Retirement Annuity

  Written by Marc   Posted 1 March 2016

1. What is the tax on the Retirement savings. 2. If the two thirds must be taken out as an annuity, what happens to the fund when the contributor passes away?

NOTICE OF OBJECTION

  Written by Marc   Posted 1 March 2016

Will I be able to file a notice of objection for outcome of tax assessment in 2014?

I know a person have to object within 30 days, but I only found out the outcome on 16/09/16. Apparently they've send a letter, but I never received it. Kindly take note that when I filed my tax I've included a letter to inform them that they should communicate via post, since I am unable to open and read any doc's on e-filing

Are training courses and related travel expenses tax deductable?

  Written by Marc   Posted 1 March 2016

Hi Tim,
I am a provisional tax payer in the health sector- I am not salaried and work for myself. Am I able to claim back on fees for training courses and the travel costs(flights, car rental)?

Secondly, I occasionally rent out my flat and wondered if this money is declared regardless of the rent earned or if there is a minimum amount from which earnings should be declared. Thanks!

Can you upload completed tax return directly from TaxTim to SARS?

  Written by Nicci   Posted 1 March 2016

Must I submit the completed TaxTim form directly from your website to SARS or must the information generated on your document be captured on the SARS e-filing form?

Small business

  Written by Marc   Posted 1 March 2016

I run a small business from home and make about R40 000. 00 a year. I only pay insurance and maybe cell. So what is my draw for provisional tax. And how much tax would business pay.

Does loan repayment affect tax calculation?

  Written by Nicci   Posted 1 March 2016

When calculating provisional tax, must your repayment on loan be deducted from the taxable amount?

Which package do I select for your service?

  Written by Nicci   Posted 1 March 2016

To use your service, I need to identify as either provisional or individual. I haven't yet registered as a provisional taxpayer on SARS (I'm meant to do that now), and have been earning income for about six months now, as a freelancer. If I want to use your service, do I select the provisional tax payer package, or do I have to officially register as a prov. Tax payer over SARS eFiling first?

First time freelance consultant from January 2016 - do I register for provisional tax?

  Written by Nicci   Posted 1 March 2016

I just started as freelance consultant in Jan 2016. I am not sure how much I will earn as it all depends on if I get clients. Do I register for provisional tax? From reading your articles seem I fall in the 2nd payment what do I do? SARS assumes taxpayer will be able to pay upfront?

What is the tax amount

  Written by Marc   Posted 1 March 2016

I work for Government and turn 60 on 20-3-2016 and want to go on pension - what will be my best option and what will my tax be on my lump sum of R1 326 018 and monthly pension annuity of R 29 928

What will my tax be on my resignation benefit of R 4 675 300

Can I claim anything for supporting disabled ex wife

  Written by Nicci   Posted 1 March 2016

I am divorced and pay 30% of salary as support to a disabled ex wife. She is on my medical aid and I get some benefit for that. This is spousal support due to her being unable to work, backed up by court order. Is there nothing I can claim to make burden less on me financially?

How do I overcome Acrobat Reader problems?

  Written by Nicci   Posted 1 March 2016

I am having problems with reading SARS letters and I am not able to view IT34 Assessments and SARS Statements of accounts. I have downloaded the latest Acrobat Reader but still having a problem. I am not sure if this has something to do with browser compatibility.

When do I pay provisional tax per IRP6?

  Written by Nicci   Posted 1 March 2016

I have filed my IRP6 form via SARS eFiling,
Should I pay the amount payable now or should I wait for SARS to accept the form I filed?

Gross salary if net is R15000.00

  Written by Marc   Posted 29 February 2016

If a person earns a net of R15 000. 00 per month, what is their monthly gross salary

What is PAYE tax?

  Written by Marc   Posted 29 February 2016

What is PAYE tax?

Submitting and IRP5 and Provisional Tax

  Written by Marc   Posted 29 February 2016

A company I was working for closed down in March last year and I started freelancing sometime after that and now need to pay provisional tax, but what happens with the IRP5 that was generated for me? Do I still submit that even though I'm submitting for provisional?

17 200 of 18 %

  Written by Marc   Posted 29 February 2016

How much would my PAYE be (per month) if I have a gross salary of R17 500, less pension of R300, medical aid R600 and UIF of R 148,72

The importance of a tax number.

  Written by Marc   Posted 29 February 2016

What is the importance of tax number, am not working an if am self employer or working at Indian shop without payslip but I have bankcard. Where can I around tzaneen. What about immigration?

Offshore investing tax implications

  Written by Marc   Posted 29 February 2016

What are the tax implications of investing in offshore unit trusts and shares and how does one disclose it in your tax return. Thank you

I need clarity on what is viewed as non-retirement income for purposes of the 27,5% calculation.

  Written by Nicci   Posted 29 February 2016

As pensioner, my annual pension amounts to R784 672, in addition I receive taxable interest of R18 000 and tax free interest of R115 200 as well as a consultation fee income of R100 000. I want to invest the maximum of 27,5% in a retirement annuity. How much can I annually invest in a retirement annuity?

Delayed refund

  Written by Nicci   Posted 28 February 2016

I submitted my tax return last year but no payout was made to me

How to handle Rental Income when married in community of property?

  Written by Nicci   Posted 28 February 2016

Hi, my wife and I are married in community of property. We own a few residential flats that we rent out for extra income. When it is time to complete our annual tax return and we each fill in details of extra Income on the tax return, must we EACH declare the FULL income from the rentals OR must we EACH split it in HALF and declare that OR must we say we are in 50% partnership on the form where it allows for that? In the tax return it does ask how we are married so does SARS automatically split ...

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Sports coach PAYE

  Written by Nicci   Posted 28 February 2016

A sports coach at a school is paid per hour but only earns around R3000 pm which would normally exclude paying any PAYE. Is this coach still eligible to pay 25% PAYE? This is an independent coach, only on contract for 5 months.

Do I have to pay tax on winnings

  Written by Nicci   Posted 28 February 2016

I have a small business running from home. Make on average about R5000-R6000 a month. I am not registered for tax. I recently won R40 000 from betting on soccer. Do I need to declare these winnings and how?

Winning money while abroad, how will it be taxed on return home?

  Written by Nicci   Posted 28 February 2016

I am going abroad soon for 8 months where I will be in the following countries, UK, France, Germany and Australia. I will not be employed by a organization so I will get no wage or salary. I will however be gambling, which is the main reason for going. What I would like to know is the following: would those monies be taxable when I return and how? If I am taxed in the above mentioned countries would the double tax agreement cover gambling also? How would I declare the winnings on my personal tax...

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When does the Secondary Tax Rebate Kick in: During the birth month or the tax year one turns 65?

  Written by Nicci   Posted 28 February 2016

I am in my 65th year... ie. I am currently 64 but will be turning 65 in September 2016. This means that when my final 2016/17 tax return is submitted to SARS at tax year end I will technically be entitled to the secondary rebate for the age group 65 - 75. Should my employer calculate my monthly PAYE Deductions at my current age (64), or the age I will be at the time of this final tax submission (65)?
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