Tax on Voluntary Severance Pay?

Posted 19 March 2014

How is an employer suppose to handle a voluntary severance payout? What options must be chosen on application for tax directive. Does this falls under "Gratuities paid by an employer in respect of retirement, retrenchment or death" and will I be taxed accordingly?

Selected for a SARS audit?

Posted 19 March 2014

How to avoid being selected for a SARS audit?

Do I need t pay the non-compliance penalty fee with SARS?

Posted 18 March 2014

I registered with SARS in 2010 and have been filing ever since. I recently received a non compliance penalty fee for 2008 and 2009. It's only R500 (R250 for each year) Do I have to pay this if I wasn't even registered in those years and did not receive IRP5's from my employer then either?
I managed to get the IRP5's and I filed them last week but still am being told I need to pay the penalty fee.
If I am going to dispute it, will I be charged interest or more penalties whilst it is busy being disputed?...

Read more →

PAYE incorrectly stated on my IRP5?

Posted 18 March 2014

I submitted my tax returns via eFiling and got an assessment saying I owed SARS. The reason was PAYE incorrectly stated. How can I dispute this assessment and is it possible that you can assist?

Total of the budget speech 2014

Posted 17 March 2014

While I was busy watching the budget speech our power went down and I missed the part where the
minister of finance stated the rand value of the 2015 budget?%u20AC%u2122s income in total as well as where all of it
will come from. Can you please inform me on how much money the government budgets it will have
for the 2015 year of assessment as well as how much of this money will be covered by individual
income tax? Will you also tell me what government sector will receive the biggest cut of the budget ...

Read more →

Which is the best way to maximise your return using the travel allowance?

Posted 11 March 2014

There are two ways to calculate travel allowance that is deductible. One is where you keep actual expenses and the other is where there is a table of fixed costs, maintenance etc depending on the value of the car. Which can maximise your refund? And can the capital value of the vehicle be deducted or considered besides for the purposes of determining running costs?

How are individuals going to experience the tax relief of 9.25 billion in the 2015 tax year?

Posted 10 March 2014

How are we as individuals going to experience the relief announced in the budget speech which made a provision bringing a tax relief of R9.25 billion to individuals in the 2015 year of assessment. as well as an estimated 40% of the relief will go to South Africans whom receives less than R250 000 a year?

tTax on R15 000 and medical aid deduction and pension fund deduction

Posted 9 March 2014

Hi, what would my tax be if I earn R15 000 a month, and have pension fund deduction of R700 and and medical aid of R1 500.

How can I do Internet banking to SARS?

Posted 28 February 2014

How can I do Internet banking to SARS?

Started at new company this year (Online company based in Norway) what tax do I pay?

Posted 27 February 2014

Up until December 2013 I worked at Incredible Connection. I earned a basic and commission. They always used the PAY-E (Pay as you earn) to pay my tax.

At my new Company, an online company based in Norway, I get paid a salary and commission together in 1 payment. I submit my commission table at the end of the month and I am paid around the 5th-7th of the following month.
My question is:
1) do I need to use an IRP6 now (Provisional) if my only income is via my salary and commission (although it is from a foreign country)? (I earn less than the 250000 per month) average which I think means I don't need an IRP6...

Read more →

Resubmitting an assessed and audited tax return?

Posted 27 February 2014

How do I go about changing a tax return (increase income), that has been submitted, assessed and audited (no problems found by SARS) in a prior year? If indeed possible, would there be any penalties? (Assuming that taxable income remains below the thresh-hold).

Can CGT be deferred in this instance?

Posted 27 February 2014

As a pensioner I have sold 2 flats that were getting too difficult to manage long distance. I have re-invested the proceeds in ETFs. Both these instruments were/are meant to be sources of retirement income. Do I have to pay CGT or can it be deferred until I draw from my ETFs?

Debit Pull on eFiling?

Posted 27 February 2014

Is it possible to do a VAT split payment debit pull on efiling?

What is the meaning of the term "Rating Percentage" as found on the ITA34?

Posted 25 February 2014

What is the meaning of the term "Rating Percentage" as found on the ITA34?

Returns not requested by SARS do I leave it?

Posted 25 February 2014

I submitted all the outstanding returns SARS requested. However, I see SARS did not request returns for 2009 and 2012. I am sure I have never submitted those years. What do I do? Request the returns or wait for SARS to request?

Also, a refund is due to me. But my bank details changed. Do I just upload the new details?

SARS audit

Posted 24 February 2014

If I have done my provisional tax on eFiling, how many days does SARS take to do an audit? Or ask supporting docs?
Thank you

Business returns and provisional tax

Posted 24 February 2014

Must I make payment immediately on e-filing where it says "make payment" or must I wait for SARS to email me for confirmation amount due?

How much will I get from SARS if my income tax is 52 212,00

Posted 23 February 2014

How much refund will I get if my tax income is R52 212;00

How do I claim study fees from my employer without being taxed heavily?

Posted 23 February 2014

I have a query regarding the payment of exams.
I recently registered and paid via my credit for an expert certification exam costing R20000.
My company agreed to pay half of the amount on condition that I sign a document stating that I will be liable for the amount should I fail or leave the company.
Unfortunately due to the scarce availability of seats to write the exam I had to use my personal credit card to book a seat as one became available or risk not being able to sit for the exam....

Read more →

SARS wants me to submit supporting documents, but the document list is empty

Posted 20 February 2014

I think SARS owes me a refund because my ITA34 reflected a negative number and said "refund due to you". Anyway they are now giving me grief, disputing my refund and demanding I respond in 21 days by sending me a "Final Request to Revise Income Tax Return or Submit Relevant Material". However in this document they say: "In the event that you couldn't find an error, you also had the option of submitting to SARS copies of the following material in support of the declarations made in your income tax return:" This is followed by an empty document list. ...

Read more →

In Maternity case, will SARS use 8 months or use total salary for tax year?

Posted 19 February 2014

Both my wife and I receive a salary from our CC. She was on maternity leave for 4 months (Aug-Nov) in which she didn't receive any salary, only her UIF.

Everything is now back to normal. Last night I came to realize that there is more profit in the CC than I would like and it would be better if I pay that profit out as a salary in Feb.

My question is thus...

Lets assume her total salary for the 2014 tax year will be R120k

Will she be taxed R9520 (R10k average salary over 12 months) Thus total Salary of R120k for the 2014 tax year or...

Read more →

How long will it take for SARS to pay out my refund?

Posted 19 February 2014

How long will it take for SARS to pay out my refund? I submitted my tax returns on 18 Feb 2014 and would like to know when I can expect the money?

Penalties on provisional return payments?

Posted 18 February 2014

I assess my income for the year on the 25th February 2014, make a payment to be sure that estimates are going to 90 % correct, on the 27th February 2014 a large amount is paid ... will I attract tax penalties?

Maximum amount an RA can be, to qualify for a single payment?

Posted 17 February 2014

I seem to remember that the maximum cash single amount (R75,000) that can qualify to be taken on retirement of an RA is to be increased to R150,000.

How fast are refunds paid out in 2014?

Posted 14 February 2014

How long will SARS take to pay out a rebate consisting of the 4 previous consecutive years, considering the payout has gone for a review?
Older posts →← Newer posts    71  72  73  74  75  76  77  78  79  80  81  82  83  84  85  86  87  88  89  90  91