Medical deduction 2015

Posted 17 February 2015

Can you please tell me what will happen when I am older than 65 and have no medical aid, but do have medical expenses. What will my deduction be for the 2015 tax year if my other medical expenses R36 000 and taxable income R 350 000?

Provisional tax for bonus paid

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?

Changing accountants, from my current one to TaxTim

Posted 16 February 2015

I already have an accountant that does my tax returns etc. I would now like to change over to TaxTim. What is the process in changing?

Tax fluctuations on my payslip?

Posted 16 February 2015

Why does tax differ/fluctuate from month to month even though nothing has changed in your salary?

Bank statements

Posted 15 February 2015

I want to apply as a taxpayer, what if I don't have three months bankstatements yet,but I have my contract?

When is my first provisional tax payment duel?

Posted 15 February 2015

I established a new medical practice in January 2015. When is the first provisional tax payment due?

Income per annum to submit tax return to SARS?

Posted 15 February 2015

What must your salary per annum be to submit your tax return?

TAX ON FOREIGN INCOME

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)?

How much will I pay on a salary of R5772?

Posted 13 February 2015

Do interns subject to income tax?. . My gross salary is R5772,00

In need of a tax number

Posted 12 February 2015

I need a tax number, I have never had it before and the SARS office are too far from where I stay.

Tax directives on commission?

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.

Do I pay tax on my buy to let property inspite of being a tenant in someone else's property?

Posted 11 February 2015

I own a property that I rent out but I am also a tenant to someone in someone else's property. Once the buy to let property is paid off, am I still obligated to pay tax on the property I own or is this considered a primary residence?

Income tax not deducted'on my payslip?

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.

Can I depreciate a second hand vehicle?

Posted 9 February 2015

Vehicle depreciation and year model clarity. Can I buy a second hand vehicle that is three years old and still depreciate the vehicle over five years?

Tax calculation on cost to company package of R 988 152

Posted 9 February 2015

I am 43 and I earn per month a gross of R71 805, with a contribution of R3705. 15 as my contribution towards my pension. I have made provision for payment of my bonus as at my birth date which is 03 August of every year with the option the tax thereof recurring. What should be take home after tax, put differently, what should I be contributing as my tax on a monthly basis?

I started with my new employer on 01 October 2014, does a start date have an effect on my tax contributions, if s...

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Homeloan interest payments or the whole repayment

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

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?

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?

Provisional tax period for declaring a secondary property sale.

Posted 7 February 2015

I sold a secondary property in January 2015. The registration into the new owner's name will only go through in April/May and therefore the payout of the profit to myself. As a provisional taxpayer, my question is do I declare this transaction on my provisional tax return at the end of Feb 2015 (in the period the transaction was done) or in my August 2015 provisional tax return (in the period the transfer of ownership was done and payment received)?

Why do I pay high tax on a little salary?

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.

Tax on interest income?

Posted 6 February 2015

What is minimum amount of interest income that is non taxable. Also where is taxable interest reflected on the return?

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

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.

Reference number for EFF payment?

Posted 5 February 2015

I completed my return and received assessment showing that I owe SARS money. I'm trying to pay via EFT (internet banking) using my tax number as the payment reference, but am receiving an error message saying the format of the payment reference number is incorrect. What payment reference number / format should I be using?

No same amount of salary paid every month how do I get taxed?

Posted 5 February 2015

If I run a CC and my salaries are not the same amount every month and my credit cards are settled via the business account which I then add as salaries. Can I round off the amount accordingly? i. E. R6000 a month?

Commission less than 50%. Can I claim expenses?

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
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