What is an ITA34 form and where do I get it for credit card applications at a bank?

Posted 19 April 2022

Hi Tim I applied for a credit card at a certain bank and they want me to submit an ITA34 form because I do not have a payslip as I am self-employed.

Please explain this form to me and where best I can obtain it? Thanks

CIT Documents

Posted 12 April 2022

Q: What are CIT documents

What are CIT documents that SARS requires?

Posted 12 April 2022

Q: What are CIT documents

Obtaining an IRP5 form from an old employer

Posted 8 April 2022

I am having a problem with obtaining my IRP5 form from 2010 from one of my employers.
I was still in school this time and I worked as a waiter back then, so I was clueless when it came to submitting tax and all. I did my 2013 return, and now SARS have asked me to do it from 2010?

Answer:

You will need to contact your employer and ask them to send you a letter explaining why they are unable to provide you with the IRP5.

In most cases, your employer migh...

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Tax calculation on Bonus

Updated 7 April 2022

How is one taxed on your bonus? If my bonus is R133 000, what amount should I expect to get out after Tax?

SARS asked for calculation for depreciation on laptop

Updated 6 April 2022

I completed my tax return through TaxTim. SARS asked me now to show them how we calculated depreciation on the laptop I use for work. Can you help me with this as I don't know what to give them?

Confused between the ITA34 and ITSA

Posted 6 April 2022

Q: What is the difference between an ITA34 and an ITSA

What happens once I've submitted my tax return form?

Posted 6 April 2022

One of the questions most asked when it comes to tax season, is “what happens now that I’ve submitted my income tax return, when do I get my refund?”’

If you’re due a tax refund then you will probably get the money deposited into your account within a few days. SARS will also email or SMS you telling you that an IT34 (Summary of your return and refund) and ITSA (Income Tax Statement of Account) have been issued. They will detail your tax refund (tax back) if any. So look forward to that deposit into your account. ...

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Shareholder Loan and own company

Updated 5 April 2022

I have a loan with my company (payable from the company). I would like to know what the effects are that we need to consider regarding interest-free loans? I am aware that we can create a tax deduction for the company and I will have the interest exemption, but I feel there is something I'm missing?

Also if the shareholder already exceeded his R23k exemption, will it be fine if we do not levy any interest on this loan? Will there be any unknown tax consequences for that?

...

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Confirmation letter

Updated 4 April 2022

I received the following confirmation letter, what does it mean? Will I receive my refund within the next few days or what?

Dear Taxpayer

VERIFICATION OF ASSESSMENT

We refer to the verification of your assessment for the 2021 tax period. Please note that no adjustment has been made to this assessment. However, in terms of the Tax Administration Act the South African Revenue Service reserves the right to conduct further reviews in future if required. Should you have any queries please call the SARS Contact Centre on 0800 00 SARS (7277). Remember to have your ID number or income tax number at hand when you call to enable us to assist you promptly. Sincerely...

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What does it mean when you receive a message from SARS notice issued for 2008 and 2013?

Posted 4 April 2022

Notice issued of SARS eFiling IT34 for 2008 and 2013

How do I know that I owe sars or they owe me?

Posted 1 April 2022

Q: How do I know if I owe SARS or not

What does a negative tax refund amount mean?

Posted 1 April 2022

Q: What does a negative tax refund amount means

VAT on interest

Updated 31 March 2022

I have a business that collects debt on behalf of other service providers, we eventually charge interest if the payments are overdue longer than 3 months. Are we required to charge VAT on this interest?

How do independent contractors get taxed?

Posted 31 March 2022

I will be taking a new job that requires me to be a contractor. There are mixed opinions on how contractors get taxed. The consulting company assures me this is a flat rate of 25%, but on reading SAICA's website I found this little nugget: " If the independent contractor works more than 22 hours a week, he/she must be taxed in terms of the income tax tables".
I will definitely be working more than 22 hours a week, can you tell me things will work, please?

The question of tax relates to how you are perceived to be working for the "employer" to whom you will be contracting out to...

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I have a tax number, but how do I verify it?

Posted 31 March 2022

I want to find out whether it's registered in tax office.

Independent Contractor versus Personal Service Company

Updated 30 March 2022

I'd like to get some clarity on whether there is a difference between an Independent Contractor and a Personal Service Company?

How much should I expect for tax on leave payment?

Posted 30 March 2022

Q: How much tax would I pay on my leave payment

Where to find proof of income tax reference number?

Updated 30 March 2022

I need documented proof of income tax reference number - not IRP 5 or salary slip. Where do I get this? I need this for retirement papers.

How do I see if SARS owes me money?

Posted 30 March 2022

How do I see if SARS owes me money?

How to get my tax number via email

Updated 30 March 2022

How can I get my tax number via email rather than going to SARS?

Notice issued on SARS eFiling, explain please

Updated 30 March 2022

Q: "Notice Issued on SARS eFiling. IT34 Notice for 2015/1". I submitted my tax returns yesterday and received this SMS afterwards, what does it mean?

Negative amount on my SARS statement

Posted 30 March 2022

Q: Negative amount on my SARS statement

Difference between Vat and Tax numbers

Updated 29 March 2022

Q: What is the difference between a VAT registration number and a tax reference number. When do I use which one? Are they not the same thing?

How do you calculate leave days when paying out your employees

Posted 22 March 2022

Q: How do we calculate leave days?

Scenario 1: An employee who works 40 hours per week and who has a monthly basic salary of R17933.00 and has carried over 20 leave days of which we would need to pay out.  

Scenario 2: An employee who works 37.5 hours per week not 40 hours who has the same basic salary of R17933.000 and had 20 leave days to be paid, how would you calculate leave days?

 

A: You can calculate leave days as...

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