Employed by a foreign company, and need to pay over my own tax, how much will it be?

Posted 30 May 2016

I've recently become a contractor to an overseas company, I've been informed, that I have to pay my own income tax. I send them invoices. My monthly invoice fluctuates between 22000 and 30000 as I get paid on a daily basis. I don't get an IRP5, and I pay my own medical and recently setup my own RA contribution. I need to pay my tax. When and how much do I need to pay. I've been a contractor for them from January 2015 to now May 2016

Deposit of foreign income into South African bank account, is it taxable?

Posted 27 May 2016

If I am working outside the country and wanted to send a large sum of money as a deposit for property within South Africa what are the Tax implications if any. I believe that because it is a large sum of money that it would need to be declared to the South African Reserve Bank beforehand.

Can I deduct salaries I pay from my unrelated salary for income tax purposes?

Posted 26 May 2016

Hi, I have a quick question, I am a permanent employee of a company and earn a monthly salary from which I pay medical, pension and pension fund, all deducted straight from my salary. I in turn have two people employed by me on a permanent casual basis, they are paid roughly R2500 each per month, could I get a tax deductions for this?

what expenses can i claim if I own a taxi?

Posted 26 May 2016

If I own a second vehicle and use that second vehicle 100% as a Taxi. Would the tax be payable on only the income or payable on income - (minus) expenses?

For example, monthly costs breakdown as follows:

Expenses: Vehicle Repayment Costs - R1500 / Vehicle Insurance: R1100 / Vehicle Tracking Costs: R100 // Total: R 2,700. 00

Income: R 8,000. 00

Income (R 8,000. 00) - Expenses (R 2,700. 00) = R 5,300. 00

My question is. Would I pay tax on the income of R 8000 before deducting expenses...

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Can I claim for travel expenses without any records?

Posted 26 May 2016

I am a freelancer which I started in June 2015
I did not keep a log book
am I still able to do any sort of travel claim as I spent most of my time driving out to clients

Can I still pay UIF if I dont have a tax number?

Posted 25 May 2016

I have been working for 2years now and my employer gave me a Employee Income Tax Certificate(IRP5). I don't have a tax number but there's deduction for UIF,I would like to know where is that money going to

Am I really an independant contractor?

Posted 25 May 2016

I am soon to start with a company which has listed me as an independent contractor. - I will be working from home after my initial 6 week training/trial period. - I will go to business meetings. - My main earnings will come from this company
- They reimburse for internet, phone and training course up to a certain amount. - They say in the contract that they will not pay PAYE, UIF or anything like that. - I am to invoice them at the end of every month
- I have no indication of leave days in the contract...

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Am I able to claim additional medical expenses?

Posted 25 May 2016

Hello - I am 52 years old - I have a medical aid - a discovery coastal saver - essentially a hospital plan with a portion of my my premiums going into a savings account every month. I understand that I get a rebate based on my premiums paid. I am trying to understand what constitutes a qualifying medical expense. If money is taken form my medical savings account (which is effectively my money) do these expenses count as "qualifying" - my accountant has told me that only if I spend more than a c...

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Medical aid gap cover

Posted 25 May 2016

What about medical aid gap cover, can I add this to my total for the tax year? I. E. Adding it to the total of what I paid for during the tax year on my medical aid.

Maximum tax deductible contribution towards a RA

Posted 25 May 2016

I am trying to work out the maximum tax deductible contribution to a Retirement Annuity. Person earns R1 000 000 of which 75% is pensionable. Total contributions to pension fund is 13%. He made a capital gain of selling shares at R150 000, received rental income of R180 000 with R50 000 deductible expenses. I'm confused on how to work out this question. It states that max deduction for a RA is 15% of non-pensionable income. I get R250 000 R150 000 R130 000 = R530 000 x 15% = R79 500. However...

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No payslips, no proof of PAYE being withheld

Posted 24 May 2016

Good evening, My fiance has been employed by a small business as from the 1st of February 2015. His employer does not provide him with payslip nor did they provide him with an IRP5 when we needed to do his tax submission. When we submitted his tax returns for tax period 1st of March 2014 to 28th of Feb 2015 we had submitted the month of Feb 2015 blank and only stipulating the company's name. As another tax period is coming up, and no payslips can be provided to SARS, what does my fiance do. I wa...

