Written by Patrick
Posted 16 May 2022
According to SARS commissioner Edward Kieswetter, some South Africans who came into money were eager to “display their wealth”, giving cause for SARS to look into the income of these individuals.
In many cases, SARS found that there was a major disconnect between the income that was being declared and the type of lifestyle that these individuals were leading, according to third-party data. These include social media platforms.
As we already know, people are often i...
Written by Patrick
Posted 16 May 2022
For months, SARS has been clear about its plan to clamp down on crypto investors. While many may be under the impression that crypto is going under the radar, SARS is firmly taking the position that it is not.
With luxury audits being the order of the day, SARS is continuously looking into those who live luxurious lifestyles, particular those who own luxury cars and crypto assets, without declaring their income to the revenue service.
In many cases, this income pertains to the...
Written by Nicci
Posted 12 May 2022
Ensure you have a tax number & eFiling profile
If you have not registered for SARS eFiling or you don't have a tax number don’t worry, SARS has made things a lot easier this year.
Getting a tax number is now as easy as registering on SARS eFiling. Simply click here and if you don’t have a personal income tax number yet, SARS will automatically issue ...
Written by Nicci
Updated 9 May 2022
Written by Nicci
Updated 9 May 2022
Written by Nicci
Updated 9 May 2022
Written by Nicci
Updated 9 May 2022
I have been working overseas and will be doing so for the whole of 2022 tax year making me provisional:
a. What average exchange rate will I use?
b. When is the first Provisional tax return due and, if necessary payable?
c. Can I deduct my overseas pension and medical from my gross income or is this only if I have a pension/RA and medical in South Africa?
d. I know that R1. 25 mil is exempt so how would I work out the tax on that as I know that I cannot claim all overseas tax...
Written by Nicci
Updated 9 May 2022
Written by Nicci
Updated 4 May 2022
I would like to find out whether I can claim antenatal multivitamins and non-script items as part of medical expenses not covered by medical aid? I have been buying these since the beginning of the year and I was just wondering if since I use them for medical purposes would I be able to claim them. Kindly assist as I am very much confused. I heard somewhere that one is able to claim medical expenses from SARS, but I am not sure which expenses can be claimed. I tried looking for the list of medic...
Written by Elani
Posted 4 May 2022
Yes, the business is seen as a Personal Service Provider.
This means that remuneration that is payable by a client to your business is subject to employees tax (i.e. PAYE). This also means that your business can not qualify as a Small Business Corporation in order to benefit from special tax rates.
No, the business is not seen as a Personal Service Provider
This means the entity will be taxed as normal as per the business's applicable ...
Written by Nicci
Updated 3 May 2022
Written by Nicci
Updated 3 May 2022
Written by Nicci
Updated 3 May 2022
Written by Nicci
Updated 28 April 2022
Written by Nicci
Updated 27 April 2022
Written by Nicci
Updated 27 April 2022
Written by Nicci
Updated 26 April 2022
Written by Nicci
Updated 26 April 2022
Written by Nicci
Updated 25 April 2022
I was the principal member of my medical aid plan for part of the tax year end Feb 2022 and my husband was an adult dependent. My husband incurred several medical expenses, which were not reimbursed by the medical scheme while he was a dependent on the medical plan. What I would like to find out is, that if a person does not contribute to a medical scheme, like my husband (who was a dependent), he/she is therefore not able to claim a deduction for any medical expenses incurred, correct? And if t...
Written by Nicci
Updated 25 April 2022
Written by Nicci
Updated 25 April 2022
Written by Nicci
Updated 21 April 2022
I have 2 questions
Question 1: My wife sometimes transfers some money into my account to pay a certain bill. The amounts total less than R100,000, it is never anything above that. Do I need to declare this under the TaxTim section question "Did you earn or receive any other money that you think should NOT be taxed?"? Will I be taxed on that amount?
Question 2: I sold my car and bought another car. Do I need to declare the amount I received after settling the remaining insta...
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?
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