PAYE vs Provisional tax for a member of a CC

Posted 23 May 2016

I am a member of a CC and have 80% interest in the company. I run the operations of the company and have been paying myself salary. The company never registered for PAYE as I was paying provisional tax and I was the only one earning a salary. Now the company is hiring more people and we have registered for PAYE/UIF. DO I carry on submitting provisional tax instead of PAYE or do I cancel Provisional tax and start paying PAYE. If I don't register for PAYE, what can the company provide me with to p...

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Rental income allowable tax deductions

Posted 22 May 2016

I am currently in the UK and need some help regarding various tax related queries before I tax return to South Africa within the next 2 months

Including my tax return I did online before I left. (needs to be finalised)
A bank account change at SARS. (do I have to do it in Person)
I need to register a SA company for VAT. I would like to know how long I must be in the UK to have a tax benefit in South Africa. I have been working here since 1/1/2016 and have to tax return before 31/07/2016...

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Tax on inheritance received by an individual

Posted 22 May 2016

I have recently inherited a sum of money from two sources. One, my late mother's estate account via a will and the other, a pension claim from my late mother's pension fund(GEPF). Both these amounts were taxed before they were paid over to me. Both the executors and GEPF submitted tax directives to SARS in order to facilitate the tax payment process before making payment to me. My salary income falls within the necessary category in order to be required to submit a tax return. How will I be taxe...

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Will I have to pay tax on my late husbands RAF claim pay-out?

Posted 22 May 2016

My husband was killed in a motorbike accident by a drunk driver. I am awaiting a settlement from the Road Accident Fund and I have a few questions please. 1. Will I be taxed on the amount paid out to me for my kids and I
2a. Will the fund deduct the amount before the payout?
2b. Or must I pay it afterwards and how does that work?
3. How much is the tax? I was 26 when he was killed, and my kids 3years and 8 months respectively... I am scared the government made me wait all this t...

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Rental Income on room rented at Primary Residence

Posted 12 May 2016

You speak about rental income earned on a second property, and expenses (interest, electricity, etc) that can be deducted from the income. Does the same apply to a primary residence owned by the taxpayer where additional income is generated eg. By renting out a room in the property?

Tax penalty on outstanding returns

Posted 11 May 2016

I haven't filed a tax return in 2 years what is the penalty?

Tax on British Widow's Pension

Posted 9 May 2016

I was recently widowed - my late husband was a British Citizen but residing in South Africa. The British Pension is now paying me a Widow's Pension. Do I need to declare this to SARS?

SARS has not paid my refund due since 2013

Posted 9 May 2016

SARS has still not paid me my credit since 2013 and also not the credit built up for the following years. They do add interest to the outstanding balance but do not give any reasons why they do not pay out the credit despite all our requests. What could be the reason for this and what other avenues can we try to expedite this problem?

Can I claim back the tax paid on my late mother's retirement fund?

Posted 9 May 2016

After my death claim on my mothers provident & pension fund, is the tax paid claimable?

Can I dispute a claim from a few years back?

Posted 6 May 2016

I believe I qualified for a exemption on my tax a few years ago (around 2011/2012) - out the country for more than 183 days with one trip more than 60 consecutive days all for work purposes. My tax consultant at the time said he submitted all the documents, but when I went to SARS they said they had not recieved them. I handed them in at SARS and they requested further information which I submitted. They then requested further information which I then got so frustrated I decided to give up on th...

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VDP in respect of Interest on foreign funds

Posted 4 May 2016

Hi. I worked in the UK for the period from about 1982 until about 1986. During that time I purchased a house there in 1982. After coming back to SA in 1986, I kept the house until selling it in 1987. The proceeds from that sale remained behind in the UK in an interest earning account. I have not declared any of the interest earned on the account since then until now. Wanted to know what are the SA tax implications of this interest that was not declared and also whether I can apply for VDP in res...

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Does SARS pay interest on refunds due?