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Am I required to pay tax?

Posted 24 May 2016

Need to now if I must pay tax. I earn about R6000 but my employer deduct about R141,16 for Uif so that leaves me with R5,858

Medical aid cover in relation to out of pocket medical expenses

Posted 24 May 2016

Is it more beneficial to have a medical aid that covers less so your medical expenses (not covered by the medical aid) that qualifies for a tax return would be more therefore your tax return would be more?

Increasing rental property loan to reduce home loan?

Posted 24 May 2016

Is it possible to take some equity out of our rental property by increasing our loan on that property to put against our home loan and would the increase in interest on our rental property loan still all be tax deductible?

Can I deduct the commission earned by the attorney on a deposit?

Posted 24 May 2016

We bought a house and gave a large cash deposit to the attorney to hold. The transfer of the house took a while so the interest accrued amounted to some R65000. However, the attorney took as a commission about R10,000. Both amounts are shown on the IT3b. SARS included the total interest on my tax return but disallowed the deduction. Is there any way to get the deduction?

Return completion?

Posted 24 May 2016

What are this code for 3696, 3697 & 3698?
where should we put the amount from certificate for income tax purposes from SANLAM?

Meaning of non taxable income

Posted 24 May 2016

What doe a non taxable income means on my IRP5 code 3696

Tax directive withheld due to tax debt

Posted 24 May 2016

If tax payments to SARS is outstanding, why won't SARS issue a provisional taxpayer with a tax directive

Tax due on R24000pm

Posted 24 May 2016

I am a Casual worker earning less than R24 000 a year a 25% tax is taken from my salary every month. Am I supposed to be taxed?

Can i claim back Transfer duty?

Posted 23 May 2016

I recently purchased a property for residential use. The conveyancers submitted a Transfer Duty to SARS and the transfer fees equated to R12600. I normally get an IRP5 and medical aid forms from my company and submit my income tax when season opens. My question is what do I do with the transfer duty declaration for SARS issued me to be considered and is there any way of getting any refund on this transfer fees.

PAYE vs Provisional tax for a member of a CC

Posted 23 May 2016

I am a member of a CC and have 80% interest in the company. I run the operations of the company and have been paying myself salary. The company never registered for PAYE as I was paying provisional tax and I was the only one earning a salary. Now the company is hiring more people and we have registered for PAYE/UIF. DO I carry on submitting provisional tax instead of PAYE or do I cancel Provisional tax and start paying PAYE. If I don't register for PAYE, what can the company provide me with to p...

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What will my tax liability be if I start a business?

Posted 23 May 2016

Hi, I can provide services such as graphic design, animation, music production and web development. I recently caught attention of few business owners wanting me to do work for them, will I need to pay tax approaching them as self employed individual? I am prepared to charge everything once off based.

Rental income allowable tax deductions

Posted 22 May 2016

I am currently in the UK and need some help regarding various tax related queries before I tax return to South Africa within the next 2 months

Including my tax return I did online before I left. (needs to be finalised)
A bank account change at SARS. (do I have to do it in Person)
I need to register a SA company for VAT. I would like to know how long I must be in the UK to have a tax benefit in South Africa. I have been working here since 1/1/2016 and have to tax return before 31/07/2016...

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Tax on inheritance received by an individual

Posted 22 May 2016

I have recently inherited a sum of money from two sources. One, my late mother's estate account via a will and the other, a pension claim from my late mother's pension fund(GEPF). Both these amounts were taxed before they were paid over to me. Both the executors and GEPF submitted tax directives to SARS in order to facilitate the tax payment process before making payment to me. My salary income falls within the necessary category in order to be required to submit a tax return. How will I be taxe...

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Will I have to pay tax on my late husbands RAF claim pay-out?

Posted 22 May 2016

My husband was killed in a motorbike accident by a drunk driver. I am awaiting a settlement from the Road Accident Fund and I have a few questions please. 1. Will I be taxed on the amount paid out to me for my kids and I
2a. Will the fund deduct the amount before the payout?
2b. Or must I pay it afterwards and how does that work?
3. How much is the tax? I was 26 when he was killed, and my kids 3years and 8 months respectively... I am scared the government made me wait all this t...

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