tax liability on a small business income

  Written by Alicia   Posted 6 May 2016

My turnover for my small business was R2 610 525
my loss after expenses was -R793 994
how much tax must I pay?

tax liability

  Written by Alicia   Posted 6 May 2016

Is it possible to pay 25% TAX on a R8 500 salary when you are not employed on a permanent basis as yet?

I haven't received my refund for 2014

  Written by Nicci   Posted 5 May 2016

My original 2014 assessment showed a refund due but it was never made. How do I go about requesting SARS for the refund?

What documents to submit when I use TaxTim to submit my tax return?

  Written by Nicci   Posted 5 May 2016

I am a Sole Proprietor and have signed up for individual tax and provisional tax with you. With regards to my Tax documents, can I send you my bank statements and slips, as well as a summary of my payments on an excel document?

Medical deductions

  Written by Alicia   Posted 5 May 2016

I am not the policy holder or on the policy as the dependent, however I pay for the contributions in full from my bank account. It is my parents medical aid policy. Can I claim from SARS for this expenditure? If yes, what information would I need to support this claim from SARS?

Forex trader tax allowable deductions

  Written by Alicia   Posted 5 May 2016

I want to become a Forex Trader and would like you to advise me on how do I go about? (do I need to form some sort of form from SARS for tax or the money/profit that I will be receiving from overseas would be already taxed and if so what is the name or type of that Tax)

Tax on foreign earned income

  Written by Alicia   Posted 5 May 2016

I've been working overseas temporarily and have save up 2600euros, when I come home will this be taxed when I exchange it to rands.

When do I start to pay tax?

  Written by Nicci   Posted 4 May 2016

My question is from what salary range do you start paying tax?

Can I withdraw and reinvest money in the same year in a tax free investment account?

  Written by Nicci   Posted 4 May 2016

If I invest R30 000 into a tax free investment account in one year, and withdraw R10 000 from that account in the same year, then my total contribution for the year is R20 000. But if I then later in the same year, reinvest the R10 000 into the account, will I be penalised because my total contribution is R40 000 for a specific year?

tax refund and deductions

  Written by Alicia   Posted 4 May 2016

Hi I have never submitted anything for tax so need to find out if there is something to claim I've been full time employed from 2007 and never submitted anything should I have done and what is the procedures, I do pay tax on my payslip and pay half of my medical fund?

Tax on provident retirement fund

  Written by Alicia   Posted 4 May 2016

I am emigrating to Australia in August 2016,my provident pay out would be R180000.00 what would the tax payable be and is there any part of this amount which is tax free.

Source Code Travel Allowance

  Written by Alicia   Posted 4 May 2016

Can a company included both tax codes 3701 and 3702 on the IRP5? How will this affect the tax payable on the income?

Foreign employment income

  Written by Alicia   Posted 4 May 2016

Please advise the tax application on the following

1. SA residents living and working in South Africa for a overseas company. 2. Receiving a salary from the overseas company-paid in ZAR to the employees. 3. Should the foreign company deduct PAYE or should the employee be responsible for it when
submitting their Income Tax in SA.

Tax due on ccma award

  Written by Alicia   Posted 4 May 2016

Hi there I am due to receive R97000 from my ex employer for unfair dismissal was awarded from the CCMA how much tax would one pay on this amount thank you in advance.

Taxation Rate of Retirement Benefit Lump Sum

  Written by Alicia   Posted 4 May 2016

At the age of 58 - if I retire from a provident preservation fund and receive the benefit as a lump sum - at what rate will I be taxed?

Over-taxed on pre-retirement preservation fund withdrawal

  Written by Nicci   Posted 4 May 2016

I started working in Jan 2012 for company. In Dec 2014 I was retrenched and paid a severance package. I preserved my provident fund contributions in a preservation fund and haven't touched it since(about R100k). I started working for company Y in Apr 2015 and ended my employment with them on 31 Jan 2016. I again preserved my pension fund contributions in a pension preservation fund (about R35k). In March 2016 I ran into some financial trouble and decided to withdraw the entire pension preservati...

