What is a personal income tax assurance audit?

  Written by Marc   Posted 2 February 2015

What is a personal income tax assurance audit? Does this mean they are auditing more than one year?

WHEN MUST MEDICAL AID CREDITS BE DEDUCTED

  Written by Marc   Posted 2 February 2015

Must the Medical Aid Credits (R257x12) be deducted from Taxable Income before calculating tax payable from the tables or from Tax Payable after the calculation has been done ?

Do I get tax relief when buying a medical aid?

  Written by Marc   Posted 2 February 2015

If I buy a medical aid and the installment is deducted from my bank account what tax benefit do I have?

Addional income from Mauritius - where do I include this on my return?

  Written by Marc   Posted 2 February 2015

I am employed in South Africa, and I am a South African tax resident. I have the opportunity to do work for a Mauritius company. Essentially I will be on a South African company's payroll as well as a Mauritius company's payroll. I will be spending less than 60 consecutive days in Mauritius so I will remain a South African tax resident. How will my additional income from Mauritius be taxed? Will I have to pay PAYE in Mauritius and pay tax again when I submit my return to SARS?
I have heard ...

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When primary residence becomes secondary residence, what happens to capital gains tax?

  Written by Marc   Posted 2 February 2015

I bought my flat 7 years ago for R1 million, and it's probably worth R2. 5 million now. It's been my primary residence up till now, so I know I won't pay capital gains tax on it if I sell it right now. But what happens if I instead buy a new house to live in, and keep my flat to rent out (so it becomes my secondary residence)? Say I sell the flat in 3 years for R3. 5 million. Would the capital gains tax be calculated by subtracting R1 million from R3. 5 million to get R2. 5 milli...

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Where to put interest earned on income tax return

  Written by Marc   Posted 2 February 2015

Where do I complete interest earned on my return?

How to submit tax for freelance work

  Written by Marc   Posted 2 February 2015

I have been freelancing for 8 months now and have generated some income. How do I submit my tax return for these cash deposits? They are all different amounts from different clients. I obviously do not have an IRP5 as these were cash based payments.

Are Gifts or Donations received by me for the maintenance of my family taxable?

  Written by Marc   Posted 31 January 2015

Are Gifts or Donations received by me for the maintenance of my family taxable?

Can Mother and Father donate together R200000 to their child without donation tax?

  Written by Marc   Posted 31 January 2015

Can Mother and Father donate R100000 each to their child in one financial year without any donation Tax if the parents are married in community of property.

Why do SARS do second audits?

  Written by Marc   Posted 31 January 2015

SARS say they are doing a second random audit that doesn't appear on my statement of account. What is a second audit that SARS is referring to and why does it take so long to refund me?

Can a creditor claim my income tax refund?

  Written by Marc   Posted 31 January 2015

Can one or more of my creditors claim my income tax refund from SARS?

Can you deduct expenses incurred in production of income when earning an hourly rate subject to PAYE

  Written by Marc   Posted 31 January 2015

Where you work on short term contract for an hourly rate and your "client" deducts employee tax from your earnings (following completion of a questionnaire), are you able to deduct expenses incurred in the production of that income - such as travel and subsistence?

Incorrect tax calculated

  Written by Marc   Posted 30 January 2015

I started a new job in January 2015. Our work uses VIP payroll for calculating and processing salaries. My gross salary is R43333. 33 per month (no other benefits). Why would the tax on my pay slip show R12 718. 35? Per the tax tables and this website I should be paying tax of R10 379. 04 together with UIF of R148. 72. R2 339. 31 of additional tax is being deducted. Why is this? And will it be corrected in future months?

Submission to the tax man if you are under the tax bracket

  Written by Marc   Posted 30 January 2015

Do I have to submit anything if I only earn R5000 a month?

Pension Fund Payout pre-retirement for tax purposes?

  Written by Marc   Posted 30 January 2015

I am 32 years old and have recently resigned (from a government department). I would like to withdraw my pension, but as part of this can either have it paid out to me (and taxed), or transferred to an RA fund. What are the tax implications for me on payout, considering I pay tax on my salary and business income, and am thus on a relatively high rate?

Is PAYE included in the gross income figure on an IRP5?

  Written by Marc   Posted 29 January 2015

Where do I show PAYE paid over to SARS in the books? And is PAYE included in the gross income figure (code 3601) on an IRP5?

Are setting up of WILLS tax deductible?

  Written by Marc   Posted 29 January 2015

Can I deduct the cost of setting up a Last Will and Testament in my next ITR12? I have already received an invoiced from my attorney.

How to calc and when to pay CGT on a once off payment?

  Written by Marc   Posted 28 January 2015

received a once off payment in June 2014 from a trust and my company asked Phillipp Haut for an opinion on how it should be taxed. His response was
What is certain though, are the following:
1. The beneficiary must disclose the capital gain in his or her tax return. 2. This involves showing the relevant portion of the trust?%u20AC%u2122s proceeds and base cost of the shares. 3. No employees?%u20AC%u2122 tax needs to be withheld. 4. The capital gain must be taken into account in the employee?%u20AC%u2122s second provisional tax return for the year in which the gain is distributed to him or her. My questions are:...

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Offshore Tax working for SA company

  Written by Marc   Posted 28 January 2015

I work offshore for a SA company and as such have monthly tax deductions. I have been out the country for more than 183 days of which 105 days were consecutive. Do I qualify for tax exemption and able to claim my tax back?

Source code 3022 - PROFIT FROM TRADING ACTIVITIES (TAXABLE) not on eFiling

  Written by Marc   Posted 28 January 2015

I am trying to declare the profit on the trading of shares (non-Capital gains) in e-filing but the required source code (3022 PROFIT FROM TRADING ACTIVITIES (TAXABLE)) is not available on the pop-up list and I cannot force any other source code than those on the system. What do I do now?

IT88 definition?

  Written by Marc   Posted 28 January 2015

Please give the definition of IT88 and how it arises?

Tax refund on inheritance

  Written by Marc   Posted 28 January 2015

My partner inherited some money (from policies and investments) over the last financial year and paid a lot of tax on the payments. My question is, because he is not employed, can he claim any of the tax back?

What are the implications of self funding benefits such as life cover, disability, med aid etc?

  Written by Marc   Posted 28 January 2015

What are the tax implications of self funding benefits such as group life cover, disability cover, medical aid and retirement funding compared to when these benefits are funded in full. Partially by a company. Would my earnings or tax benefits be less or more?

Can income tax number be done over the phone

  Written by Marc   Posted 27 January 2015

Can't I apply for a income tax number over the phone because we don't have SARS in our area,and its my first time to get a job?

What to write in Employer Details field on IT77 form registering fot Income Tax

  Written by Marc   Posted 27 January 2015

My father passed away, I will be inherit his farms,there is a lease agreement that will continue. I am not currently working. I applied for a loan at Landbank, to pay estate duties, they require me to register for Income tax and Vat. What should I write on the application form field requiring Employer Details? Unemployed? or Self-Employed. Where do I register for VAT?
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