Gross Salary earned with no deduction?
Posted 3 September 2015
My employer only pays my salary on a gross basis, and does not deduct tax off my salary every month. He also hasn't given me an IRP5. How would I submit a tax return for this year? Should I approach SARS?
Tax returns for 2007 needed
Posted 3 September 2015
My tax have been submitted 13/8/2015 and they asked to supply a logbook which I did. My tax for 2014 was not done and have submitted those aswell. My 2015 tax was not being audited but my 2014 is under audit. When I log onto SARS eFiling it says my penalties are R500. I have called them now and they said ny penalties are R1500. And I have to submit my 2007 tax returns. I do not have any of those documents anymore as its 8 years back. How can I go about the difference in penalties fee's and submi...
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Tax on local based foreign currency accounts
Posted 3 September 2015
How is tax caculated on a local foreign currency account. Example: Savings of $100. Worth R1000 but worth R1200 due to currency changes at end of year. And also interest of R50.
Deduction in returns
Posted 3 September 2015
For an unemployed person that has a savings account and receives interest on credit balance and has an investment property that is being let and no other income, is it compulsory to submit a tax return. If so what deduction can be included in the tax return.
VAT returns duplicated (manual and efiling)
Posted 3 September 2015
Hi. I recently did the VAT tax returns for a trust that is an NGO. There were many outstanding tax returns as far back as 2008. I did not know that there had already been manual tax returns submitted for some of the periods that I completed a tax return on SARS eFiling for. This has resulted in SARS thinking we owe them a large sum of money including penalties and interest. What is the best way to correct this situation?
Where is the interest on the bond for home office expenses claimed on the ITR12?
Posted 3 September 2015
Where do I claim the interest on the bond portion of my home office expense on the ITR12, is it under the "rental" section of the expenses?
Please advise on inheritance tax and interest income tax.
Posted 2 September 2015
I am receiving R 800 000 from my uncle, as part of an inheritance. Will I have to pay tax on this. I would like to invest it where I will receive a monthly interest that I can use, will I be taxed on this monthly amount. If so how much?
Are local dividends included in local interest?
Posted 2 September 2015
Do I include my local dividends earned, as listed on my IT3b, to my total local interest earned?
Training debt
Posted 1 September 2015
Hi Tim. I was given functional training by the govt to the tune of R1,2 mil. In return I had to work it back over 13 years as part of the training bond. I left with 4 years to go. I now owe R350k. I will attempt to pay it back in lump sum as the interest they are charging is at prime. When I pay back the money via EFT is this tax deductible?
TAX Penalties
Posted 31 August 2015
I am ready to submit my tax return for 2015. However I see that I had a Positive balance on my tax return, I am told that it means I need to pay SARS, the Value was R 490. 00. How do I know the interest I will charged on this value. No Notification from SARS was received indicating that I owe or that it is owing to them.
Should I submit my late husband's IRP5
Posted 30 August 2015
My husband passed away last year July, he used to work for Fidelity security services. At his work place they sent me his tax certificate (IPR5)should I send it to SARS or what? When does the tax season end?
Earning income outside of South Africa.
Posted 28 August 2015
Hi Tim, Before I start a Tax Return I need to ask a few questions. I currently am working in the UK. I started in July 2014 to date. I submitted a tax return in SA for the 2013/2014 tax year, but my last income was January 2013 (paid tax on a Pension/provident fund early cash out for this period). I keep a current address, and still have a bank account, and assets such as a car, etc in SA. I do not own property. Under what circumstances would I be required to submit a tax return in SA, and if so...
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How much I must pay/be paid?
Posted 28 August 2015
Thank you for submitting your income tax return for the 2015 year of assessment. Your assessment has been concluded and reflects an amount refundable to you of R -316. 36
Please note that this amount only reflects your income tax assessment and does not reflect tax payable under any previous assessment or any other balances on your account. The current balance on your assessed account is R 4621. 86. For a statement reflecting your final balance (including all amounts payable or refund...
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What expenses can I deduct to calculate my taxable income
Updated 28 August 2015
Please enter your Taxable Income. This is your Gross Income minus the business-related expenses from business or rental income. Also subtract any contributions to a pension fund or retirement annuity fund, donations, depreciation and other travel allowance deduction and any exempt income. Does this mean petrol, stationery, ink rent etc.?
Taxation on UK pension lump sum payout (Aged 55 and now reside in SA since 1 Jan 2014)
Posted 28 August 2015
I have decided to cash in my Pension Pot in the UK (I was 55 years old in 2014 and therefore can retire) - I have been paid out UK Pound amount 47843 of which tax of UK Pound 19977 was deducted. I now need to recover this tax from the UK and then submit same to SARS. My query is therefore:
1. I need to complete UK/SA double taxation form to apply for relief of income tax at source ie UK and claim back my tax
2. I need to submit??? to SARS for them to calculate tax owed by me - I would however need help with this so as to understand how much tax will be owed (would be interested to know what conversion rate will be used by SARS in the calculation)...
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What to do when one hasn't filed for the last 4 tax periods?
Posted 28 August 2015
What to do when one hasn't filed for the last 4 tax periods?
Taxation of rental income within a business
Posted 27 August 2015
I own properties in a business with 2 partners, can the monthly bond repayments be deducted from the income generated from the rentals?
Tax payable on savings?
Posted 27 August 2015
What % tax do you pay on interest earned on savings and or fixed deposit.
Purchasing a home for a relative
Posted 27 August 2015
I am considering purchasing a residential property for a family relative, who would stay there and contribute towards the bond repayments. However, I would not live on the premises. From a tax perspective, what is the correct approach to avoid my relative's contributions being viewed as rental income?
Tax for pensioners
Posted 24 August 2015
I am helping someone with their tax. The person is 66 years old and has an monthly retirement annuity payout of R7000 and monthly interest (from investments) of about R4000 that gets paid out also monthly to them. Should a tax return be filed,or are there exemptions? I know the over 65 year olds get exempt of certain amounts for interest earned,but im not sure if that is the only excemption,or is there a total amount of income they are excempt of? Or must you add the two excemption amounts toge...
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Refund on Dividends Withholding tax?
Posted 24 August 2015
I have twins and have set them up with unit trust investments in their own name. The distributions from the trusts are fully reinvested. However the trusts pay out a mixture of interest and dividends etc. On the dividends can I submit tax returns for them to claim back the dividend withholding tax. The interest and capital gains portions are below annual limits. They have no other income as they are not working.
What other documents are needed to hand in with IRP5 at branch or efiling?
Posted 19 August 2015
Hi, what other documents is requiered at the SARS branch whith my IRP5? And do I need it for SARS eFiling as well? Thanks
Must I pay provisional tax?
Posted 19 August 2015
I earn a salary of R5500 per month, I am under 65 years and receive interest and dividends of R25000 per year. What forms must I complete for my tax return? Must I pay provisional tax?
Thank you
Am I and independent Contractor or a Bookkeeper for tax purposes; can I deduct a pc course as an exp
Posted 18 August 2015
I am a bookkeeper for 2 entities with the same directors, but different company and tax numbers. I invoice a fixed fee per month, but split it based on the pro-rate turnover per entity. I work form my study although I also do visit their office especially certain periods during the month - ie mid-month for invoicing and month end to balance the books. Question: Does this mean I am an Independent Contractor? Is this applicable for the 80/20 split as an independent contractor? Do they have to deduct tax from me on a monthly basis?...
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Tax implications on unit trust for a new born child
Posted 17 August 2015
Hi Tim
What are the tax implications if I have a unit trust fund for my child. Do I need to disclose the interest and capital gain on sale in my tax return? Thank you
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