IRP5-2007

Posted 7 December 2015

Dear TaxTim. Worked in a Government Hospital, resigned in 2006. The following year went to fetch my IRP5 2007 but couldn't be found, assumed somebody took it for me. Now I'm in Gauteng where can I get a copy. I'm being penalised. Thanks

Tax return question

Posted 7 December 2015

If you pay medical aid close to R4k out of pockets, and within a tax year you have incurred additional medical cost of about R15k, you have monthly RA of R1k... And you still contribute towards your employers RA. How much roughly would one get for tax returns

Can I claim for Medical Aid and Provident Fund contributions at the TAX year end?

Posted 7 December 2015

In my new job I am getting a CTC of which only income TAX will be deducted. Previously Medical Aid and Provident Fund was deducted from the CTC then the remainder taxed, as a result I paid less TAX. In the new job I will have to pay med aid and provident after my income has been TAXED. Will I am be able to claim at the TAX year end for this?

Will I be able to get the same amounts as if the amounts where being deducted from the CTC before being TAXED?

How do I submit a late IRP5 for a previous tax year on SARS eFiling?

Posted 4 December 2015

I have submitted my tax return for this year but have been told they won't pay out until I submit my outstanding tax returns from last year (fair enough). I wasn't earning a salary for most of last year but I believe I still need to submit the IRP5 which covers the last month of my employment with my previous company from that year. I got hold of my previous company and they sent through the form really quickly but I can't figure out how to submit for a previous year on SARS eFiling. The SARS he...

Read more →

Working abroad

Posted 4 December 2015

I am working abroad and paying taxes abroad. I'm out of the country for more than 185 days a year as well as 90 days consecutively. How does my return filled in account for this?

I'm due for a refund but still owe SARS...

Posted 4 December 2015

I'm due for a refund but there's a 'hold-up' as I owe SARS something from 2009. I'm not sure what to do fro this point forward - where or how do I find out what is owed - how can SARS be owing me when I owe them - why weren't there red flags or bold flashing print popping up when I completed my annual tax returns?
It's like they're hiding the fact that I owe them and I've now probably encured some hefty penalties and interest... ;(

What do I do?

Provisional tax or starting a CC?

Posted 4 December 2015

I am currently employed by a company and earn a fixed monthly salary. I have however started manufacturing and selling goods in my private capacity, completely separate from my company. A typical order would be to the value of R20 000 (turnover), with a total cost-of-sale of R10 000, leaving me with R10 000 profit. I can receiver anywhere from three to twenty orders in a year, with no guarantee of regularity. I have two questions:

1. Do I need to register as a provisional tax payer, or would it be more tax-efficient to register as a sole proprietor or a cc, taking into account the administrative time and costs (paying an accountant etc. )?...

Read more →

Can I claim back on disability for my child attending a remedial school?

Posted 3 December 2015

My child attends a remedial school which was recommended by a psychologist. Can I claim back on these fees as a disability?

How do I fill in my tax return for income received for local service from foreign employer

Posted 3 December 2015

I worked on a local project for an international aid organisation. I did not receive an IRP5. I was paid from an international account. How do I file this income on my tax return?

Document/records storage

Posted 3 December 2015

If I change to SARS eFiling with your assistance, where would my tax records be stored. & who stores them -- SARS, Myself, Tax Tim??

What is the tax bracket?

Posted 2 December 2015

If I earn R6100 per month do I have to pay tax?

What would be the amount of tax we would have to pay and why.

Posted 2 December 2015

Bought vacant land contract dated 5th October 2001 in a cc, for R87764. 00, became the members on 7th January 2002, what would the tax implications be if I sell this property now at R1 000 000.

