Tax Threshold 2013/14 (for income earned as interest)?

  Written by Marc   Posted 1 March 2013

The tax threshold is R 67111.00. My sole income is R 67110.00 from interest on cash in the bank, one rand less than the tax threshold. I am under the tax threshold, but the income is not active (from work), it is passive(from interest), do I still have to pay tax ?

There is a confusing/conflicting tax break of R 23800.00 for income earned as interest ??
R 23800.00 still falls under the total tax threshold of R 67111.00
Can you elaborate please.

What are the benefits of non residents for taxable income in South Africa?

  Written by Marc   Posted 1 March 2013

I am living overseas for the past ten years and have visited South Africa occasionally for not more that 3 weeks per annum. I earn interest (R24500); dividends from private companies (R65000); retirement annuity income (R17500) amounting to approximately R110K per annum. I am paying taxes as a resident. What will my taxes be like if I were to be taxed as a non resident. Will I still be entitled to the rebates. I am 62 years old and am married in community of property. I will appreciate a hypot...

Read more →

Do I have to inform SARS if I am financially dependent on children

  Written by Marc   Posted 28 February 2013

As long as you are not actually earning any income or at least below the tax threshold then if you do submit a return each year you would merely say you are unemployed and submit a zero return.

The effect of the 2013/14 annual budget speech on the average South African taxpayer

  Written by Marc   Posted 28 February 2013

It was with great enthusiasm that we at TaxTim awaited delivery by the Minister of Finance of his annual budget speech this afternoon, especially after some of the shocks experienced by taxpayers and tax professionals last year. Surprisingly he delivered a very mild budget in terms of individuals with the Minister stating, “No tax rises.” The main focus areas relating to tax in this budget speech were on compliance, tax evasion and big companies seeking to shift their income around the world in order to avoid higher taxes...

Read more →

I am subcontracting for a company, but need tax help please?

  Written by Marc   Posted 28 February 2013

I subcontract for a company, but have not registered yet as a business and they will be taking 33% off my pay. The problem is I have 2 guys working for me as well. How can I sort this out quickly without having to lose out.

She's not sure if the tax deductions are correct?

  Written by Marc   Posted 28 February 2013

My spouse is 26 years old and her basic salary is 19 400 including other earnings which adds up to the total of 28 270 per month. Every month her tax deductions are close to 5000, her monthly deductions adds up to 13 000 including tax, which means she takes home +/-15 000...is the tax deduction ok?

Is my monthly tithe to my church an allowable deduction for tax purposes?

  Written by Marc   Posted 27 February 2013

Is my monthly tithe to my church an allowable deduction for tax purposes?, if not what donations are allowable for tax purposes?

I am a student under contract, now earning +R3250(basic), used to earn +/-R3000(basic).

  Written by Marc   Posted 27 February 2013

I found that they made a mistake when calculating my hourly rate for 10 month, so I end up getting a back pay. When I received the back pay, it reached the salary tax scale. So my salary was tax. My question is that were they suppose to include my basic salary with the back pay? Or give me a cheque for the pay since I'm earning that small amount. Your immediate response will be appreciated. Thank you.

I worked out at sea for 7 months last year, earned $ and was told I don't owe SARS?

  Written by Marc   Posted 26 February 2013

Is this true or am I in the dwang with the man?

Donations between spouses, are they taxable?

  Written by Marc   Posted 26 February 2013

Are donations between spouses, in the form of a regular allowance or a lump sum, taxable? Please advise the position for each spouse if possible. And does the receiving spouse need to declare under 'amounts not considered taxable' on ITR12?

Tax due on unpaid invoices

  Written by Marc   Posted 26 February 2013

At the end of the current financial year I have invoiced clients approximately R400K which will only be paid to me in the new financial year. Do I still pay taxes on the unpaid invoices at the end of the current financial year or do I carry the ex vat value over to income in the new financial year and pay taxes only in the new financial year?

How do i know if im a registered tax payer?

