I've not filed a tax return in years, what should I do?

Posted 27 August 2013

I've not filed a tax return for the last few years, though my company has been taking tax off my paycheck. What should I be worried about? What should I do?

Lump sum tax on backpay?

Posted 26 August 2013

Hi Tim

I am employed by the Department of Education. Last year (2012) the DOE did not pay my salary for 6 months (April - September), I then received the 6 months salaries in a lump sum in April 2013. I was therefore heavily taxed on the lump sum. When can I claim back that tax, with this year's tax return or next year?

Do you have to pay SA tax on joint pension of - R60,000 (R30k each)?

Posted 26 August 2013

My husband and myself receive a British pension each. Not a full pension, something like R60,000 a year between us. Do we have to pay south African tax on it?
Thanks
Molly

Hourly rate "net of tax". What does this mean?

Posted 26 August 2013

I am starting a new position with a multi-national US based company, and my letter of appointment lists my hourly rate as "net of tax". I am not sure what this means, and was hoping you would be able to shed some light. How are my tax implications affected? Do I need to register for provisional tax?

What is "taxable income" on my payslip?

Posted 26 August 2013

On my payslip there is a huge amount called taxable income, what is it?
Do I owe SARS or is it owing me?

How much does TaxTim cost if paying up front?

Posted 26 August 2013

I don't understand your pricing. How much do I pay if paying up front? I am a returning user

Does the receiver of a gift pay tax on the money?

Posted 26 August 2013

My Dad gave me R60 000 to pay for my studies at a university in the UK. Do I need to pay tax on this gift?

Your source code is not on my IRP5

Posted 25 August 2013

The source code you ask for is not on my IRP5. I don't have 4003 or 4018.

When must I start paying tax with (Pty) Ltd and should my company be audited, if so when?

Posted 25 August 2013

Hi Tim,I've registered a (Pty) Ltd at CIPIC to act as a holding company to launch all my ideas through and operate from its bank account.I am confused however as to at what point I would have to pay tax with this business, i.e after how much income should I pay tax, at what amount?Also if and when my company would need to be audited, since it is a (Pty) Ltd but still pretty small?Thank you

Are Directors entitled to also pay PAYE to SARS on their salaries/fees monthly?

Posted 24 August 2013

Are Directors entitled to also pay PAYE to SARS on their salaries/fees monthly?

Practitioner can't submit or search for ITR12 on efiling

Posted 24 August 2013

Hi, I registered as a tax practitioner on the SARS efiling website but now I can't access my clients, like I cant get into their files. I am stuck.

Does the system handle lump sums and capital gains?

Posted 23 August 2013

Does the system handle lump sums and capital gains?

Do I owe SARS?

Posted 23 August 2013

I did my efiling on Tuesday and I have received an SMS saying

"thank you for submitting your irp5. account balance is R8886 due by you."

Do I owe SARS or does SARS owe me? Pls help!

Can a non-resident South African citizen take out inheritance from SA?

Posted 23 August 2013

I've lived out of SA for 22 years and have held dual nationality (SA and UK) for the last 12 years. I rarely visit SA and have not spent more than 3 weeks there in any of the last 20 years. My question is about inheritance. If I inherit in SA, will I be allowed to take my inheritance out of SA? I have never formally emigrated, still hold a SA passport in addition to my UK one and have no assets in SA. Would it make things easier if I renounced my SA citizenship?

Medical Tax Credit (MTC) and the ITR12

Posted 23 August 2013

I pay my own medical aid and the total amount paid was R15626. When entering it on my ITR12 it shows me a NULL allowable medical deduction under a code 4008. Am I not supposed to get my MTC of R230 per month? It was not deducted on my IRP 5 so I paid my full PAYE amount.

How to deal with depreciation if moving from sole prop to CC.

Posted 23 August 2013

On 1 September 2013 I will cease as a sole proprietor and operate as a CC. How do I deal with depreciation eg a truck depreciated for 8 months with 40 left under the new CC.

Provisional tax Period 1 query

Posted 22 August 2013

Hi. I am a provisional tax payer for the first time due to earning rental income greater than the threshold. I received (& was taxed on) a bonus from my employer in June this year. How do I treat the bonus payment on the provisional tax return (period 1)?
If I include it as part of taxable income, my tax payable is inflated as bonuses are taxed differently from normal income. Please advise.

Register company for tax

Posted 22 August 2013

My employer wants me to register for tax, but she is not registered as a company/employer.
How does this work?
What are the procedures that must be followed.

Thank you.

What is the tax free amount for interest earnings? I am over 65.

Posted 22 August 2013

I am 66 years old - what is the tax free interest earnings amount - 2013/14 tax year. I earn a salary of R104,000 pa.

SARS tax source code 3698

Posted 22 August 2013

Please can you explain the source code 3698 - Gross non-funding retirement funding employment income on the SARS tax certificates.

SARS requesting IRP5. Employer can't find IRP5.

Posted 22 August 2013

Hi Tim,

I started working in January 2008 but never got given my IRP5 for the tax year ending Feb 2008. Now SARS has asked me for that IRP5. I've contacted my former employer but I'm not sure if they have it. What is the worst case scenario if they (my former employers) can't find it? SARS have said I must bring it before they pay anything out.

Efiling status says "correction filed"

Posted 22 August 2013

Hi Tim,
I submitted my tax return. I submitted supporting documents. The status on efiling is - "Correction Filed".
Please can you advise what this means? How will I know when payment will be made to my account - what should the status be?

Subsistence allowance rate for Mozambique tax year

Posted 22 August 2013

Can you give me the subsistence allowance US$ rate for Mozambique tax year 2013 please.

How to calculate Tax Refund if over 65 with a disabled dependent

Posted 22 August 2013

I am completing my father's Tax Return for him. He is over 65 and has a dependent, my brother, who is mentally disabled. I have indicated this as such on the return and can see from the calculation that the full medical amount listed is shown as a deduction from the taxable amount. What is confusing me is the only amount being reflected as a refund is the PAYE he paid on some shares that he cashed in and there is no additional refund for any of the mental disabilities. Am I understanding the med...

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Can taxes be deducted if you have never earned more that R40 000p/a?

Posted 21 August 2013

Hi Tim

My husband earns about R44 000p/a. For the past 3 months, money has been taken out of his account by SARS. According to them, it is outstanding taxes from years passed when he neglected to pay his taxes, however this is the most he's ever earned.

Is that at all possible with his salary?
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