Tax deduction on provident fund

Posted 25 February 2016

What will my payout be on the following for my provident fund when I resign. I am not retirement age yet ( 52 years old ). On resignation from the SATU provident fund you are taxed on the full employer share and interest earned on the member share. (not on the member contributions)
My member contributions amounted to R170,585. 44. My current statement shows member and Employer share:

Member share Employer share Total share
R706,779. 50 R689,136....

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Can you apply for a deferrment or make a payment plan with SARS for provisional tax.

Posted 25 February 2016

Payment plan or deferment for Provisional Tax payers

% take from tax

Posted 25 February 2016

Im getting divorce, and claim 50% of my husband pension, it is in a provident fund, how much did SARS take from R140 000, please?

Dividend Tax

Posted 25 February 2016

Is dividend tax deductible from normal tax payable for Micro Business exceeding the R200 000 dividends tax exemption threshold?

What are acceptable write off periods for depreciation?

Posted 25 February 2016

In addition to my previous question, the "Schedule of Write-off Periods Acceptable to SARS" (provided by SARS) - does that apply to Depreciation and/or Wear and Tear?

Can I not decide on a set period for all my assets and write off depreciation and wear and tear at that same rate? Example: @ 25%

Donations tax on member's interest

Posted 25 February 2016

Must I pay donations tax if I donate 49% of my members interest in a CC?

Is interest income taxable?

Posted 25 February 2016



I have a money market account. Is the interest taxable?

Tax on retirement lump sum

Posted 25 February 2016

Why deduct R130,000 36 % on retirement savings that exceed R1,050,000?

Do I need to declare gift?

Posted 25 February 2016

I received (from a family friend in South Africa about R120 000 as a gift over a period of a year to help me pay back a loan. I had not been working for a few years so did not submit tax returns. Did I have to declare the amount to the receiver?

Is the cost of a new roof maintenance or capital expenditure

Posted 25 February 2016

Can I claim the cost of a new roof and windows that I replaced on a house I rent out.

Tax for a contractor

Posted 25 February 2016

I'm on a contract for 6 months and I earn 12000. How much will be my take home amount? as I get paid different amounts monthly and its confusing

IRP6: Additional Medical Expense Tax Credit & Taxable Income vs Turnover

Posted 25 February 2016

I've got 2 questions for my IRP6 form for tax year ending Feb 2016:

I am: provisional tax payer; and an individual - no dependents. 1. Is my taxable income the same as my turnover if I don't have any other deductions?

2. Is the amount that I enter into the Additional Medical Expense Tax Credit field literally all the medical expenses that I incurred in the period, which were not covered by Medical Aid?

No tax returns since 2010?

Posted 25 February 2016

My husband still owes his 2010 tax return to SARS. His employer never furnished him with a IRP5 and also never paid over his tax for that year or supply him with a payslip. Up to today he did not supply him with an IRP5 and I am worrying myself sick about the penalties and stuff. What must he do? Will they keep my husband accountable for that money? Thx this is a great website. Wish I knew about it earlier! Will definitely do my tax return via you.

Is income earned by my minor child from a company taxed in my hands?

Posted 25 February 2016

If my children received income from a marketing campaign they were involved in, is the income taxed in my hands? They did photo shoots for company and the company paid them.

The dates to submit irp5 forms for 2015 if not submited last year

Posted 25 February 2016

I didn't submit my IRP5 form last year 2015. I need to know when can I submit it this year. Like when is the closing date. And if I don't submit IRP5 forms how will this affect me.

Loans on my tax return?

Posted 24 February 2016

Do I need to reflect loans and repayments when capture income and expenses?

Tax on retrenchment and pension

Posted 24 February 2016

I have worked for a company for 10 years. I have never been retrenched before and my company pension fund is worth around R780K. I have been retrenched due to my division being closed. I have been offered a retrenchment package of R180K cash. How will this R180K be taxed and how will my pension be taxed if I withdraw it or if I move it?

How much of a capital gain should I be including for provisional tax?

Posted 24 February 2016

IRP6 2016-02: My income is trading income reflected through an IRP5. This year there is also a capital gain. On e-filing form I have to add the capital gain and fill in the total under "estimated taxable income". But then the full amount is taxed at my marginal income tax rate. How much of a capital gain should I be including in "estimated taxable income" for provisional tax?

Provisional tax vs Income Tax (Closed corp)

Posted 24 February 2016

For a closed corporation on SARS eFiling - a Provisional Tax tax return and a Income Tax tax return comes up for submission. However is this not the same thing? Its basically tax on your profits. But now if you submit both, you pay double tax on your profits? Maybe I am understanding it wrong... Both is for submission due now 29 Feb correct?

UIF Deduction

Posted 24 February 2016

Must UIF be deducted from an employee on maternity leave if the company will be paying 75% of her salary?

Can you do dispute on my behalf via eFiling?

Posted 24 February 2016

Hi Tim, I am an estate agent and SARS IT34 reflects I should pay them -R20k 2015 Taxyear.. I think I completed the forms incorrectly on e-filing. I now wish to request a dispute. I have all my receipts. Can you help me with it please? Do I need to buy the Ultra package? Please advise urgently as I know I need to get a refund. Regards Julie Bosch

Contribution to ex-wife maintenance for children tax deductible?

Posted 24 February 2016

Are contributions to non-working ex-wife's medical aid as part of child maintenance agreement deductible, she is the main member.

Company car versus personal car and travel allowance

Posted 23 February 2016

A client of mine is the sole shareholder and employee of his company. He does a lot of car travel for his work.
What is the most beneficial method in terms of tax:
to buy a car in his own name, or to buy one in the company name and use it for business and personal (will be small personal use)?

Tax payable on sale of shares

Posted 23 February 2016

I am a pensioner 71 years of age. If I sell shares in a company to the value of R33,000.00 and my annual income is R120,000 what % tax would I have to pay on the R33,000?

Is there donation tax payable on a gift?

Posted 23 February 2016

I am selling local property and want to send my two non resident daughters R100 000 each as a gift. Does donation tax come into the picture?
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