Written by Nicci
Updated 21 April 2022
I have the option to participate in an employee share option scheme, but I'm a little unclear on the tax implications. I high-level view is as follows:
Options will be granted at an agreed price (e.g. R1)
The options will vest over a four year period (annually)
Once vested, I would be able to exercise the right to purchase and retain shares or sell to a willing buyer because the company is private, it may not always be easy to find a willing buyer (e.g. At the end of each year), and I may also not have funds available to purchase the shares myself. My main question is around when would I become liable for tax?...
Written by Nicci
Updated 21 April 2022
I would like to find out the following information regarding my banking details. I have recently changed my banking details from Capitec bank to Nedbank. My salary is paid into my Nedbank and debit orders are also connected to this bank. I still use my Capitec bank account and intend to keep it active. I would like to enquire if I need to notify SARS of the change in banking detail and would I also need to go into the SARS branch to make this happen?
Written by Marc
Posted 20 April 2022
If my take home is R34000 What will my salary be before?
Written by Marc
Posted 20 April 2022
I just don't understand this "due to you" thing it is been 3 working days since I have been to SARS and I have not received anything. I don't know if I owe them or they owe me, even though my assessment says "due to you"
Written by Nicci
Updated 20 April 2022
My wife and I got married last year on the 26th of March 2018. We got married in community of property, so when it comes to tax what I would like to understand is whether we will both need to do our tax differently this year and also, I would like to find out what would the implications on our tax returns be like?
Written by Marc
Posted 20 April 2022
I have been paying PAYE on a site/home allowance which I get because I work on a site away from home. Can I get a tax deduction on this. My employer put it as a code 3713 on my IRP5.
Regards
Written by Marc
Posted 19 April 2022
Calculate the pro-rata salary based on the basic of R18000 - 14 days worked on VIP payroll. Calculate the PAYE on the pro-rata salary as well. How does VIP calculate PAYE on a pro-rata salary?
Written by Nicci
Posted 19 April 2022
Once you’ve completed filing your tax return, it’s possible to find that instead of getting money back
Read more →
Written by Marc
Posted 19 April 2022
Hi Tim I applied for a credit card at a certain bank and they want me to submit an ITA34 form because I do not have a payslip as I am self-employed.
Please explain this form to me and where best I can obtain it? Thanks
Written by Nicci
Updated 17 April 2022
Written by Nicci
Updated 17 April 2022
I have a relative that has unfortunately passed on and I am the dependent that will receive all the savings from this relative- these savings are coming from an international bank account, in Norway. This would be my first time having to claim this and making sure that I do it correctly. What I would like to find out is, what would I need to do on my side to ensure that I am safe and clear with SARS and the laws of the country?
Written by Marc
Posted 12 April 2022
Q: What are CIT documents
Written by Marc
Posted 12 April 2022
Q: How do I change my address on eFiling
Written by Marc
Posted 12 April 2022
Q: What are CIT documents
Written by Evan
Updated 11 April 2022
My husband needs to pay me R850 000 maintenance as part of our divorce settlement, seeing as he does not have the funds all at once so he will be paying it to me in as a lump sum of R600 000 and the rest will be monthly payments for 3 years. What will the tax be on it?
TaxTim says:
There should be no tax due on the R600 000 if it's maintenance paid from your husband to you, you are however required to declare this income to SARS under the n...
Written by Patrick
Posted 11 April 2022
Let’s face it, SARS didn’t make it easy for taxpayers to claim their home office expenses this past tax season. We can’t blame them really - being faced with millions of newbie work-from-homers, they had to weed out the legitimate claims from the chancers.
At the start of the season, they made it clear that they would only allow claims for taxpayers who had a separate office at home, set up specifically for their work, which was used by them alone. The office could n...
Written by Alicia
Updated 8 April 2022
Written by Marc
Posted 8 April 2022
Q: Please explain the tax calculation between pensionable and non-pensionable salary
Written by Marc
Updated 8 April 2022
Hi there :)
My service-based company is VAT registered. When we bought our first car I was very disappointed to find out I may not claim back the VAT we paid on the car back, since we are not a motor dealer. Now a couple of years later we want to sell that same car. My question is do we have to add VAT to our selling price as we do on all our services?
I hope not, because if we sell to a private non-VAT registered individual, then he or she will lose out on the 15% I have ...
Written by Marc
Posted 8 April 2022
I am having a problem with obtaining my IRP5 form from 2010 from one of my employers.
I was still in school this time and I worked as a waiter back then, so I was clueless when it came to submitting tax and all. I did my 2013 return, and now SARS have asked me to do it from 2010?
Answer:
You will need to contact your employer and ask them to send you a letter explaining why they are unable to provide you with the IRP5.
In most cases, your employer migh...
Written by Nicci
Updated 7 April 2022
I struggle to understand how the (The total deduction - code 4497 on IRP5) is calculated. I have a medical aid fund, pension fund and retirement annuity. My employer (the church) is contributing to all three of these funds. This question is for the 2021/2022 tax year with the new T-day implications. In the income section, the following IRP5 codes are used. (This I understand)
3810 - Medical aid benefit
3817 - Pension fund fringe benefit
3828 - RA fringe benefit
In the deductions/contribution section. These are the only items Payroll shows. ...
Written by Nicci
Posted 7 April 2022
Q: VAT103 certificate
Written by Alicia
Posted 7 April 2022
Q: Self-employed and tax payable to SARS
Written by Alicia
Updated 7 April 2022
Written by Evan
Updated 6 April 2022
Do Your Tax Return Easily