Posted 2 May 2016

Interest payable on refunds:

I objected against admin penalties incorrectly charged and I am due a refund of R18,000
I objected against a incorrect tax assessment medical expenses not allowed refund of R9,261
I overpaid assessed tax by R7,000

Will SARS pay interest on these amounts owing to me? The admin penalties was initially taken from a refund due to me so they had already been paid.

Tax liability for an Independent Contractor

Posted 25 April 2016

My son started as a independent contractor March 2015 and has not paid tax. He earned R10k for 2 months and R5k for the rest of the year. He got paid a lump sum of R80k when the job was done. He is going to SARS but what tax or penalties can he expect

Can I get a tax number on a deceased estate?

Posted 21 April 2016

I was the Executor of my late Sisters estate. She passed away in 2007-it was an estate of R300k so no duty payable. One Insurance company somehow say they have a policy in favour of the Deceased. I do not have her Tax number and a Tax consultant tried to find a tax number but came up blank. They want a tax number before paying out.

Maximum amount allowed to loan out

Posted 18 April 2016

Is there a maximum amount of money I can loan out to friends and family? Can I loan out R2 mil without having some kind of license?
Someone told me that you can only ever loan out R500 000 at a time, being broken up into maximum of 100 loans. I have loaned out more than R500 000, so I need to know if I am in the wrong here and what I can do to fix it.

What is the tax on interest earned for a non-resident?

Posted 15 April 2016

I am currently living outside of South Africa. Am I able to deposit money with a South African bank and at what rate will my interest earnings be taxed at? Am I able to withdraw the money easily again from South Africa?

How can we claim bond interest from rental income when married out of COP?

Posted 14 April 2016

My wife and I are married out of COP (ANC with accrual). My wife owns an unbonded property that she lets. This means she has a lease agreement with the tenants, although they pay their rent into my account. I own the property that we reside in, which is bonded. The nett effect is that we receive rental income and pay bond interest, albeit on different properties. I would like to be able to claim the bond interest from my wife's taxable income. In order to do so, I assume we need to take out ...

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Setting up small business while employed

Posted 13 April 2016

Can I set up a small business while still employed? The business doesn't do work that conflicts with current employer.

Where to reflect interest on Tax Free Savings account?

Posted 11 April 2016

Must interest earned from a Tax Free Savings Account be included in one's non-taxable income that one submits to SARS?

Submission of late Provisional Tax returns

Posted 5 April 2016

I received rental income in 2016 tax year, but didn't pay provisional tax. On my ITA34 I am not registered for Provisional tax, but on my SOA, requested one day later, it states that I am registered for Provisional Tax. What are my options now in order to pay the minimal penalties/interest? Do I rather not submit the late IPR6 tax returns and only specify the rental income when I submit my next Income Tax Return?
Also, how does the fact that I am married in community of property influence ...

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What expenses can be deducted when renting out my short term holiday cottage?

Posted 31 March 2016

What expenses can be deducted from tax for renting out a cottage on my property as short term holiday rentals through Airbnb etc?

What is the 2016 tax submission deadline?

Posted 30 March 2016

When are the Year end tax submission due? Or rather when is the dead line?

Need to bring tax returns up to date

Posted 29 March 2016

I have been working full time for about 4 years now. I have never submitted a tax return due to complete ignorance on my part. I have a few questions:

1. What is the best way to rectify this situation?
2. Will I definitely have to pay penalties? What is the probability of having to pay penalties?

Minor's tax obligations on inheritance

Posted 29 March 2016

If a minor child inherits - how much do they have to earn before they must be registered for paying tax?
If they are not liable for tax, does one as the parent still have to notify SARS that they have funds invested?

What are the SARS obligations and benefits for a taxpayer aged 74 years for the 2015/2016 tax year?

Posted 29 March 2016

With regards to your post of 23 July 2012, about retirees aged 65 years and older: have there been any changes since then in SARS requirements for tax returns for the 2015/2016 tax year, or not? What benefits can such a taxpayer expect? What is the taxable threshold for a taxpayer 74 years of age (turning 75 in June 2016)? Where do donations fit into all of this?
1. Main source for living expenses is interest income. 2. Medical aid premium is paid by the retiree in full, in addition to medical expenses which go beyond medical aid benefits. ...

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