Tax Consultations

  Written by Neo   Posted 22 June 2017

I'd like to schedule a once off session to discuss my tax status change. I've left employment and started working as a sole proprietor. I just need to know what I need to do regarding tax and how to submit my tax return with the split between the two statuses. Please let me know how I can set up a once off session and what the cost would be?

Directors of company with no IRP5's

  Written by Neo   Posted 21 June 2017

My wife and I are directors of our company. We have not paid ourselves a salary as such, but took money against a loan account during the year. We are provisional tax payers. We don't have any IRP5's as we haven't issued any in our company. How do we rectify this or account to SARS?

Tax as a remote worker

  Written by Neo   Posted 21 June 2017

My primary source of income comes from an overseas company who I work remotely for (it's on a permanent basis but I'm not under a contract). I get paid every month, through TransferWise, in dollars. I also earn some income off royalty based products and some freelance creative jobs. I'm finding it quite complicated to set up a tax paying structure with this setup. Could you possibly give me some advice on how I could set up a tax paying structure with this way of working?

IT3(s)

  Written by Nicci   Posted 21 June 2017

An IT3(s) is a Tax Certificate received from an institution such as a bank or financial services institution. It is a summary of all the details of your Tax Free Savings account for the year (eg. interest, dividends, etc) that you will require when you complete your Tax Return.

Unemployed for a short period

  Written by Neo   Posted 21 June 2017

I haven't worked for the full year, how does that affect me and my tax return?

Immigrating

  Written by Neo   Posted 21 June 2017

Will you be able to help me with our tax return once my
wife and I permanently immigrate to Australia? We'll be keeping three properties in SA and we'll receive rental income from it.

Qualifying Medical Expenses

  Written by Nicci   Posted 19 June 2017

Examples of qualifying medical expenses are any amounts that were paid by you, as the taxpayer, during the year of assessment:

• For professional services rendered and medicines supplied by a registered medical practitioner, dentist, optometrist, homeopath, naturopath, osteopath, herbalist, physiotherapist, chiropractor or orthopaedist to you or any of your dependant(s)
• To a nursing home or hospital, or any duly registered or enrolled nurse, midwife or nurs...

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A Directors PAYE and UIF deductions

  Written by Neo   Posted 14 June 2017

As a Director of a Company, your salary is subject to monthly PAYE and UIF deductions. Many small business owners don’t realise that if they operate their business through a company (Pty), the company needs to be registered as an employer with SARS.

This means, the company needs to deduct employee’s tax (PAYE) from the amounts paid to Directors. It’s also required to make monthly EMP201 submissions (this is the PAYE, UIF and SDL return) to SARS. The same applies even in the case of “owner managed” businesses -where there’s only one director and no employees...

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Physical impairment

  Written by Nicci   Posted 13 June 2017

A physical impairment is a limitation on a person’s ability to perform their daily activities, but is not regarded as a severe condition e.g. bad eye sight, hyperactivity, dyslexia, hearing problems etc.

Tax Directive for a settlement agreement.

  Written by Neo   Posted 7 June 2017

I'm receiving a settlement from my company as part of an exit agreement. Can I apply for a directive, and how?

eFiling registration on my laptop

  Written by Neo   Posted 5 June 2017

I'm struggling to register an individual profile on my laptop, when I do it I get an error message. However, when a colleague registers it on her computer it goes through. What could the problem be?

Offshore earnings tax

  Written by Neo   Posted 1 June 2017

Hi,

i need to know how my offshore tax will be calculated as I don't meet the 183 criteria for tax exemption.

Employed on Contract Basis (PAYE)

  Written by Neo   Posted 1 June 2017

I've gone from working for an employer to freelancing and now I'm working on
a contract basis. I'm not taxed on my contract income. All I do is send an invoice and they pay me and deduct nothing off that. I'd like to still pay SARS the PAYE, is that possible? (I have my own retirement fund).

Tax on my foreign salary

  Written by Neo   Posted 31 May 2017

I work for a company based in China and they pay me a monthly salary in US
dollars. I won't be getting an IRP5 from them. So, how do I pay tax and how do I complete my tax return?

Tax implications for members of a close corporation

  Written by Neo   Posted 31 May 2017

Are there any tax implications for an individual that's a member of more than two or three close corporations or is there an implication for the close corporation?

Solar wear and tear

  Written by Neo   Posted 30 May 2017

What are the wear and tear rates for solar equipment (renewable energy)?

Tax returns foreign vs local income

  Written by Neo   Posted 29 May 2017

I've been working outside of the country more than 6 months in a 12 month period with
more than 182/60 day rule passed so that money should be tax free. If I
earn in between those periods in South Africa, does that affect my tax free
income that I am earning outside South Africa?

Tax help for freelancers

  Written by Neo   Posted 29 May 2017

I've recently become a full-time freelancer and I wanted to know if you'd be able to help me file my tax returns?

Employment tax incentive

  Written by Neo   Posted 26 May 2017

What is Employment Tax Incentive and who gets it?

Donation deduction on school fees

  Written by Neo   Posted 26 May 2017

If I pay school fees for a previously disadvantaged child - who isn't a family member - and the school isn't a registered PBO. Can I deduct the school fees as a donation?

Online sports betting

  Written by Neo   Posted 26 May 2017

Are winnings from online sports gambling sites taxable?

Severance benefits and estate duty

  Written by Neo   Posted 25 May 2017

Do severance benefits received from an employer at death, form part of property or deemed property in your estate for Estate Duty purposes?

Depreciation of on second hand assets

  Written by Neo   Posted 23 May 2017

I'm working for a new company that started last year January (2016). All of the computers and furniture was inherited from the previous company (Re-branded the company, but doing exactly the same thing) how do I calculate depreciation with regards to Computers, Laptops & furniture?

What's awaiting registration verification?

  Written by Neo   Posted 16 May 2017

What does it mean when I have registered with SARS eFiling and under the organisational tax types I am getting a status that says awaiting registration verification?

IT14SD

  Written by Nicci   Posted 10 May 2017

An IT14SD is required for companies only. It is a schedule which reconciles the business's VAT, PAYE, Income Tax and Customs declarations from the ITR14 to the information submitted to SARS during the year. SARS may request the IT14SD after submission of the ITR14. If it is required, SARS will make it available to the taxpayer via a link in SARS eFiling.
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