Investment and capital transfer

  Written by Evan   Posted 29 July 2015

I have recently got married to a UK national and he is wanting to transfer some funds for an investment in SA. He is going to transfer the funds into my current account which I will then transfer into a unit trust.

Firstly do I need to submit a donations form they have on the SARS website and if it exceeds the R100,000 will it be liable for tax?
Secondly the income from the investment will be paid monthly. If it exceeds the R23,080 annual exemption what is the rate on the excess? Is it still taxable even if it is below R70,000 per year? I have no remuneration just the investment income....

Read more →

Additional freelance income declaration

  Written by Evan   Posted 29 July 2015

I am employed full-time but I did some freelance website development work this year in addition to my normal salary. I wasn't aware at the time that I was going to get the work so didn't submit any provisional tax beforehand. How do I specify this additional income on my tax return?

IT34 notice applicable to provisional tax payers?

  Written by Evan   Posted 29 July 2015

Does a provisional tax payer receive an IT34 notice or is this notice only applicable to personal income tax payers?

Should I pay tax?

  Written by Marc   Posted 28 July 2015

I am a self employed and on average make 240k per anum, prob less
How does it work with tax, should I pay, what bracket do I fall under?

Do I qualify for Turn Over Tax?

  Written by Evan   Posted 28 July 2015

I am a salaried worker paying annual tax. I also do part time photography on weekends. Can I register my photography business for Turn Over Tax? My annual turn over ranges between R150k-R300k. I have read all the qualifying questions for Turn Over Tax and qualify, but the question is; Is photography deemed as a professional service? It is not listed specifically in the SARS professional services.

How do I de-register as a Provisional Tax payer?

  Written by Evan   Posted 28 July 2015

I am registered a Provisional Tax payer, but I am now retired and will not earn enough to pay provisional tax any more. Do I have to de-register or can I simply stop doing provisional returns? The last one showed zero tax due.

How best to set up my photography business with regards to taxation?

  Written by Evan   Posted 28 July 2015

Hello Tax Tim I work as an analyst full time; and in my free time I follow my passion for music and photography and take photos at festivals, clubs, pubs and other events. I have been building up a profile over the past few years of my work and now I have artists and their relative management agencies showing interest in procuring some of my images.

I have not registered a company yet, nor have I sold any images as I first want to ensure I set up my "business" and contract documents correctly so my clients and I are covered fairly and equally...

Read more →

Two employers. Do I have to register as a provisional tax payer?

  Written by Evan   Posted 28 July 2015

I receive an income from two employers. R10 000 from the one, who obviously deducts PAYE and R4500 from the other, who does not deduct PAYE, as the amount falls under the threshold.

Do I have to register as a provisional tax payer or can I register at the end of the year when assessments are due? I have never registered to file a tax return before, as my income has always been exempt from having to file tax returns. This will be my first time filing a tax return.

First time provisional tax payer

  Written by Evan   Posted 28 July 2015

I have earned a additional income for doing sideline work in computers. This is the first time I have done something like this and think I need to register for provisional tax (feedback that I got on your website from answering the questions). How can I get this done effortlessly as I need to pay my first provisional tax installment for 2015 on 31 Aug from what I understand.

Should monthly Child Maintenance received, be declared as part of my income?

  Written by Evan   Posted 26 July 2015

Do I include child maintenance received monthly as part of my income? I'm a provisional tax payer, and would like to start on preparing my IRP6 due in Aug. Also, my daughter lives with me, and contributes a monthly amount towards household expenses. Does this amount also have to be calculated as income?

Must I complete a provisional tax return?

  Written by Evan   Posted 25 July 2015

Hi my husband and I are married in community of property and our rental house is in both our names. The income generated is R72,000 k per annum. I am 64 yrs old and complete a separate tax return as I also receive a pension of R5700 pm. My husband is still employed and earning a salary
We have been completing provisional tax returns for a number of years now. Must both my husband and I complete provisional tax returns?

Separating IRP5 related sales from income total

  Written by Evan   Posted 25 July 2015

I run a small business which sells research services. It's a sole prop, but when I'm contracted by university it generates an IRP5. In my income tax return, when it asks, after the question about the value of sales, if there is any income reflected on an IRP5, does that mean I shouldn't include the IRP5 income in my total sales figure? Also, where (and what rate) do I claim insurance for necessary equipment such as my car, computer, and phone?

We are married in community of property. How should we do the tax filing?

  Written by Evan   Posted 24 July 2015

We are married in community of property. We are both registered with SARS. We both do not work for a employer. We receive investment and rental income on the Husbands name.

