What amount of tax can a sole proprietor expect to pay, on profit of R105504 ,and salary of R281590?
Posted 24 November 2015
I run a small business, a sole proprieter. Over the 2014/2015 tax year a earned an annual salary of R281590, I also realised a profit of R105504. According to my accountant, I need to pay R22408 in tax for the financial year. Is this correct, as it seems a bit much to me?
What is the base cost if the asset was acquired by a will?
Posted 24 November 2015
The asset was acquired by a will, so I did not pay anything for it. How do you determine the base cost value.
Steps to obtain an ITA34
Posted 24 November 2015
I am a sole proprietor and work for the last 4 months for my self. I take an income of R30 000.00. How do I get a ITa34 that the banks requested for a loan?
What is the amount that is medical contributions made only by me, not reflected in the IRP5?
Posted 24 November 2015
On the tax return,there's a section that requires me to fill in any medical contributions made by myself that are not reflected on my IRP5/IT(a) however the total contributions are reflected on my IRP5 so am I supposed to deduct the employer's contributions from the total contributions to calculate contributions made solely by myself or is is another amount they're referring to?
Where do I enter funds received from a retirement plan?
Posted 24 November 2015
Where do I enter funds received from a retirement plan?
What is the tax rate payable when withdrawing a portion of the provident fund money?
Posted 24 November 2015
Have resigned (under 50 years old) and need some cash flow. I transferred the provident funds from employer to a preservation fund account. How much tax will I pay if I make a withdrawal of a portion of the funds?
SARS has issued correspondence
Posted 24 November 2015
I got a response from SARS as follows:
SARS has issued correspondence for [name hidden] which requires your attention. To view this, kindly log into your SARS eFiling profile and either navigate to the respective Work Page or to the SARS Correspondence menu. For any queries please contact the SARS Contact Centre on 0800 00 SARS (7277) between 08:00 - 17:00 (excluding weekends and public holidays).
24h waiting period for registration on SARS efiling
Posted 24 November 2015
I have done my registration on SARS SARS eFiling, but now when I log in a message appears that I have to wait 24h for SARS to process my application..... I've done that 5 days ago. Just want to now if I need to send anything away, thinking the delay is my fault?
Am I tax resident or not?
Posted 24 November 2015
I moved from South Africa to work in Dubai in August 2014. I therefore was outside of South Africa for more than 183 days in 2015 tax year. From your previous answers, I identified that the income I earned while in Dubai will not be taxed in South Africa for 2015. However, does this mean that for 2015 tax year I am not considered a tax resident of South Africa or is it that I am still a tax resident but the income is not taxed? I will and work now in Dubai permanently.
Determining tax residency
Posted 24 November 2015
In determining whether one is a tax resident, you use two criteria: one is born in SA, the other if one resides in SA or has formally emigrated. I am in doubt - I am born in SA, moved to Europe 20 years ago, renounced SA citizenship and now have just moved back (on a foreign passport).
What is the definition of 'formally emigrated' and how to determine my tax status?
Tax Deduction for Personal Vehicle
Posted 24 November 2015
I am busy completing my Tax tax return with TaxTim, under the Tax Deduction section there is a wear and tear section. Can I depreciate the value of my personal car if I am still paying it off?
Cash co-payment on medical procedure
Posted 24 November 2015
Two questions relating to medical aid expenses:
1) I paid ~R5000 cash copayment for a medical procedure. Can I claim this medical expense on my tax return?
2) If I have medical aid gap cover can I use the total premium payments for the year as additional medical expenditure?
Why must I go into SARS branch again - I was just there
Posted 24 November 2015
I went to SARS on 13 November and got paid out on 18 November. Which is good work. I took my necessary documents, certified copy of my ID, proof of banking. Now today 24 November they phone me to tell me I must come in with the same documents to verify my banking. I was just there.
Is the cost per tax year or once off?
Posted 24 November 2015
Is the once off fee of R249 per tax year or once off for more than 1 tax year submission?
Medical aid premium
Posted 24 November 2015
Where on your website do I enter my medical aid premium? I paid it myself not through my employer. Your website only asks for expenses that I have incurred outside of my medical aid.
When am I getting the refund for late husband's deceased estate?
Posted 24 November 2015
In August I submitted my late husband's IRP5 and I was told that I am going to receive R2100 for the year 2015. They told me that its still going for an audit.
What should I do because I am still waiting for that money. And when you call them you keep on holding until the airtime is finished without being helped. What do I need to do?
Latest date to complete registration for e-filing
Posted 24 November 2015
What is the latest date to register for e-filing? I've submitted my documents to SARS on 20th November.
I have filled in my tax form but I don't see any confirmation
Posted 24 November 2015
I have filled in my tax form but I don't see any confirmation anywhere that it has been submitted.
Please do not submit my tax return to SARS after reviewing it as I need to make adjustments
Posted 24 November 2015
Hi, Please do not submit my tax return to SARS after reviewing it as I might need to make adjustments. Please confirm.
Branch Code Length Error on Filing Return
Posted 24 November 2015
Hi Tim, I'm trying to wrap up my tax return but your system has a check on branch code length and is not allowing me to enter the one that is on file at SARS - 51001 which is an ITB number and which I use all the time. I don't have time to go into a SARS branch to change this to my specific branch's code so I would appreciate if you could assist. I'm stuck at the "Finalise your tax return form" with the "Please enter a branch number of at least 6 characters. " error.
Learnership tax return
Posted 24 November 2015
SARS says that I have an outstanding tax return for 2010, I was on a learnership through BankSETA which did not contribute for PAYE and UIF, the stipend was R2500 a month. I see no historical tax return on SARS eFiling for that year but SARS consultants are adamant that I do the tax return. I received a UI-19 document from BankSETA stating it was a learnership and there was no UIF and PAYE. Should I take this document to SARS and will I need any other supporting documents?
Deduction for travelling to work
Posted 24 November 2015
Where do I enter my deduction for travelling to work as an independent contractor?
All I find is this:
"Did you spend any money on business travel which you do not get a travel allowance or reimbursement for? You must be a commission earner to answer Yes. Look for source code 3606 on your IRP5. Your Commission MUST also be more than 50% of your total income as stated on your IRP5. "
And this:
"Do you receive a travel allowance from your employer? Click Yes if source codes 3701 or 3702 appear on your IRP5, AND if you kept a vehicle logbook. "...
Read more →
Any tax on inheritance of a house
Posted 24 November 2015
My daughter will inherit my primary residence. Are there any tax implications for her and/or for my estate? Like CGT for example.
What taxes would be applicable to my gross salary in UK?
Posted 24 November 2015
Dear Tim, I am a provisional tax payer in South Africa. What would my tax parameters be if employed and paid by UK company?
Completing Statement of Assets & Liabilities being married in community of property-what do I do?
Posted 24 November 2015
1. With respect to completing the Statement of Assets & Liabilities: I am married in community of property. Do I declare the value of joint assets/liabilities & SARS does the 50/50 split or do I declare 50% & my wife the same?
2. We receive income from our profession taxed in our own hands so how does this work re the completion of the Statement of Assets & Liabilities with respect to business assets, income & profit etc?
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