  Written by Marc   Posted 26 February 2013

I don't know if i'm registered or not?

I work seasonally, can I claim for medical expenses etc I encored while I was not working?

  Written by Marc   Posted 26 February 2013

I work seasonally, six month sometimes five. How do I calculate my tax and can I claim for medical expenses etc I incurred while I was not working?

Tax number, how do I get one?

  Written by Marc   Posted 26 February 2013

I was called in an interview for a job and i passed then they said i must bring a tax number. Which i never had it before, how do I go about applying for one?

Why employers should help their employees with tax

  Written by Marc   Posted 25 February 2013

Individual taxpayers have traditionally been told that when it comes to tax returns, they're on their own with regard to submitting each year and their employer does not need to get involved. Despite the employer making payment of PAYE (the majority of their tax liability) on their behalf, after handing over their IRP5 detailing this payment they resume business as usual and the employee is left to navigate the ever-challenging tax system on their own, without any assistance. Fortunately this attitude is changing as more companies recognise the benefits of helping staff with their tax matters. ...

Read more →

DBX tracker funds - are these taxed as local dividends or foreign?

  Written by Marc   Posted 25 February 2013

We have some DBX tracker funds, when we get a monthly statement from the broker income is listed as foreign, but when the tax certificate is sent it is included as local, really confusing when doing provisional tax.

Would iI need to start paying tax yet if i just graduated and would be on a 6 month contract?

  Written by Marc   Posted 24 February 2013

I completed my degree at the end of 2012 and started interning for an advertising company from Nov 2013 till the end of Feb 2013.

Now they will be employing me on a 6month contract between April and September and I will be getting between R5000 or R5600, contract details have not been discussed yet. But would I have to register as a tax payer if I get the R5000 as I woud be earning less than R5300 or would the fact that it is in the middle of the tax year exempt me from this? How do I go about finding out about SARS things as their website is confusing, I know nothing about these legal things and I'm scared to get caught up like Wesley Snipes... :(...

Read more →

what are the three main sources of tax from which government obtains its income

  Written by Marc   Posted 24 February 2013

Like does it include VAT, Income Tax, Normal TAX OR Companies tax

How long must I keep tax documents?

  Written by Marc   Posted 23 February 2013

Must I keep monthly current account and credit card statements? Electricity and rates accounts? Investment statements and medical aid statements? How long?

How can I find my tax number?

  Written by Marc   Posted 22 February 2013

I need it urgently.

Can I claim from SARS if I received pension payout of 76347.00 in May 2012

  Written by Marc   Posted 21 February 2013

OLD MUTUAL PENSION FUND NO TAX CERTIFICATE RECEIVED

Can I deduct postage costs from my expenses?

  Written by Marc   Posted 21 February 2013

I run an online business, where customers purchase goods from me and we post or courier orders throughout SA. Our costs are about R20 000 per annum -can this be listed as a business expense?

I did not submit my supporting documents in time?

  Written by Marc   Posted 21 February 2013

After submitting my tax return for 2011 SARS requested supporting documents (logbook) from me. I failed to submit the relevant document in time (I did submit the document after the due date). They asked me to provide reasons why I submitted late, which I did. They now refuse to accept my reasons and refuse to accept any deductions for my car allowance. According to them I now owe them R 280 000-00. What do I do? Can they do this?

How do I know if I am registered for income tax?

  Written by Marc   Posted 21 February 2013

I have only been employed on a permanent basis for the last year or so, and have recently changed companies. I did not have a tax number before beginning work for my old company, but saw on all my payslips that tax was being deducted as well as UIF. I take this to mean that the company registered me for income tax, and that I can continue to use this tax number at my new company and for all income tax in the future?

Sars has auditted me. How do I object to the findings of the audit?

  Written by Marc   Posted 21 February 2013

I was selected for an audit. SARS sent me the findings of the audit. I disagree with them.How do I object to the audit findings?Thank You
Older posts →← Newer posts