Can we deduct loan payments ans taxi fare expenses?

  Written by Marc   Posted 16 February 2015

Hi TimI would like to know if a private company can deduct a loan repayment which was utilized in the production of income, the proceeds received and receivable, of which have been included in gross income. Furthermore, can the company also deduct other miscellaneous expenses such as taxi fare and so on. Thank you.

Provisional tax for bonus paid

  Written by Marc   Posted 16 February 2015

Ood day Tim, I heard from a passerby that I can ask my company to deduct provisional tax every month from my salary for the next reason :When I receive my annual bonus, it can be paid out in full, due to the fact that I already paid the tax throughout the year. Does this make sense? And how legit and effective is this? What if I am not due for an bonus for any reason whatsoever. . . Will the company be able to return the provisional tax money paid?

What will my refund be?

  Written by Marc   Posted 15 February 2015

How much should I expect to receive from SARS as a refund?

TAX ON FOREIGN INCOME

  Written by Marc   Posted 14 February 2015

What EXACTLY does this mean:"Foreign tax credits for this period (6 months) - if you earned money from overseas and any taxwas withheld or paid, include that amount here"?I get rental money (paid into an account in the UK) from a flat I own in London. I have to pay tax on that in the UK. So what does the above mean as far as I am concerned (I'm completing my second IRP6 for 2014-2015 period)?

Should student register as a taxpayer

  Written by Marc   Posted 13 February 2015

Hi Tim,

My daughter is an Arts student and occasionally (2-3 times per year) does Poetry performances, for which she is usually paid in cash. She recently performed at a theater, and the theater company now wants her to register as a taxpayer in order for them to pay her. According to them, in November of 2014, a new law was passed requiring everyone that earns income to register as a taxpayer. Her total earning from the few performances she does for the year would hardly be in excess...

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Tax directives on commission?

  Written by Marc   Posted 11 February 2015

What is the position where an employee earns a high salary and pays site and PAYE on this but also earns commission over and above his salary. Can he claim a tax directive on commission or must he estimate his tax liability. This could be difficult as he does not know what commission he will earn.

Self-employed and Commission Earnings Tax?

  Written by Marc   Posted 11 February 2015

I will be starting a new job where I will be working on a contract basis and invoice the company each month for my hours worked to receive payment. How much will I be taxed? 25%?

Also I might start earning commission a few months down the line, how much tax am I charged on commission?

Thank you in advance for the help!

Income tax not deducted'on my payslip?

  Written by Marc   Posted 11 February 2015

Ive been working for roughly 7 months on a continuous contract and I earn R5500 a per month. On my payslip it doesn't show any PAYE or any income tax deductions except UIF, how can this be because I have registered for tax.

Homeloan interest payments or the whole repayment

  Written by Marc   Posted 8 February 2015

SARS have asked me to take a look at my 2014 return and to correct any "errors" that I find. I receive property rental income. I have a bond on that property. Should I list the interest portion of my bond repayments under "interest" and am I able to claim the balance of the repayments under other? I seem to have entered those figures incorrectly, which may be what is bothering SARS.

Retirement lump sum withdrawal benefits

  Written by Marc   Posted 7 February 2015

How would you tax a retirement lump sum withdrawal benefit? How would you calculate deduct this retirement lump sum withdrawal benefit in your tax calculation for an individual, if the individual only gets a members salary and retirement lump sum withdrawal benefit? Lastly how would you enter such information into income tax return ITR12/14?

Tax rebate when earning below R50 000 for past financial year?

  Written by Marc   Posted 7 February 2015

I only started working in January this year and earn below R50 000 for the months of January and February, can I get a tax rebate?

Why do I pay high tax on a little salary?

  Written by Marc   Posted 6 February 2015

I'm an educator who earns about 20k gross salary and I'm also earning my late husbands annuity income of 10k pm, but whenever I go to SARS to submit my returns it turns out that I owe them a lot of money because in 2013 I paid 28k and now they want 31k so I need help as I dont understand how it gets to that high amount every year.

Wasn't earning, now earning what will I pay in tax and do I go to SARS instead of eFiling.

  Written by Marc   Posted 5 February 2015

I'm a work at home struggling writer who doesn't get much work. I added up my bank statement for this year and I earned about R100k. I've been doing eFiling since it started but was told two years ago not to submit a tax return since I earned too little. R100k puts me into a tax bracket - do I go to my local SARS and fill in a form or do I do this online? BTW I bought a PC and Monitor, can I deduct that.

Commission less than 50%. Can I claim expenses?

  Written by Marc   Posted 4 February 2015

Hi. I earn a salary and commission. Last year my commission was lower than my salary. My consultant has claimed for expenses. Will this be allowed. I entertain clients allot, I use my car for mainly work purposes. My cellphone bill is mostly for work I have a home office. I spend allot of money to get commission. I have 3606 on my irp5

Tax penalty on fund payout?

  Written by Marc   Posted 4 February 2015

I'm currently waiting for my provident fund money payout, but i'm owing SARS 20 thousand rand, so are they gonna take their money from provident or they will wait for me to pay it?

Freelance Income from International Clients on ITR12?

  Written by Marc   Posted 4 February 2015

I have a international client that pays me monthly but they cannot supply me with an IRP5 since they not based in SA. How do I go about paying my tax?

Where does RA go on my Provisional Tax Return?

  Written by Marc   Posted 3 February 2015

Where do I claim for RA (retirement annuity contribution) on my provisional tax return - IRP6. Please help

What is a personal income tax assurance audit?

  Written by Marc   Posted 2 February 2015

What is a personal income tax assurance audit? Does this mean they are auditing more than one year?

WHEN MUST MEDICAL AID CREDITS BE DEDUCTED

  Written by Marc   Posted 2 February 2015

Must the Medical Aid Credits (R257x12) be deducted from Taxable Income before calculating tax payable from the tables or from Tax Payable after the calculation has been done ?

Do I get tax relief when buying a medical aid?

  Written by Marc   Posted 2 February 2015

If I buy a medical aid and the installment is deducted from my bank account what tax benefit do I have?

Addional income from Mauritius - where do I include this on my return?

  Written by Marc   Posted 2 February 2015

I am employed in South Africa, and I am a South African tax resident. I have the opportunity to do work for a Mauritius company. Essentially I will be on a South African company's payroll as well as a Mauritius company's payroll. I will be spending less than 60 consecutive days in Mauritius so I will remain a South African tax resident. How will my additional income from Mauritius be taxed? Will I have to pay PAYE in Mauritius and pay tax again when I submit my return to SARS?
I have heard ...

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How to submit tax for freelance work

  Written by Marc   Posted 2 February 2015

I have been freelancing for 8 months now and have generated some income. How do I submit my tax return for these cash deposits? They are all different amounts from different clients. I obviously do not have an IRP5 as these were cash based payments.

Why do SARS do second audits?

  Written by Marc   Posted 31 January 2015

SARS say they are doing a second random audit that doesn't appear on my statement of account. What is a second audit that SARS is referring to and why does it take so long to refund me?

Can a creditor claim my income tax refund?

  Written by Marc   Posted 31 January 2015

Can one or more of my creditors claim my income tax refund from SARS?

Can you deduct expenses incurred in production of income when earning an hourly rate subject to PAYE

  Written by Marc   Posted 31 January 2015

Where you work on short term contract for an hourly rate and your "client" deducts employee tax from your earnings (following completion of a questionnaire), are you able to deduct expenses incurred in the production of that income - such as travel and subsistence?
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