Cap on non-taxable pension fund lump sum withdrawal

Posted 2 December 2015

In the past tax year I worked for 3 companies. Got paid pension fund by 2 of those companies with total pension fund being below R20k
On the IRP5 from the company that paid outthe Pension fund there's a code 4 which I thought it meant this amount was not taxable( I understand it as meaning this amount will not add on to what I owe SARS). Submitted my tax returns and the SARS assesment has included the pension fund lump sum payment as what I owe SARS. Please advice if this is correct

Tax benefits when not earning income the entire taxyear

Posted 2 December 2015

Hi I am born in SA and moved abroad 25 years ago. I will be living and working in SA for the next 2 years. My start date is flexible. I believe the income tax year is from March 1st. 1. Are there any tax benefits if I work a part of the first year ( so not the entire tax year?). 2. Are there any tax benefits if I work a part of the last year ( so not the entire tax year?).

Med Aid claims

Posted 2 December 2015

I am 74 years old. What out of my own pocket medical expenses can I claim?

Payment Periods

Posted 2 December 2015

With regard to Provisional Tax:When SARS refers to the periods 2016-01 and 2016-02 (see below) is SARS referring to the months i. E 2016-01 = January and 2016-02 as being February or are they referring to the two payment periods for Provisional Tax being February and August? Could you please explain. 5. 3 Provisional Tax Returns can only be requested for periods that fall within:
ï%u201A· The current period
ï%u201A· The current periods minus two periods
ï%u0192º Example: if the current period is 2016-01 and 2016-02, IRP6 forms can be requested for the periods 2015-02 and 2015-01. ï%u201A· The current periods plus one period...

Read more →

Tax for a full time student employed full time.

Posted 1 December 2015

Hello Tim,
If I earn R8000 per month and are registered as a full time student but also employed full time and at a permanent post at my employer what will my tax be per month?

Does provisional income/ capital gains count towards income iro RA contributions?

Posted 1 December 2015

I own a business and I draw a standard non- pensionable salary of R1 440 000 (120K p/m). I pay R360k (30k p/m)to an RA. Which means I actually don't earn enough to achieve the max tax destructibility for my RA. However this year for the first time I have other income from share sales (my share trading G&L statement currently reflects a gain of 264K). Will this income add to the non-pensionable salary above and thereby reduce the disallowed portion of the RA Contribution?

Medical rebate not given by SARS

Posted 1 December 2015

My company paid medical premium for me for the period 1st Mar 2014 to Feb 2015. For first half of the year it was with one medical vendor and then for the second year it was with a another medical vendor. I filed my IT tax returns on time. I got an additional assessment wherein SARS has not taken one medical vendor and I stand to lose out around R5000. How should I dispute and in the notice of objection form where do I fill the exact details as it is asking for source code?

Why is it taking so long to receive the pay out, is there something I missed ?

Posted 1 December 2015

I submitted my tax return via SARS eFiling and received the ITA34 - and notifications saying that SARS owes me. I submitted the tax return on the 25th. People have been saying it takes between 2-3 days to receive a pay out and SARS sends a sms or email to say when the money will be paid. How come I have not heard anything yet?

They wanted. My irp 5 for 2011

Posted 1 December 2015

SARS told me yesterday that I did not submit IRP5 for 2011, I have a copy, how do I submit it to them

Representative Vendor

Posted 1 December 2015

I have just recently started my own business I need to register for VAT and Payroll Taxes. When completing the VAT101 form, who is the Representative Vendor? I am registered as a Company, I am the only director, my wife handles the administration of the finances, taxes and payroll etc. She has Power of Attorney. Should the Representative Vendor be me or can or should I make it her? A similar question is asked on the EMP101 where they want to know who is the Representative employer?

How much will I get from a salary of R2361 in a year

Posted 1 December 2015

I want to know how long it takes to get ur income tax return and how much will it be if my salary is R2361 a month?

How much should I be taxed if I'm earning R 7000?

Posted 1 December 2015

Hi. Im getting payed a R 7000 a month, but it seams im being taxed large amounts of money every month. I would like t know how much should I be taxed?

Does Base Cost include interest over time?

Posted 1 December 2015

I am selling a rental house. Will the interest on my bond over the period of ownership be part of the base cost?
Older posts →← Newer posts    31  32  33  34  35  36  37  38  39  40  41  42  43  44  45  46  47  48  49  50  51