When calculating the tax portion on a lump sum payment isn't the first R500,000 tax free
Posted 29 November 2014
When calculating the tax portion on a lump sum payment isn't the first R500,000 tax free which means the tax calculation should only be done on the remaining portion. With a lump sum of R3,000,000 the taxable portion is R2,500,000. This means the tax will be 36% of the amount exceeding R1,050,000 + R130,500 which is 36% times (R2 500 000 - R1,050,000) plus R130,500 = R 652,500
Refund on unclaimed medical aid contribution
Posted 28 November 2014
For the last 5 years I did not claim for the medical aid contribution I made via my company because I did not know that I can. Can I now ask SARS for the refund?
Request for correction
Posted 27 November 2014
I made a small mistake in filing my return realized it after 8 days and used RFC and got the following message:You have received the following:Please note that your return cannot be processed as SARS is currently reviewing your assessment. The return will be reviewed as part of this process. SARS will advise you on the outcome in due course. Attached to Enforcement caseBasically I fixed the medical aid information as per the certificate. Previously I was due a refund of 800 rands, now it 0.95 ce...
Read more →
My estimated pension is R1 200 000
Posted 27 November 2014
I am 46, I was dismissed from the saps during nov 2012, my pay out is 1 200 000, how much tax will I pay, am I entitled to gratitude from SAPS?
How do you calculate Med/Scheme tax credit and Additional medical expenses
Posted 27 November 2014
I am 81 and married and I see that the way one shows medical expenses seems to have become complicated. Am I correct in working it out as follows?
My Medical scheme fees for the year are R22 896.00 and additional medical expenses R8335.
In the line ?%u20AC%u0153Medical scheme fees tax credit?%u20AC? I enter R6168 (R257x2x12).
Excess Medical scheme fees are R4392 (R22896-3xR6168)
In the line ?%u20AC%u0153Additional medical expenses?%u20AC? I enter R4342.33 (R4392 R8335)/3
Read more →
Can I claim on diesel?
Posted 27 November 2014
what can I claim back from the tax as a cc example: diesel and how does it work we have got 2 vehicles that does all the work for the call outs and work to be done
What is the PAYE on income?
Posted 26 November 2014
What percentage do you take when you take PAYE?
If my bonus is equal to my salary but includes allowances am I liable for dubble the UIF and PAYE?
Posted 25 November 2014
If your bonus is equal to your salary but it include travel allowance and telephone allowance how is it calculated for example;
My gross salary is R8800.00 (Basic Salary Allowance transport R500 R300 telephone allowance) bonus R8800.00 gross Income=R17600.00
How much will the UIF be and the PAYE?
Since my company took my tax number does that mean I am taxed even though I earn R5000 per month.
Posted 25 November 2014
I earn 5000 a month and the company took my tax number so what I want to know is that mean I will be taxed?
Rental Income and Expenses Backdating
Posted 25 November 2014
How do I backdate rental income and expenses since 2011, since I didn't realize I had to add it.
What to enter for "creditors", under Assets & Liabilities, on ITR12 form?
Posted 24 November 2014
I earn rental income so am completing an ITR12 form. Under local assets & liabilities, the "creditors" section... does one complete 'all payments made to creditors throughout the tax year' OR the balance of what is owed for the full account OR the current monthly installment owed OR the installment owed for the month at end of tax year..?
Many thanks in advance!
SARS ITSA & how long does an audit take?
Posted 24 November 2014
I have received an ITA34 reduced assessment after visiting a SARS branch and submitting all necessary documents. This document shows a refund payable, but also show that I have been selected for audit process. I have not received an ITSA and would like to know, how long does this audit take and will the ITSA show the FINAL refund amount?
If you receive weekly wages how is leave pay and leave bonus taxed? Is it on the weekly tables?
Posted 24 November 2014
If you receive weekly wages how is leave pay and leave bonus taxed is it on the weekly tables or the monthly tables?
Are legal expenses for CCMA legal advice deductible?