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Earn a salary in the UK and will be moving to SA permanently

  Written by Nicci   Posted 4 May 2016

We are a couple who recently moved to Cape Town from the UK. I am a South African and my wife is Swedish. She is here on a temporary residency visa. We both draw directors salaries from our company in the UK. My wife also works remotely for a company in the UK. We do as yet not have employment in South Africa but have some money invested here. Would taxtim be able to assist us considering that our circumstances aren't all that regular?

Are you able to submit my tax returns even if I was using another accountant?

  Written by Nicci   Posted 4 May 2016

I was using an accountant from my prevous employer. He was fired a few years back and I can't get hold of him so I can't file for my tax returns because he had all my details. Is it possible to get the details so that I can file for tax returns. He used to do it for me but I have lost contact and the company can't help me get his details. I also want to change my banking details.

Delay of payment of tax refund for 2015

  Written by Nicci   Posted 4 May 2016

I submitted my tax return to SARS via SARS eFiling for 2015 on time. The Tax Calculator indicated that the amount of R7584. 18 was due to me. This was confirmed by the SARS Notice of Assessment dated 2 February 2016. I quote from the correspondence as part of the Notice of Assessment: Your assessment has been concluded and reflects an amount refundable to you of R -7584. 18. Please note that this amount only reflects your income tax assessment and does not reflect tax payable under any previous assessment or any other balances on your account. The current balance on your assessed account is R -7729. 80. ((I am unsure of the full meaning of this))...

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PAYE unaccounted for

  Written by Alicia   Posted 3 May 2016

I've been working for a company for the past 2 and a half years. I've been paid a monthly salary of R6500 before deductions. I was recently asked by our company's HR assistant, for my tax number. I was under the impression that I'd already been registered - on my payslip it states that I've been paying R45 tax. I contacted SARS gave in my details and they informed me that I wasn't registered. I've asked the HR assistant what the PAYE was and she mentioned it was R7000. I'm just really concerned ...

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Tax on a donation between brothers

  Written by Alicia   Posted 3 May 2016

My brother owns half of a property and myself the other half. My brother lives in Australia, and want to donate his part of the property to me, as he is a citizen in Australia now. Must he declare the donation to Australian revenue service or by SARS?
Will SARS charge me donation tax or how will it work?

How much will my tax refund be?

  Written by Alicia   Posted 3 May 2016

Joe turned 65 in June 2015. He earned R240 000. 00 during tax year, and there was no other deductions from salary. He contributed R6 000. 00 during the year to private medical aid. And R30 000. 00 of other medical expenses. What is the amount he can claim on his tax return.?

Can I claim for my own training costs?

  Written by Nicci   Posted 2 May 2016

If I was un-employed for a specific tax year, and attended various technical courses, at approved Training Centres affiliated with Merseta, for artisan courses, can I claim a certain percentage for the costs of these training courses?
That is to say, I paid for these courses, and invested with my own money?

How to treat NHS contributions made in UK on my SA tax return

  Written by Nicci   Posted 2 May 2016

I was employed in the UK for 3 months during the 2016 tax year and had to tax return to SA for personal reasons. I do meet the physical presence tests for purposes of being taxed in SA on my income received in the UK. But, my question is whether I can take the NHS contributions made in the UK as an additional foreign tax credit against my taxable income when doing my 2016 SARS tax return? Both tax and NHS amounts were deducted from my UK salary but I haven't been able to claim back anything from...

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Does SARS pay interest on refunds due?

  Written by Nicci   Posted 2 May 2016

Interest payable on refunds:

I objected against admin penalties incorrectly charged and I am due a refund of R18,000
I objected against a incorrect tax assessment medical expenses not allowed refund of R9,261
I overpaid assessed tax by R7,000

Will SARS pay interest on these amounts owing to me? The admin penalties was initially taken from a refund due to me so they had already been paid.
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