Provisonal Tax

  Written by Marc   Posted 17 March 2013

Good morning From the 2nd of may I will be retired and will only earn income by way of 2 pension pay-outs from different employers. Must I register to become a provisional tax payer.

Tax audit for the year before we bought the company?

  Written by Marc   Posted 14 March 2013

SARS wants to audit a company that we bought 3 years ago. But the audit is for the year BEFORE the sale. The sale was "voetstoots", and the previous owner says they have nothing to do with the audit - they say we have to figure it out from the (incomplete) historical tax documents we were given when we bought the company. Is this true?

Depreciation on cars, how does it work?

  Written by Marc   Posted 12 March 2013

Your depreciation calculator - is it up to date in terms of percentages allowed etc?

Second question - I am a sole prop. I know that I can deduct business expenses (not permanently employed), but I am not sure about the installment that I pay for the vehicle (HP). Can I deduct for tax purposes since I use the car for business.

Last question - if the above deduction is allowed, can I also add depreciation of the vehicle to the 'basket' or is it a matter of either or?
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What are the other ways I can pay SARS?

  Written by Marc   Posted 12 March 2013

Hi, I am not using eFiling - are there any other ways to make payment of my tax? I heard from my neighbour that you can take cash into a SARS branch or EFT them - are these options?Thanks!

Just want to confirm how to dispute SARS denying the wear and tear allowance on my laptop?

  Written by Marc   Posted 12 March 2013

SARS denied the wear and tear claim according sec 11 e for the laptop I had to buy myself and use at work 100% of the time, they said its denied according to sec 23m, but I'm sure that was incorrectly interpreted because it says except for..... and then refers to sec 11e?!

So do I contact them and say go study a bit and make sure of your facts or how do I go about this? Dispute and add sec 23 for them?

I am employed as a temp but have started another side income. how much tax?

  Written by Marc   Posted 10 March 2013

My income after my UIF and tax is R7 950. And any over time I work is taxed per hour. Last month my nett was R11 200.

I also sell corals to pet shops that I grow out at home. Some months I make R0 and other R5000-R8000 after costs like electricity and material.

Now the pet shops have now asked if I can give them some type of paper work for them to keep records for tax ect.

What should I do to help with tax payment? Have a different account just for the side income? How much tax would I pay if I get paid in cash but still have to give the pet shop a paper work that could be traced back to me? ...

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What documentation must a company give a shareholder regarding a dividend received?

  Written by Marc   Posted 7 March 2013

What documentation must a company give a shareholder regarding a dividend received in order to complete my tax return?

Tax return sms for a year, but I haven't even been working?

  Written by Marc   Posted 5 March 2013

Hi I received a message from SARS saying,"Thank you for filing your 2009 tax return Assessment Result: R-840 Account Balance: R-840 Selected for Audit: No" I'm confused as to what the R-840 means as I am not sure wether that means I owe them or if they're refunding me

What are the benefits of non residents for taxable income in South Africa?

  Written by Marc   Posted 1 March 2013

I am living overseas for the past ten years and have visited South Africa occasionally for not more that 3 weeks per annum. I earn interest (R24500); dividends from private companies (R65000); retirement annuity income (R17500) amounting to approximately R110K per annum. I am paying taxes as a resident. What will my taxes be like if I were to be taxed as a non resident. Will I still be entitled to the rebates. I am 62 years old and am married in community of property. I will appreciate a hypot...

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I am subcontracting for a company, but need tax help please?

  Written by Marc   Posted 28 February 2013

I subcontract for a company, but have not registered yet as a business and they will be taking 33% off my pay. The problem is I have 2 guys working for me as well. How can I sort this out quickly without having to lose out.

Is my monthly tithe to my church an allowable deduction for tax purposes?

  Written by Marc   Posted 27 February 2013

Is my monthly tithe to my church an allowable deduction for tax purposes?, if not what donations are allowable for tax purposes?

