REIT treatment and provisional tax

Posted 2 July 2015

I received a REIT dividend source code 4238 on my unit trust IT3B it is very little only R30. Are Reits exempt? Also I read the ITR12 handbook and they suggest I put it under other income/accruals 4214 code with description "income from a REIT". Is this right?

I'm worried they will make me a provisional tax payer due to this extra and only R30 that dosent come from my employment income or local exempt dividends, interest. I dont really want the extra admin issues due to this small amo...

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Rental income of a jointly owned property

Posted 2 July 2015

My husband and I are married out of community of property but jointly own a flat that we rent out. When completing my provisional tax return do I include 50% of the income and expenses in mine and 50% in his return or do I include 100% in both our returns and then select the 50% partner option?

If earning money privately, from what value must you declare to SARS?

Posted 1 July 2015

I am thinking of doing some management consulting, after my normal working hours. I am hoping to earn approx R 10 000 per month. When do I need to declare this to SARS / or at what value? Do I have to register my company, as i'm not sure if this will be a permanent thing.

Am I still a provisional taxpayer

Posted 29 June 2015

I was previously running a business as a sole prop and therefore was registered as a provisional taxpayer. I have now registered a business and pay myself a salary from this. Am I still a provisional taxpayer or can I go back to doing one return per year as before? And if so, is there anything I need to do, or just simply no longer submit IRP6's?

Are pensioners over 75 years still liable for provisional tax?

Posted 29 June 2015

If you are over 75 years of age must you still submit provisional tax returns despite your income being over the tax ceiling and your interest earnings over R30,000?

Are South African bank expenses a legitimate business expense?

Posted 29 June 2015

As a provisional tax paying sole proprietor I would like to find out whether the exorbitant South African bank expenses are a legitimate business expense? I have a separate bank account for my business income.

Must I register a business?

Posted 29 June 2015

I am employed but the employer pay me for the hours worked and does not deduct any taxes or UIF I am responsible for my own taxes. Must I register a business or how can I go about paying over the taxes so I do not need to pay in at the end of the year in my personal capacity.

Is a director of a company a provisional taxpayer or not?

Posted 23 June 2015

Is a director of a company a provisional taxpayer or not?

Rental income, less deductions less than cap, must I register for Provisional Tax

Posted 23 June 2015

I receive a salary and I recently started renting out my flat (which I resided in as primary residence, until September 2014, rented out since October 2014). I received a Rental income of R40000 for the 2014-15 tax year, the property is still under bond and there was maintenance costs etc. . Which means im still making a "loss" . (i. E. Rental Income of R40000, deductions of R50000, nett -R10000)

1. Must I still register for Provisional Tax?
2. If 1, am I late for Feb, Aug Provisional tax payment deadlines?...

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Declaration of interest on fixed deposits for provisional taxpayers?

Posted 23 June 2015

I read your earlier reply to a question on income tax on fixed deposits. However, I am a provisional tax payer and my question is, when do I declare the interest earned on a 12 month F D when the inception and maturity dates do not coincide with the tax year?

IRP6 / ITR14

Posted 23 June 2015

I have a June Year end. We have submitted an IRP6 for December 2014(6 months after year end). Second provisional payment, needs to be completed before year end(correct??) Which is before 31-06-2015? Once this is completed. . . Audit takes place for 2015. Once signed AFS for June 2015 have been received - a ITR14 can now be completed - is this correct? Appreciate your help!!!

Extra income

Posted 23 June 2015

I own a one bedroom place, wirth about R700 000 in a retirement place. Besides my own home. My main income is salary and tax covered there, IRP5. I get rent of about R36000?
must I register as a provisional tax payer?
is there an amount of extra income for which one does not have to register as a provisional tax payer?
can that income be placed under a general category as extra income?

Reg sole proprietorship with SARS? or add earnings to personal tax.

