Investment information to be added on the SARS form and capital gains on what I draw every month?

  Written by Marc   Posted 29 October 2013

Hi, I have and investment, local and foreign dividends, that I draw an amount off every month of R6 000, there is a capital gains on this. I do not own fixed assets of any sorts and do not have a job, so the R6 000 is what I live off. How does this work with the capital gains on the SARS form, surely there should be and exemption for this? Also, the SARS form only asks for foreign withheld tax on dividends and not the local withheld tax. In the exemption area under non taxable what net amount do...

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How to start a small family business legally?

  Written by Marc   Posted 29 October 2013

I would like to start a small company/business, mainly selling parts for home/small office computers in South Africa. I will also sell my service of assisting to fix PC's. How to I go about registering, and what would I register the business as? Are there fees involved and or TAX/VAT registration needed?

Do sole proprietors charge VAT if their turnover is less than a R1 million per annum?

  Written by Marc   Posted 29 October 2013

Do I charge VAT as a Sole Proprietor earning less than R1 million turnover per annum? If so, do I need to be VAT registered?

How do I submit my ITR12 to SARS?

  Written by Marc   Posted 29 October 2013

How do a summit my income tax return (ITR12) on eFiling after completing it?

Missing "Income Replacement Benefit" certificate - what do I do?

  Written by Marc   Posted 29 October 2013

My employer completes my ITR12 and as I don't have any other claims or income, it is usually fine to be submitted as is. However, SARS says I owe them money. As I understand from our finance department, my employer never attached the "Tax certificate on income replacement benefits" that states that the employees does have access to a disability income benefit. They said that this is the reason I owe SARS money and once I submit the certificate I will owe SARS nothing. How do I explain to SARS m...

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Does SARS, pay all the previous years and do they have my previous IRP5's?

  Written by Marc   Posted 29 October 2013

If I do tax returns, will SARS still refund me for the past years that I`ve been paying tax if I am eligible.

Secondly does SARS, has my previous IRP5 from my previous employer?

How do I insert the income protection contribution 4018 on my income tax return?

  Written by Marc   Posted 28 October 2013

After entering information on eFiling for my tax return and saving it my tax calculator result is not reflecting my income protection contribution...is it code 4018 under deductions cause that it what I am saving it under??

Claiming tax on own medical aid?

  Written by Marc   Posted 28 October 2013

I have my own medical aid. Can I claim tax on my own medical expenses. I am working and my company does not provide medical aid.

Can I claim deductions for a living allowance given to my elderly mom?

  Written by Marc   Posted 28 October 2013

I pay my elderly mom R2 000 per month for living expenses. She does not qualify for a South African pension as although my dad was classed as a South African citizen, my mom's citizenship remains British. She received a small amount of money when my dad died which she invested and now earns R1 000 per month so her total income for living is now R3000. My question is, I would like to know if there is some sort of deduction I can make for this amount?

Outstanding tax returns - will I be penalised?

  Written by Marc   Posted 28 October 2013

I submitted my 2013 tax return and have a penalty of R500 for the 2007 and 2009 tax returns outstanding. How do I go about submitting these as I cannot find these loaded on my eFiling profile? And should I be paying tax if at that time I earned below the taxable threshold?

Do I have to register for PAYE if my employee earns taxable income elsewhere, but only R2 500 from m

  Written by Marc   Posted 28 October 2013

I have a parttime receptionist and pay her R2,500 per month. She also earns R15,000 per month from another employer. Do I have to register for PAYE, because her total income is taxable, or do I not register because what I pay her is less than the taxable amount? She clearly has to pay personal income tax on her total earnings, but it seems to me that I do not have to register for PAYE. Please advise!

Tax-free scholarship - where to put on the ITR12?

  Written by Marc   Posted 27 October 2013

I receive a research grant from the University of Cape Town which is a tax-free scholarship. Where do I include this on my tax return?

I classified myself incorrectly

  Written by Marc   Posted 27 October 2013

I clicked on provisional taxpayer by mistake and I can't find a way to undo. How do I start the process afresh?