I am a student under contract, now earning +R3250(basic), used to earn +/-R3000(basic).

  Written by Marc   Posted 27 February 2013

I found that they made a mistake when calculating my hourly rate for 10 month, so I end up getting a back pay. When I received the back pay, it reached the salary tax scale. So my salary was tax. My question is that were they suppose to include my basic salary with the back pay? Or give me a cheque for the pay since I'm earning that small amount. Your immediate response will be appreciated. Thank you.

Tax due on unpaid invoices

  Written by Marc   Posted 26 February 2013

At the end of the current financial year I have invoiced clients approximately R400K which will only be paid to me in the new financial year. Do I still pay taxes on the unpaid invoices at the end of the current financial year or do I carry the ex vat value over to income in the new financial year and pay taxes only in the new financial year?

How long must I keep tax documents?

  Written by Marc   Posted 23 February 2013

Must I keep monthly current account and credit card statements? Electricity and rates accounts? Investment statements and medical aid statements? How long?

Can I claim from SARS if I received pension payout of 76347.00 in May 2012

  Written by Marc   Posted 21 February 2013

OLD MUTUAL PENSION FUND NO TAX CERTIFICATE RECEIVED

I did not submit my supporting documents in time?

  Written by Marc   Posted 21 February 2013

After submitting my tax return for 2011 SARS requested supporting documents (logbook) from me. I failed to submit the relevant document in time (I did submit the document after the due date). They asked me to provide reasons why I submitted late, which I did. They now refuse to accept my reasons and refuse to accept any deductions for my car allowance. According to them I now owe them R 280 000-00. What do I do? Can they do this?

Sars has auditted me. How do I object to the findings of the audit?

  Written by Marc   Posted 21 February 2013

I was selected for an audit. SARS sent me the findings of the audit. I disagree with them.How do I object to the audit findings?Thank You

Tax deduction if I pay spouse's medical aid?

  Written by Marc   Posted 21 February 2013

I earn R8400 and pay R1536 monthly for my husbands medical aid. Can I deduct it monthly from my salary for tax purposes?What is a good percentage to pay for medical aid on your income?Thank you

I have to send in my provisional tax information for the 1st time, have no clue, PLEASE help

  Written by Marc   Posted 20 February 2013

Need to submit provisional tax info. I am employed and have a business on the side. What info do I submit?

How is PAYE tax calculated when employed by 2 separate employers?

  Written by Marc   Posted 18 February 2013

Is tax calculated individually per employer or combined?

What is the difference between a Company vs CC for tax purposes?

  Written by Marc   Posted 15 February 2013

Kindly assist me. From a tax perspective, which is the better option to open, a company (Pty Ltd) or a CC?
Is it better to purchase a shelf company or CC or to register it self? (I'm aware that you can't register CC anymore) To amend all the details of shelf company to yours, won't it be more expensive at the end of the day?

Want to pay my provtax. From FNB Where do I do it?

  Written by Marc   Posted 14 February 2013

Where do I pay Prov via Internet?

Tax on Foreign Income

  Written by Marc   Posted 10 February 2013

Hi Tim,I've got a new contracting job where I'll be working from SA, but I'll be paid from the UK. How do declare/pay my taxes on these? And do I have to transfer all my funds back to SA?

Are bank statements proof?

  Written by Marc   Posted 10 February 2013

SARS refused ALL my expenses! Now they want proof of payments of my expenses. I keep all my bank statements as it is easier to do my return and no invoices go missing. Will they accept my bank statements?

When can I apply for a tax directive?

  Written by Marc   Posted 8 February 2013

My employment was terminated and I applied for a tax directive, for my terminal benefits, which I received from SARS which allowed me to get my final payment tax free. My employer however claims the termination of my contract does not constitute retrenchment and therefore I misrepresented the reason for requesting a directive. Is this true? I did detail on the form the breakdown of the money (December Salary, Bonus and Leave pay) I had received and SARS gave me the directive.
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