Income from consulting

Posted 24 November 2015

Where do I indicate my income from freelance consulting? I was not employed and thus did not receive an IRP5/IT3a from an employer.

Do all provisional tax payers pay twice a year?

Posted 24 November 2015

I am sure I am a provisional tax payer, however, I have only paid tax once a year in the past. Is this right?

Find out if I am a provisional tax payer?

Posted 24 November 2015

Am I a provisional tax payer?

What to do with medical slips if not member of medical scheme?

Posted 24 November 2015

If I am not a member of a Medical Scheme; but keeping the slips of Medical Expenses, can I fill that amount to my Tax Return form. If yes; where to fill it?

Declaring financial derivative gains on the ITR12

Posted 24 November 2015

I earned income as the result of trade in financial derivates. I am not a professional trader and do this in my spare time. How do I declare this on the ITR12 and how do I claim expenses against this income? Is this defined as a business or as investing and capital gains? I used my home office and own equipment for financial research and online trading. In a previous answer you stated that this type of income can be declared on the ITR12 but somehow I missed it in the TaxTim Q&A process. When I ...

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Can you assist me to retrieve my SARS eFiling log in details?

Posted 24 November 2015

Can you assist me in retrieving my SARS eFiling log in details?

Total tax withheld

Posted 24 November 2015

Good day, I've completed my tax return. Section 4149 on the completed form says "tax withheld". what does that mean?

Wrong IRP5 submitted by employer

Posted 24 November 2015

My employer submitted wrong IRP5. What do I do?

Medical aid claim for claims submitted after year end

Posted 23 November 2015

Hi. I submitted a medical aid claim after the tax year end for a procedure which was done in February 2015. Medical aid only paid a portion of the claim due to the nature of my medical aid plan. The amount not paid for by the medical aid is not reflecting on my medical aid tax certificate for 2015. I do have the original invoices. Can I add it on my tax return for this year or only next year?

2014 correction - wait or submit along with 2015 now?

Posted 23 November 2015

If I need to make a correction on the 2014 tax year. Do I need to get that resolved before submitting my 2015 tax?

Do I complete my tax return if I started work in April 2015 earning R8000?

Posted 23 November 2015

I started working at my current company in April 2015 earning a gross of R8000, before I was earning R5800. Do I file for tax?

Refund not received yet

Posted 23 November 2015

Good day. Done my SARS E-filing. Got confirmation of a credit of a couple of hundred rands due to me. This was quite a few weeks back. I haven't recieved any refund yet. What should I do, wait a while longer?

Over the counter medication vs prescription medical claims

Posted 23 November 2015

Why can I not claim for over the counter medicines that I have to purchase and is then cheaper than going for a doctor's consultation and still pay for prescriptions?

Provisonal tax versus monthly tax

Posted 23 November 2015

I am currently an independent consultant and I know I currently qualify as a provisional tax payer. Is there a way of paying my tax monthly (as a normal employee) by myself without having to pay the two major payment twice a year?

Can you assist with complicated tax return, involving extra income, provisional tax etc?

Posted 23 November 2015

My situation is pretty complicated. I am a provisional tax payer. I earn extra income for 3 properties, but also from a side business. All goes through my own personal bank account, so it is personal tax all of it. I am fully employed, however I was retrenched in 2014 June. I have an income protector and claimed from it for 2 months, until I started work again in September 2014. I have retirement annuities, medical aid etc.

Am I able to use your services effectively and accurately in...

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Tax on Receiving Foreign Funds over R100 000

Posted 23 November 2015

My mother is moving to RSA and wants to transfer an amount of R250 000 into my account to 'hold' for her until she sets up her RSA bank account. The amount is in EUR. I spoke to SARS who claim that I can declare it as 'non-taxable income/gift' in my tax returns. I asked them to clarify donations tax but they insist, it will not be counted as a donation unless I file an IT144?

a) is this true; every person and website I have checked with refer to donations tax @ 20% (on amounts > R100 000) ...

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Independent contractors - which form?

Posted 23 November 2015

1- If a person is an independent contractor which form do they fill?

2- What happens if they have not been paying provisional tax, are there penalties?

Where do you include deductions in terms of a business as a sole proprietor?

Posted 23 November 2015

I know a medical practitioner who in addition to working at a hospital, started their own private medical operations in Jan. As a sole proprietor, I understand that the profit/loss should be included in their personal tax return.

Where on their tax return should they fill in deductions of expenses incurred in the production of income ito the practice?

Assets & Liabilities, I'm a member of a CC that is dormant, do I still need to account for that?

Posted 23 November 2015

Assets & Liabilities, I'm a member of a CC that is dormant. Do I still need to account for that?

Verification of income tax declaration

Posted 23 November 2015

I have submitted my tax returns and they called for my 2013 tax return which I did, they then called for verification of income tax declaration for the PAYE amount. I then went to SARS to submit my IRP5 from 2013 to show them proof of my PAYE amount. This isn't a real complex case all they need to verify is my PAYE amount.

How long will it take them to pay out my refund with regards to the above case?

Out of pocket medical expense of R3920. Will that help my refund?

Posted 23 November 2015

Out of pocket medical expense of R3920. Will that help my refund? I have no medical aid.

Tax on allowance for laptop?

Posted 23 November 2015

Is there tax on laptop allowance?

Nedbank IT3(b) - which figure do I use?

Posted 23 November 2015

Hi, on my Nedbank IT3(b) certificate they have 3 figures for interest (Interest, Net Amount Paid and Net Amount Accrued). Which one must I declare to SARS ?

Need IRP5 from insolvent employer?

Posted 23 November 2015

I want to get my IRP5 from previous employer for 2012 tax year, but that particular company has gone insolvent, so I have no way of getting relevant information for that period, What do I do?

Does the employer and employee both pay PAYE?

Posted 23 November 2015

Is PAYE deducted to both the employer and employee? In the books of the employer is it 2x like the UIF or any other contributions?
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