Overtime tax - how does it work?

  Written by Marc   Posted 27 October 2013

Hi! My husband gets paid fortnightly, the last 2 weeks he's worked 58hrs overtime(1.5) and 7hrs doubletime. His normal rate is @R62p/h. We've heard some rumours about 'supertax' where they deduct more than normally. If that's true will you please provide me with a method to work this out. Thanks.

What is the amount needed for a tax number to be required to pay out a lump sum?

  Written by Marc   Posted 27 October 2013

I was approached by the defense force about a sum of money they need to pay out to me. What is the amount that you need to get a tax number for the sum to be paid?

What is the tax benefit in working outside of South Africa?

  Written by Marc   Posted 25 October 2013

My husband is working in Zambia for a South African company, his company pay his salary into his South African bank account, he has been advised that if he has worked for six months out of South Africa for a least 6 weeks at a time he can claim the whole of his years tax back?

Can I deduct the interest I pay my mother from my rental income as part of Interest/Finance Charges?

  Written by Marc   Posted 25 October 2013

On two occasions, my mother has been kind enough to grant me funds from her positive flexi loan balance that I used as a deposit when applying for finance for investment properties. On a monthly basis I pay my mother interest on the funds she granted me. Can I deduct the interest I pay my mother from my rental income as part of Interest/Finance Charges?

How do I know if I am due a tax refund?

  Written by Marc   Posted 24 October 2013

Is there anyway of determining whether I am due a tax refund before filing my ITR12 with SARS?

An elaboration on source codes 4040 and 4020 on the ITR12?

  Written by Marc   Posted 24 October 2013

My wife and I are members of a medical aid. I am the main member and she is a dependent. The cost of the monthly contributions are partly paid by my employer and partly by myself.

My wife however pays me monthly for our portion of the medical aid monthly expense after it has been deducted from my salary because she earns more than me, but doesn't receive a medical aid option from her work.

My wife also had out of pocket medical expenses amounting to R4 100. In assisting her with her tax return, if we insert her out of pocket medical expenses (source code 4020), the return calculator says a return of zero...

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How do I know when my tax return has been accepted/finalised?

  Written by Marc   Posted 24 October 2013

Hi Tim,

I have read through your blogs and I have to express my amazement. Really great stuff! I

I completed my tax return last night via eFiling and I have only received an ITA34 almost immediately after filing it. According to the ITA34, SARS owes me R4954. Is there a difference between that and a ITSA? I have never received an ITSA in the past, but it seems like everybody does get one. How do I know that everything is in order and that my return is accepted? I have gone...

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I sold shares, capital or revenue for tax purposes?

  Written by Marc   Posted 23 October 2013

The shares I sold were before the 3 year automatic capital period, does this make them revenue in nature?

When do I get my SARS tax reference number in writing?

  Written by Marc   Posted 23 October 2013

I registered a company , THIRD PHASE ELECTRICAL but never received a tax number?

What if I earn different amounts per month, how is the tax calculated?

  Written by Marc   Posted 22 October 2013

What happens if my income varies in different months?Example:Jan-March I earn only R5,000 per monthApril & May I earn R6,500Remainder of the year I earn R5,000I am registered for tax so should I immediately be taxed for the months I earn R6,500?What if it varies even more and I earn a range from R5,000 to R5,990 each month so it goes untaxed but my years payment is over the non-taxed payment collectively for the year, How can I estimate how much I should have in savings if I am requested for...

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When do complete tax on new job?

  Written by Marc   Posted 22 October 2013

If I started a new job on the 1st of September, 2013. Am I required to do a tax return before tax season ends next month or do I only do my tax next year? Current salary is R5,000.

If your salary is R10 000.00 pm on contract basis are you suppose to register for SARS?

  Written by Marc   Posted 22 October 2013

My son is working on a contract basis (2nd year) - Salary R10 000.00 pm. Since his 2nd year of working, he does not get his full salary on time - he usually get his salary by the 12th - 16th of the month and then it will be a third of his salary. He does not get any pay slips. Is my son suppose to register for SARS?
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