RA contributions - tax benefits?

  Written by Marc   Posted 10 February 2014

I have a sole prop who earns R3m per annum. To reduce his PAYE I have suggested he takes out an RA.
What is the maximum he can contribute for Feb 2014 so as to maximise his tax position.

Does extra money given to me by my boss need to be taxed?

  Written by Marc   Posted 10 February 2014

I earn about R 5300, sometimes R 5400 and do pay PAYE tax. My boss gave me R 2500 extra in December as a thank you. Does that need to be taxed?

Medical tax credit apportionment for deceased taxpayer?

  Written by Marc   Posted 9 February 2014

When calculating the normal tax liability for a deceased taxpayer, should the medical tax credit be apportioned as the primary rebate would be apportioned?

Proportionate share of cgt

  Written by Marc   Posted 9 February 2014

How do I calculate Capital Gains Tax where 3 people own the property (35.5%, 35.5% and 29%) but only the latter 2 of them have primary residence?

Avoid annoyance of IRP6 submission?

  Written by Marc   Posted 9 February 2014

I am a pensioner and get a pension that is taxed plus RA payments and receive interest on investments that are below taxable.

How do I avoid filling in a IRP6?

Tax implications of investments?

  Written by Marc   Posted 9 February 2014

Is it a waste of time and resources to invest R200pm in Unit Trusts through an FNB account for someone earning R12k monthly?

Which property is my primary residence in SARS' eyes?

  Written by Marc   Posted 7 February 2014

I have just found a flat that I would like to buy (I already own one flat).

I was wondering how SARS determines what your primary residence is if you have two properties? Apparently if you sell your primary residence, you have a capital gains break of R1mil, but what's to stop you moving into your second property just before selling and claiming that it is your primary residence?

I have learned that I need to take tax into account with every decision!

How much of the inheritance should I allocate for personal income tax/estate duty?

  Written by Marc   Posted 7 February 2014

The lawyer who is finalising my uncle's will / estate said we would all be paid out by the end of Feb. There is no property or anything that is getting transferred only cash payments made to those of us in his will. What tax will I have to pay on it? Is there a limit/bracket/ceiling? and lastly even if we've got a lawyer dealing with it the estate, will the lawyer take care of the estate duty before paying out the beneficiaries?

Dubai/RSA tax question?

  Written by Marc   Posted 6 February 2014

I am a South African citizen and have been made an offer of employment by a Dubai-based consultancy. They will give me an employment contract to work in Dubai (among other offshore locations), they will sponsor me as a permanent resident in Dubai and will assist me in setting up a bank account for my salary to be paid into tax-free in Dubai. I will be away from south Africa for at least 183 days in each 365-day tax year.

Question: would I have to declare my earnings in my RSA tax retu...

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Do I pay tax on my SA salary if I am out of the country for most of the year?

  Written by Marc   Posted 5 February 2014

I am going to work for a Tanzanian company for the next 12 months, but will still earn my SA salary. Is it business as usual in terms of PAYE on my SA salary, or is there some sort of relief?

Commercial fisherman - tax situation?

  Written by Marc   Posted 5 February 2014

How would a self-employed commercial fisherman pay tax?

Capital gains tax on inheritance and selling of fixed property.

  Written by Marc   Posted 5 February 2014

If I inherited a holiday from my uncle who passed away in 2013, and I am selling the home in 2014, what will my personal tax implications be? The value of the home at date of inheritance was R820,000 and the selling price of the home will be R1,100,000.

Tax for one who has been some unemployed, some working overseas?

  Written by Marc   Posted 5 February 2014

Ok, so I was retrenched on March 27th 2013. I got a 2 month severance package. From 15th of April up to 30th August I was lucky to get consistent temp jobs. Then from September 1st to October 6th I was unemployed. I left RSA on Oct 7 to come work in Saudi Arabia. Therefore I was unemployed for 50 days and out of SA for 166 days consecutively. I will only be able to come home for 3 weeks between mid September and mid October. I do send about R35,000.00 per month home to pay bills and the bon...

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What will tax on a bonus of R10 000 be?

  Written by Marc   Posted 4 February 2014

What is the tax on a bonus of r 10000.00

Tax difference on bonuses?

  Written by Marc   Posted 3 February 2014

how does my tax work on my annual bonus. I earn R7500 p/m and pay R343.34 in tax why when I get a 13 cheques does my tax go up to R1693.33.

Are churches fully exempt from tax?

  Written by Marc   Posted 3 February 2014

Are religious organisations such a church exempt from tax on all their receipts and accruals?

Do I have to pay tax if I sell through ebay,Godaddy and Sedo.com?

  Written by Marc   Posted 2 February 2014

I am University student. Now I want to sell domain names through ebay.,Godaddy and Sedo.com as an individual. My question is, do I have to pay tax,if so how am going to register? Please give any information I need to know.

How much income tax do I pay on R7 000?

  Written by Marc   Posted 1 February 2014

How much PAYE do you pay if your salary is R7000 per month?

SA resident working for a UK company earning a UK salary

  Written by Marc   Posted 31 January 2014

I currently live and work in the UK and will be relocating to SA later this year.
I will continue to work remotely from SA for the same UK company who's sole business is carried out in the UK. They will continue to pay me a UK salary into my UK bank account and it will be taxed in the UK as usual. I intend to transfer that money to my SA bank account on a monthly basis.
Do I need to declare any of this to SARS considering it has all already been taxed?

Family Loan - is it taxable?

  Written by Marc   Posted 31 January 2014

I loaned my sister R50,000 and she is currently paying me back R2,000 per month at 5% interest per year.Do I need to declare any of this on my tax return?

SA non-resident with rental property in SA what are the tax implications?

  Written by Marc   Posted 31 January 2014

I used to live and work in SA but then moved to the UK 8 years ago. Since then I have and still am working full time in the UK for a UK employer paying UK PAYE and now have UK citizenship.

For the last 4 years I have been sending money back to my SA bank account and used that money to purchase a rental property in SA.

As an example using dummy numbers for simplicity:
Purchase price: R100k
Deposit: R50k
Bond: R50k

Rental Income: R20k p.a....

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Am I a tax resident if I own property in south Africa even after having left in 2006?

  Written by Marc   Posted 31 January 2014

I left South Africa in 2006 to work overseas and visited the SARS prior to leaving the country. I was told I do not need to do anything further regarding tax. I returned for a holiday in 2008 and also bought a property in 2008. I was also told that any earnings I transfer to my South African bank account will only be taxed if I earn interest of 100 000 rand per year. I want to know if I own property am a tax resident? do I need to pay tax?
the property I purchased is not rented.

Does TaxTim also help provisional tax payers with IRP6 forms?

  Written by Marc   Posted 31 January 2014

You mention that TaxTim completes an IRP12 form for you, but does it also help provisional tax payers with their IRP6 forms?

How to claim tax deduction on frail care for Alzheimers patients

  Written by Marc   Posted 30 January 2014

My mother in law is resident in a frail care facility because she suffers from Alzheimers and cannot look after herself. I have heard that there is a possibility that this could be claimed against her tax. How do we go about this?

What is the depreciation limit?

  Written by Marc   Posted 30 January 2014

What is the maximum amount you can write off against depreciation in general?
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