Does the Husband report all the investment and rental income on his tax return or should it be split and then reported on the Husband and Wife's tax filing? If the investment and rental income is only reported on the Husbands tax filing what should be filed on the Wife's tax filing? Should both also pay Provisio...

Read more →

Can I change to income tax payer from provisional

  Written by Evan   Posted 23 July 2015

If I selected I'm a provisional tax payer in error, while registering for SARS eFiling, can this be corrected - as I now realise that I'm just an individual income tax payer.

Tax on extra income from a hobby

  Written by Evan   Posted 21 July 2015

I have a full time job where I earn a taxable income and do my tax returns as usual. I also have a photography hobby that provides a minor extra income on a very irregular basis from a few private shoots I do. I would like to know whether or not I have to declare this and pay tax on this extra income if it is only a hobby and not a full time business?

Do I still need to submit tax returns if I am no longer working?

  Written by Evan   Posted 21 July 2015

I stopped working and no longer have an income. I am registered as a provisional taxpayer. Do I still need to submit tax returns or can I de-register?

Rental Income Tax

  Written by Evan   Posted 20 July 2015

Hello. I would like to know how to calculate my tax if renting out a property I own?

Would this be added as a lump sum at the end of the tax year or would this need to be included in my salary on monthly basis?

Deductible company expenses

  Written by Evan   Posted 16 July 2015

For many years I operated as a sole Proprietor. Early 2014 I registered a PTY Ltd and duly traded as the PTY LTD. As executive director, by choice I did not draw any salary, the idea being that this would help the company cashflow by saving more working capital. I paid for all vehicle expenses ie fuel, maintenance, privately out of my savings, but approximately 90% of the vehicle use and expenses are attributable to the PTY LTD business. Is there any way that these expenses can be recovered from...

Read more →

Wrong filing of tax provisional instead of individual

  Written by Evan   Posted 10 July 2015

Good day. I filled my tax via SARS e filing for 201 and it triggered an audit. I got a refund after providing the docs, then after a few days I decided to call the SARS call centre. The guy on the other side told me that I need to file for 2009 and 2011 and that I made a mistake and I filed for provisional tax. They fined me for R2900 interest, now I owe them according to the efilling at the SARS branch. They were not very helpful either, the lady told me I must jus...

Read more →

Do I have to pay provisional tax for my company and myself?

  Written by Evan   Posted 8 July 2015

I have paid provisional tax for my small business and taken the profits after tax for personal use. Will I have to pay provisional tax as an individual for that income?

At what point do you become a provisional tax payer?

  Written by Evan   Posted 7 July 2015

Hi there. The 2014-2015 tax year will be my second tax season as a self employed 'freelance' architect. Last year when I submitted my tax at SARS they said I do not need to register for provisional tax and that they would 'let me know when I needed to' so I just submitted a summary of my income and expenses to SARS at the normal tax time and they verified everything and all was ok. This year I am earning double what I did last year and feeling a bit concerned that I may have missed the magic line which crosses me over into a provisional tax payer? ...

Read more →

REIT treatment and provisional tax

  Written by Evan   Posted 2 July 2015

I received a REIT dividend source code 4238 on my unit trust IT3B it is very little only R30. Are Reits exempt? Also I read the ITR12 handbook and they suggest I put it under other income/accruals 4214 code with description "income from a REIT". Is this right?

I'm worried they will make me a provisional tax payer due to this extra and only R30 that dosent come from my employment income or local exempt dividends, interest. I dont really want the extra admin issues due to this small amo...

Read more →

Rental income of a jointly owned property

  Written by Evan   Posted 2 July 2015

My husband and I are married out of community of property but jointly own a flat that we rent out. When completing my provisional tax return do I include 50% of the income and expenses in mine and 50% in his return or do I include 100% in both our returns and then select the 50% partner option?

If earning money privately, from what value must you declare to SARS?

  Written by Marc   Posted 1 July 2015

I am thinking of doing some management consulting, after my normal working hours. I am hoping to earn approx R 10 000 per month. When do I need to declare this to SARS / or at what value? Do I have to register my company, as i'm not sure if this will be a permanent thing.

Am I still a provisional taxpayer

  Written by Marc   Posted 29 June 2015

I was previously running a business as a sole prop and therefore was registered as a provisional taxpayer. I have now registered a business and pay myself a salary from this. Am I still a provisional taxpayer or can I go back to doing one return per year as before? And if so, is there anything I need to do, or just simply no longer submit IRP6's?
Older posts →← Newer posts