Posted 23 June 2015

I run a very small business (less than R5000 per month) as a sole proprietor in addition working another job. Do I have to register the small business with SARS and do I need to pay taxes each quarter or annually adding both jobs together?

Must a capital gain be included in the first provisional return for the year when the gain is made?

Posted 23 June 2015

My company sold a property in April 2015. The tax year end is February 2016. Would the capital gain on the sale of the property have to be included in the first provisional tax return in August. The company has never actually traded and has no basic amount.

Tax due on secondary income

Posted 23 June 2015

I currently work a 6 hour day for a company. Tax and UIF deducted and I do receive an IRP5. I want to do extra work. That is work for a different company a few hours a day. Will work approximately 10 to 15 hours a week. They do not want to register me on their payroll. Do I invoice them for service and declare my extra income on my tax return? Will I then become a provisional tax payer?

Do you need to fill in IT144 if you are making a donation of R100,000 or less to your child?

Posted 23 June 2015

I and my husband both want to give each of our children (who are both under 18 and not earning any salary or interest) R100,000 each. Will we need to fill in a form IT144 for the donation even though it is at the limit where no tax is payable? Must we declare it on our provisional tax forms?

Expenses claimed as a business?

Posted 23 June 2015

Where can I get a list off all expenses I can claim for my sole prop business

Investing money at the bank and earning interest and the tax implications thereof?

Posted 23 June 2015

I want to set up an investment at the bank and earn interest on a monthly basis on it. I did some research and I found that I need to register for Provisional Tax at SARS in order to do this. I found out that 2-3 times per annum I would be required to make a payment to SARS on the interest I earn. My question is: Firstly, I would like to budget so I would like to know what percentage will SARS deduct monthly on my interest earned,and secondly,will they tax me monthly in this case or 2-3 times pe...

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What is my tax obligations when running a DVD rental store as sole proprietor?

Posted 23 June 2015

I am thinking about acquiring an established Dvd rental store and plan on running it as a sole proprietor and using my personal bank account for the business. This would be my only income and only business. * How would I calculate my "taxable-income" Ex. , (all amounts are monthly expenses) The total turnover would be roughly R15000 of which, R4000 goes toward purchasing films (stock), and R5000 would go toward renting the premises. I would also need to purchase printer ink, paper, stationary,...

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Have to pay my own tax - how?

Posted 23 June 2015

In my company I was permanent from June my position will be independent and I will have to pay my own tax. Can I do this monthly and how do I do this?

How will I be taxed if I only received capital injection no orders yet?

Posted 24 May 2015

I am a sole proprietor, started my business with no income received yet except capital injection to start and from that received salary. How will I be taxed?

How do handle monthly donations made?

Posted 24 May 2015

Sole proprietor, when do I handle donations made monthly?

My employer cannot pay my provisional tax so I have been getting a full salary.

Posted 24 May 2015

My employer cannot pay my provisional tax as they do not have enough funds to match my provisional tax (meaning what they have to pay from their pockets to SARS). They have been paying my salary in full with no deductions and it has been up to me to save that money and pay my tax in November 2015 as a Regular tax payer. How much will my tax be? I earn R15000 per month. Worked out that my tax would be R2700 per month.

How much rent is allowed before tax and when do we have to register only once the rent is paid?

Posted 24 May 2015

Hi Tim I have a student who is paying me rent in a 2 bedroom semi-detached. He started paying rent in February 2015 when do I have to register as a provisional taxpayer? Is it only once you've earned more than R30 000 for that year? Then I will have to register next year then in Feb 2016?

From freelancer to permanent - when/how do I apply for my refund?

Posted 24 May 2015

I freelanced for a while so I paid provisional tax from last year August 14 to Jan 15 and then again Feb 15 to Aug 15 (overpaid a few invoices accidentally). I got a full time permanent job since 13th April. When can I apply to get a refund from the provisional tax and some overpaid invoices please? And how do I go about this? Thanks!!
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