1. penalty - delayed return. 2. submit returns for previous years 3. community of property/customery

Posted 8 February 2016

1. What is the penalty for delayed tax return submission?
2. Can you still submit tax returns for previous tax years which were never submitted?
3. What effect does married in community of property or customary law

I started freelancing 3 motnhs ago, do I need to do my taxes this month?

Posted 1 February 2016

I started freelancing 01 November 2015
I was still working until 31 October at a company that was paying my tax for me. Do I need to do my provisional taxes this month (February) or should I wait until August?

Penalty for late payment of vat

Posted 1 February 2016

What is the penalty for late payment of vat?

How to practically offset an assessed loss

Posted 29 January 2016

Hi Tim, I owe SARS R240,000 for income tax year 2012. However, when I checked my compliance, I had not submitted an income tax return for 2011. So I submitted this and obtained an assessed loss of more than R1m. How do I practically use this assessed loss of 2011 to get rid of the 2012 debt of R240k on SARS SARS eFiling

Slitting income when married in community

Posted 29 January 2016

Can you please explain what amounts get slit 50/50 when a couple is married in community of property please? My husband is retired and I am the breadwinner. We receive rental and interest. Also what to do with the medical expenses, both membership & additional, in my name only?

Tax thresholds and married in community of property

Posted 28 January 2016

I am a provisional tax payer 66 yrs of age & married in community of property my income is derived from an annuity & interest from fixed deposits, what is the maximum I can earn before I pay tax.

Give me an example please R500 p/m x 30 years

Posted 26 January 2016

I have a retirement annuity with Momentum. I only pay R500 a month and want to know on the day I retire if 2/3 will have to be reinvested in a annuity (to pay me interest every month) or if there is a certain threshold whereby I get 100% out on the day I retire?

On SARS website the use the wording "annuity interest lumpsum" which tells me its on the "interest" part on where you might get something back.

Tax payable on unit trusts in us $ when converted to cash

Posted 26 January 2016

Tax payable on unit trusts in US $ WHEN CONVERTED to cash

Living Abroad - nil return

Posted 21 January 2016

I have been working abroad for 2/3years in April, and was unaware I had to submit a nil tax return to SARS. I logged on and received a notice dated (current date - day of login)
Could you please confirm, I am not a provisional tax payer - do I have to file a nil tax return if no income in RSA
Also, what are the penalties for a late submisison of tax return (zero to pay)
How long to I continue to submit nil tax returns, or can you de-register?

Vehicle Finance - should I be noting my monthly vehicle installment on tax return

Posted 20 January 2016

Finance / Other Costs - Travel Allowance

Hello,

just to confirm the vehicle I current use for business travel is financed - would this be where I enter my monthly finance installment or is this not supposed to be noted on a tax return?

Travel

Posted 19 January 2016

If you are self employed and pay provisional, can we use the SARS tables or are we required to give actual costs.... I. E. Fuel repairs...,,
If we are required to give actual cost can we claim back finance repayments or the interest only, aswell as 20 % depreciation...

Tax Deduction from Provident Fund

Posted 15 January 2016

I had R300 000 tax deducted from my late husband's provident this year - will i qualify for a tax refund? I am unemployed i was dependent on my husband fully

Vehicle repayments

Posted 14 January 2016

Hi Tim I am a solely commissioned based earner for one company can I claim vehicle repayments

Is there a penalty when SARS is late in payment to a taxpayer?

Posted 13 January 2016

Hi there,
Is there a penalty when SARS is late in payment to a taxpayer? If so, what is the penalty. Hopefully this works both ways. I'm eager to know. It would be much appreciated. Kind regards

New business provisional tax

Posted 12 January 2016

I registered a new private company in late September 2015 and would like to confirm by what date the first provisional tax return must be submitted. The company's financial year end is February. On the Notice of Registration with SARS, it states that the company is required to make provisional tax payments as from the 2017 tax period and that the date of liability for provisional tax is 2016/03. Many thanks

What are the admin penalties, if any, for late submission of the second provisional tax return

Posted 8 January 2016

Apart from the potential penalties for under estimation of provisional tax, are there additional (separate) penalties for non/late submission of the second provisional tax return?

Independent Contractor Setup

Posted 8 January 2016

Hi TaxTim

Great site!

I need guidance on what is required ito independent contractor (IC) tax & vat requirements. 1) If trading through my PTY LTD company as an IC, do I pay companies tax as well as personal income tax?
2) Do I deduduct all claims and deductions (medical aid, RA) prior to paying over tax, or only when I reconcile/ file tax?
3) How many times a year do I need to file tax returns?
4) Do I need to setup PAYE and UIF?
5) Income will exceed R1m per year, so vat should be registered. If true, When do I pay vat over to SARS and what paperwork is involved?...

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Hi tim to claim my late husbands provident I was asked to obtain a tax number but I do not have one

Posted 7 January 2016

Hi tim to claim my late husbands provident I was asked to obtain a tax number but I do not have one as I was never employed in my life what type of tax form do I fill in to receive my late husbands provident fund

Declaring Foreign Income

Posted 6 January 2016

Do you need to now declare your foreign income in your tax return? I work and live in Dubai and only tax return to South Africa once maximum twice a year for a maximum of 30 days. I file a tax return every year declaring my rental income and local interest from South Africa, but I do not declare my foreign income as I am out of the country for more than 184 days which 61 are consecutive.

When one spouse married (ICOP) does not file a tax return can the other spouse be held liable?

Posted 4 January 2016

When married in community of property can one spouse be held liable by SARS if the other spouse files their tax return late or simply does not file their tax return?

Open blocked account and merge 2 together

Posted 4 January 2016

Why does SARS close a new registered account after a few days?
Is it because we took to long to submit documents or is that normal. Why does it always says that your detail entered is incorrect. How can I merge the 2 accounts together which I have registered. I did not submit for 5 years and paying penalties but this must stop now. I need to submit today. Help

How to get a Tax Reference number from SARS

Posted 4 January 2016

I am a small employer of 5 people, all earning about R3000-00 pm. I have been told that all of my staff members need to submit to me their tax reference number. Is it correct that every person who has an ID number has already been issued a tax reference number by SARS? If this is the case what is the most effective way of getting the number. I have let my staff call SARS from my office on numerous ocasions to enquire without success. As I believe that there is a deadline for this looming immin...

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Returing to SA from Canada - Do I pay tax in SA on Canadian income ?

Posted 4 January 2016

I immigrated from SA in 1997 and lived in Canada since - also became a Canadian Citizen
Now tax returning to SA as a resident - lost SA citizenship
Leaving all my wealth in Canada and remaining a Canadian Citizen
My wealth is invest on the TSX
Will buy a home in SA and transfer money as I need it
I will continue to pay taxes in Canada
Do I have to register in SA as a tax payer and pay tax on my Canadian income?

When does AP34 apply?

Posted 24 December 2015

What is an AP34? and why does one get penalised

How does RSA Tax work if I am earning abroad

Posted 23 December 2015

I am currently a teacher in Vietnam, I have been here since July 2015, and have been earning foreign currency. I am about to start transferring money into my RSA account for some debit orders. I would like to find out- how does my tax work if I am earning abroad? I do not want to be penalized in any way. I am a registered tax user and I have enjoyed tax returns every year since 2012.
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