need to take?

I have to do the IRP5 only

  Written by Marc   Posted 19 November 2015

I have the IRP5 not the IRP6 or 12. Why I did not get that option?

How to declare other income, if when combined with interest income is still below the threshhold

  Written by Marc   Posted 19 November 2015

I resigned my job to study. I have an income on an investment of - R7000 pa and I did some adhoc consulting for a company for which I earned R30000. My wife's tax adviser told me that I still need to submit a tax return as I have income from two different sources. He also said that I don't need to register as a provisional tax payer as I am not actively generating an income that will exceed the tax threshold. (I understand that should I consistently do more freelance work and if my income increases that in future I may have to register as a provisional tax payer. )...

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