Tax on initial lump sum payment upon early retirement
Posted 2 May 2016
How much of R220 000. 00 is paid as lump sum on retirement at the age of 55?
Is the lump sum tax deductable?
Does SARS pay interest on refunds due?
Posted 2 May 2016
Interest payable on refunds:
I objected against admin penalties incorrectly charged and I am due a refund of R18,000
I objected against a incorrect tax assessment medical expenses not allowed refund of R9,261
I overpaid assessed tax by R7,000
Will SARS pay interest on these amounts owing to me? The admin penalties was initially taken from a refund due to me so they had already been paid.
Tax on a sole proprietor
Posted 29 April 2016
I have just opened a sole proprietor in my name. My questions is probably one of the most common ones but I would love to receive a clear answer. I would like to know:
~How much Tax would I pay on my sole proprietor income?
~Is it Tier related?
~Or is it the same Tax doesn't matter how little or much my sole proprietor earns?
~Can I claim this tax back?
~And final question How does my own income apart from the sole proprietor effect the taxes?
Supporting documents for capital gains tax deduction
Posted 28 April 2016
I have sold my primary residence which was bought in 2002 and there will be a profit of more than
R2 000 000 subjected to Capital Gains Tax. There were a few small improvements (not maintenance) done over the years which I believe can be included in the base cost for example Paving, Blinds, Towel and curtain rails, cornices and garden landscaping. However, I do not have documentary proof for some of the older improvements anymore. (Improvements still form part of property)
My question...
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No IRP5 due to retrenchment
Posted 26 April 2016
We got retrenched in Sept 2015 after not being paid two months salaries. Employer claimed liquidation, but no details up to now. We do not have IRP5 because the sub-contracted audit/payroll company has not been paid for such service, and they are refusing to provide us with IRP5 due to non-payment by the employer that retrenched us. How do we go about solving this problem? We need IRP5 for the 2015/2016 tax season submission.
Medical deduction
Posted 26 April 2016
I paid for the medical fees when my girlfriend gave birth to our son, I'd like to know if a can claim it back form SARS. She doesnt belong to a medical aid
Medical expenses on chronic medication
Posted 26 April 2016
Are payments by Medical Aid Funds for medical expenses incurred ( eg. Chronic medication) on behalf of a member treated as qualified medical expenses
PAYE deduction from Independent Contractor
Posted 25 April 2016
I am a bookkeeper new to the film production industry and need some clarity on freelance artists. My understanding is that unless they have a registered company the deduction is 25% from their earnings without fail. If they claim they have a company then I am to ask for the company registration certificate for audit purposes and not deduct PAYE
Will SARS refund one amount for 2009 to 2016?
Posted 24 April 2016
Hi Tim, I have an income tax statement but the period is from 2009 to 2016 and I have already received one payment do I still get other payments from SARS or is it only one payment?
May a sole proprietor have travel allowance and must retirement or providend fund be deducted monthl
Posted 21 April 2016
I would like to know if a sole proprietor may allocate a travel allowance to himself?
In regards to a retirement or provident fund may I do payment once a year up to 27. 5% of my earnings or must I do it monthly?
Your help will be greatly appreciated
WS
TaxRefund
Posted 21 April 2016
I wanted to knw if a contract worker is allowed to claim a tax return?or isn't claimed by the people who's bt working
How much will my PAYE be and am I due for a tax refund?
Posted 20 April 2016
I earn 12000 a month which calculates to 124 000 per year. What is my total taxes and what is the amount of my tax return if I am eligible for a tax return pay out and can my employer file my tax tax returns on my behalf
I would like to know how can I get my tax refund
Posted 19 April 2016
I would like to know if it is possible that I can be able to get a tax refund after retrenchment.
Tax refund on retail slips
Posted 19 April 2016
How much tax refund would I get if I submit retail slips amounting to R10 000?
Interest on tax refund
Posted 18 April 2016
My tax assessment SARS did not split my rental income 50% as I am married in community of property as was indicated on my tax return, Lodged an objection, but it took so long that I had to pay the incorrect amount in, it was R126,000. My objection was allowed and SARS paid me back the R126,000. But they had this money for 2 months and did not pay me any interest. Should they not pay me interest?, it was there mistake.
Tax on share options
Posted 14 April 2016
On 1 March 2011 MaxBuild Ltd granted me an option to purchase 10 000 equity shares in the company for R75 each. The conditions attaching to the grant of the option were that I would not be entitled to dispose of the shares for five years or until I resign, whichever occurred first. At 29 February 2016 the shares had a market value of R123 each. This offer was not extended to any other employees at the time it was made and I'm still in the employment of MaxBuild Ltd. How will this transaction be ...
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How can we claim bond interest from rental income when married out of COP?
Posted 14 April 2016
My wife and I are married out of COP (ANC with accrual). My wife owns an unbonded property that she lets. This means she has a lease agreement with the tenants, although they pay their rent into my account. I own the property that we reside in, which is bonded. The nett effect is that we receive rental income and pay bond interest, albeit on different properties. I would like to be able to claim the bond interest from my wife's taxable income. In order to do so, I assume we need to take out ...
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Does a sole trader require signed financial statements?
Posted 14 April 2016
Does a sole trader who is registered for provisional tax need to have annual financials done?
Need help with proof of res ans how to make sure I dobt keep going back and forth to sars / SARS doc
Posted 12 April 2016
I am getting my tax number today and am 22 I need to have a tax number in order for me to start working I have never had any sort of bill on my name to have access to proof of residence, I live with my parents and they have such how do I proof that I live there too? without having any sort of bill payments? help please
Tax for temporary employees
Posted 11 April 2016
I am a temporary employee with three months contract in a municipality. I earn R37. 50 per hour and get paid on monthly basis. Last month my employer taxed me 18% on my salary. I worked for 160 hours. Is this the right percentage they used? please advise me on the applicable tax law for temporary employees.
Capital Gains Tax - costs of selling primary home.
Posted 11 April 2016
When selling one's primary residence, am I correct to assume that closing out of the bond is included in costs of selling the asset when it comes to CGT payments? Does this fall under costs of selling the asset?
2016 delayed verification
Posted 11 April 2016
I submitted my Tax tax returns at a SARS branch on the 25th of Feb. I was missing one document and supplied it to the branch the following day. My tax returns were triggered for verification, both the ladies who assisted me told me it takes up to 21 days, I called a few times with my case numbers and the call centre told me 60 days - this is ridiculous, as all the documents were supplied and I was not advised of this by the staff at the branch. What can I do about this?
When to Expect SARS Refund
Posted 8 April 2016
I submitted my 2011 & 2012 IRP5s yesterday and received a message that I'm owed a refund from SARS. Any idea of when I can expect this refund?
Thanks for the help!
Will requesting my tax status start an audit if I have not been doing my taxes?
Posted 7 April 2016
How do I find out what my Tax status is and will that make SARS audit me if not correct?
I am a free lance artist I pay tax on some of my fees from some clients. I rent out cameras, and have a part time job at my family business (whose taxes are also a mess). Tax is like gibberish to me I do not understand how it works and so I just stay away. Now my bank needs a tax status for a loan and im scared I will get audited if not right.
Unsure of the difference between tax no and vat no for my company
Posted 6 April 2016
Ive been issued a tax reference number for income tax for my newly registered company. I'm not sure what it is. It starts with 907---
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