Posted 24 November 2014
A company I worked for claimed intellectual property of software I developed in my private time for a private client. Their claim was based on the wording in my employment contract. When I refused to hand over the IP, they made my life a living hell. I left the company citing constructive dismissal and went to the CCMA. While I represented myself, I paid a labour lawyer for consulting on what to do.
Can the costs of the labour lawyer be seen as a legal expense even though I lost the CCMA case? I was claiming 12 months salary which would have been taxable....
Read more →
Need an extension on eFiling?
Posted 24 November 2014
Hi Tim! Will the taxman give me an extension on my eFiling ? I get my statement from 2013 only in /- in a weeks time !
What do I apply for in Freelance?
Posted 23 November 2014
Hi.I am getting paid a fixed monthly amount from a company to do merchandising for them 3 times a week.This is my only source of income? (R7000,00 per month)I will also need to pay my petrol with this income as the job require traveling?What do I need to apply as?will it be a tax directive or a provisional tax payer?
Tax on incentive and bonus
Posted 23 November 2014
If I earn R5 133 gross per month and I receive a incentive of R3900 and a 13th Cheque of R5133, will I pay Tax on incentive or bonus?
Young Disabled rebates applicable?
Posted 22 November 2014
What are the rebates for disabled people below age 65?
Can you process a SARS Tax Number for me?
Posted 22 November 2014
I need to have Tax Number from SARS. Can you process that for me?
Implications for permanent residence application if non-res performs work outside SA for SA employer
Posted 22 November 2014
Hi Tim,I am responding to your answer to a question: https://www.taxtim.com/blog/how-do-i-know-if-i-am-a-tax-resident-of-south-africa#comment-1301I don't seem to be able to respond within the thread.I am in a similar position - also a UK national on a local contract since April 2012 (first two years on an intra-company transfer visa, now on a general work permit) and it looks like I might have to work on projects outside SA.If I do this and reduce my tax liability, what does this do to my a...
Read more →
Treatmnet of taxable earnings refunded in clawback of maternity leave
Posted 21 November 2014
My question is around the treatment of the tax on maternity leave that is clawed back. Our company pays 4 months full pay while an employee is on maternity leave,but there is a clawback should the employee resign within 12 months of returning from maternity leave.
We calculate the clawback on a gross salary plus allowances and any benefit payments, eg: Basic pay, plus travel allowance, plus company paid medical aid, plus company paid provident fund, and deduct the sum of these from any outstanding money due to the employee. We deduct the total due as an advance and credit the cost centre accordingly....
Read more →
How to claim Motorcar expenses
Posted 21 November 2014
I am self employed (Handyman) and use my car to get to the places of business. I keep a log of km traveled for business. SARS informs me I am NOT allowed to claim any expenses with respect to my motor vehicle. Is that true? If not how to go about it?
Previous company did not forward IRP5 , now I am being penalized.
Posted 21 November 2014
I really hope that you can help me. I have incurred a penalty because my previous employer did not forward my IRP5 for this passed financial year and therefore I did not file for that job's IRP5. Is there anyway that I can resubmit with the additional form? I was owed a rebate but now with the penalty, that is no more, and also if it is possible to resubmit, will a once again receive a rebate?
I really hope that there is a way to rectify this.
Debit Loan Accounts & DWT
Posted 21 November 2014
I'm the sole member of a CC & have a debit loan account amount of approx R200,000 for the 2014 tax year.I believe that this raises certain DWT issues etc and was wondering if the CC charges me market related interest on this amount for the year & adds this amount to my loan account, would this solve my problem & not have to declare a dividend to balance the loan?If also heard that if the deemed dividend rule (DWT) will not apply if the loan is repaid or otherwise extinguished by...
Read more →
What is meant by "reduced assessment" and "additional assessment" in my ITA34?
Posted 21 November 2014
Hi TaxTim.
What is meant by "REDUCED ASSESSMENT" and "ADDITIONAL ASSESSMENT" in my IT34?
Thanks in advance.
Older posts →← Newer posts
105 106 107 108 109 110 111 112 113 114 115 116 117 118 119 120 121 122 123 124 125
