Does a 45-day old business still need to submit a provisional tax return?

Posted 26 February 2016

I am a salaried employee, but since the middle of January 2016 I have been running a business. It's been expensive to set up, and business is slow - I've turned over R50K max and have about R40K of expenses. Do I need to submit a provisional tax return now, or can I carry that amount over and declare it later in the 2017 provisional tax year?

Do I need to complete an IRP6?

Posted 26 February 2016

You sent me a reminder to file my IRP6 Provisional Tax Return for 2016 however, I'm not sure whether I am still a Provisional Tax payer?

I did freelance work until Feb 2015, and from March 2016 I've been employed, paying PAYE through my employer. I haven't earned any additional income. Do I still need to complete an IRP6 as a Provisional Tax payer?

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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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?

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.

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?

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?

Exempt amount of interest

Posted 23 February 2016

What is the Interest exempt amount for year ended Feb 2016.

is a marriage by muslim rites included in the definition of a spouse regarding donations tax?

Posted 23 February 2016

What should I select for marital status when filing tax return, religious marriage (married by muslim rites) usually muslim marriages are ANC however we have not yet registered our marriage?
Will my husband be expected to pay donations tax on cash he transferred to me for safe keeping? For tax purposes are we considered to fall within the definition of spouse and as such not be liable for donations tax?

Example: Husband transfer R500 000. 00 of his savings to wife married in accordance with muslim rites, wife invests the money with a Bank and earns interest on it...

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Donation tax between spouses

Posted 23 February 2016

I receive a government pension, interest from investment and income from consultation work. My total income put me in the maximum bracket of the tax tables. My wife receive rental income of less than R10000 a month and pays very little income tax. I am 64 and my wife 60. May I donate an amount of my investment money to my wife (which she will invest). What is the maximum amount that I may donate to her, do I pay tax on the donation and must I declare the donation to SARS? (I struggle with the in...

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Wrong tax reference number on my IRP5

Posted 23 February 2016

When I was preparing to submit my tax return I realized my tax reference number on my IRP5 was incorrect and its my first time submitting a Tax tax return, the IRP5 is from a previous employer and they are refusing to change the tax number on my IRP5 and SARS is charging me penalties for non submission.

How soon can you submit my returns after I upload it on Taxtim?

Posted 22 February 2016

A few minutes ago I just submitted my 2013-2014 tax returns on your system. This is already overdue and I am facing penalties. How soon can you submit and what other information do you need me to provide you with?

Declaration of interest earned on Fixed Deposit investments for tax purposes

Posted 22 February 2016

Good Day, my question relates to the declaration of interest accrued (but not necessarily paid) on Fixed Deposit investments for income tax purposes. I am a provisional tax payer and prefer to pay the tax in the tax year in which the interest is earned. For example, if I start a 24 month fixed deposit on 1st January 2016, maturing 31st December 2017, interest (simple) payable at maturity then is it permissible to declare the interest as follows assuming for simplicity that interest accrues at R100. 00 per day:...

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Private company that does not pay tax and never register for tax what are the penalties?

Posted 19 February 2016

Private company that does not pay tax and never register for tax what are the pelnaties

What penalties will I incur if I do not pay my donations tax within the three month deadline?

Posted 18 February 2016

What penalties will I incur if I do not pay my donations tax within the three month deadline? Is there a way around incurring any penalties if I was not aware of this deadline?

Treatment of rental loss and living expenses while studying

Posted 18 February 2016

From Sep '14 to Oct '15 I temporarily left the employ of my company to study my MBA full time overseas. During this time I rented my primary residence in South Africa out. (a) Am I able to deduct the losses on the rental of my primary property (rent - levies - interest on bond - rates) from my taxable income?

(b) During the time I was away, I had to make use of savings to pay for living expenses (food, necessities, partial travel expenses, but NOT tuition, textbooks, accommodation, vi...

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Do I need to tick box on tax return for IRP5/IT3A for foreign pension received?

Posted 16 February 2016

Hi there, was filing my tax return and got selected for verification. I think that it might be as a result of ticking the wrong boxes though - I receive a pension from overseas and interest on my Standard Bank account but I did tick the box for the IRP5/ IT3A saying that I got one such certificate. I then filled in the interest amount under Local Interest and noted the foreign pension under not taxable. Am I right in assuming that I should, in future not mark the IRP5/ IT3A box? (I always though...

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Should I provide SARS with an affidavit if the requested documentation is unavailable?

Posted 13 February 2016

My previous employer refuses to provide me with my 2013 IRP5, which resulted into me paying an penalty amount. I was told that I should provide SARS with an sworn affidavit to prove that one cannot produce the document they requested. Is that true? I would also like to know if you provide SARS with the affidavit, do you still need to pay the penalty amount?

LOCAL SA RENTAL INCOME PLUS UK INCOME TAX PAID SEPARATELY

Posted 9 February 2016

i am 70 year old, live in UK, 95%, earning interest from investments in the UK and paying UK taxes with a UK tax no. i also have 3 properties in South Africa, and pay local tax in South Africa
from rental income. also have SARS tax no. are there new laws which i am not aware of? I have been submitting tax returns on this basis for the last 20 years with no problem. will this be ok for the future. thanks.

Do SARS offer payment plans?

Posted 9 February 2016

Do SARS have a payment option, I have been informed that I owe them an amount from 1999 and the interest is now more than what the original amount was. I cannot pay it all at once, so do they have payment options

What does a "manual audit" mean, what does it entail and why would I be trasnferred to it?

Posted 9 February 2016

I have submitted my tax return and was triggered for audit verification. I missed the first deadline to submit and then received a final demand letter. I submitted all the supporting documents on the final due date. I have called 3 weeks later and they say I have been transferred to a manual audit. I was not informed that my audit was being transferred to "manual", which I don't know what it means. What does a manual audit mean and why have they transferred me to it?

What are the penalties and interests paid for provisional tax?

Posted 8 February 2016

What are the penalties and interests paid for provisional tax?

Will I be taxed if I loan my brother money interest free?

Posted 8 February 2016

Will I be taxed if I loan my brother money interest free. I am a South African resident but he lives in the UK.
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