Tax payment for over 65 years?

Posted 18 January 2015

I am 65 years old married in community of property, I receive a monthly annuity of R5,000, I also receive interest from fixed deposits of R16,000 per month, what would my tax payment per annum be.

No returns and tax number but have been earning a salary.

Posted 14 January 2015

What would happen if you have no income tax number and have not submitted returns for 5 years. What happens when you withdraw?
your pension.

Can I cash out my UK pension in SA?

Posted 12 January 2015

Hi, I've been living in the UK for 6 years and want to return to South Africa at the end of the year. I have a private pension here in the UK. It's not worth much - probably under £10,000. I would like to find a way to 'cash out' this pension in the most cost effective way. I'm nowhere near retirement age - I'm 33. From what I can find on the net, it seems like I would need to transfer the funds to an SA pension provider. Is this really required? Is there any way ar...

Read more →

Are there ANY tax on foreign pensions ? (in the country of origin ?)

Posted 12 January 2015

A widow whose husband was employed in Germany now lives in SA. She receives her late husband's pension. Germany want to back date tax on her pension paid to her in SA - back to 2006.
We are aware that there is no tax in SA on foreign pensions. Is it fair then to tell the German authorities that the widow taxpayer IS registered in SA for tax, so they must NOT tax the pension at source ?.
All the articles talk about no tax in SA on these pensions but don't seem to address the issue of w...

Read more →

Funds transfers and tax liability?

Posted 7 January 2015

We came to SA in 1976 with permanent residency we left in 1999. We returned in 2012 thinking we still had permanent residency bringing our savings with us. We subsequently found that we had to reapply for permanent residency as it had expired. We are here on relatives visa but want to return to UK. How does that affect transferring our saving back to UK we are pensioners and have only received UK pensions and paid tax on that at source. We have received interest on savings @ 3.5% per annum.

Medical scheme fee tax credit is greyed out and no credit amount reflex on IRP6.

Posted 6 January 2015

On the provisional tax for individuals 2nd period 2015 the the medical scheme fee tax credit is greyed out and no credit amount reflex in this column on the IRP6. On the first period this was correct for two people with an amount of R6168.00 was filled in. After various calls S.A.R.S they cannot give me a reason and for a month have not come back to me with any answers.

Tax Refund Calculator?

Posted 22 December 2014

The calculator....."Work out salary tax (PAYE), UIF, taxable income and what tax rates you will pay"...does not include interest (local foreign), dividends (local foreign), rent, "other" income...

Can I still claim my taxes this year?

Posted 22 December 2014

Can I still claim for my taxes this year and what is needed?

Tax on Interest only income?

Posted 19 December 2014

I'd like to know how tax works based on this assumption:
>>
I have only one income and it's purely from interest earned off of investments (simple investments that give a fixed rate monthly so nothing funny about offshore, shares, etc.)
>>

My guess is that it's the equivalent of earning a salary (i.e. if you earned R3500 in interest monthly that you'd look up the tax rate in the current tax booklet and therefor have to pay nothing as tax appears to only be required when earning more than R5891 monthly)...

Read more →

SARS delay in refunding?

Posted 17 December 2014

Hi Tim..I submitted my outstanding returns for 2012 on the 02 Dec and 2013 on the 09th Dec. The first one was selected for verification/audit and I submitted the supporting doc on the 3rd, there was a refund due of r971. The second one reflected a refund due to me of r13k, and was not selected for audit as per the notice that is viewable on efiling. I tried calling the contact centre but its a a nightmare to get through. I decided to send a request via email all I needed to know is when the ...

Read more →

When do you deduct penalties - before or after PAYE?

Posted 8 December 2014

Hi. I am a freelance writer. 25% PAYE is deducted from each episode as we submitted. In our contracts, it states that if we miss our deadlines, a fee will be deducted. I have since realised that the accounts department minuses the 25 % PAYE from the gross, then minuses the penalty. Shouldn't it be that they deduct the penalty from the episode fee, then deduct 25%?

Hi how do I Declare rental income on my tax form?

Posted 5 December 2014

How do I declare rental income on my tax form? If my rental income is less than my bond, municipal and levy costs do I have to declare as I am at a loss?

Penalty for late submission to SARS?

Posted 3 December 2014

I submitted my tax return for the 2014 period right on the deadline date. However my 2012 return was not submitted, I finally managed to get the IRP5 and did the submission. In both returns I have a quite high refunds, I was wondering if SARS will penalise me for late submission? Or will they penalise me for the 2012 return only. Last year I was due a refund and they paid it out without any problems.

Claim full loan premium vs only interest paid

Posted 21 November 2014

For investment properties, how do I declare the full debit order amount as a loss, instead of only the interest paid on the loan?

Previous company did not forward IRP5 , now I am being penalized.

Posted 21 November 2014

I really hope that you can help me. I have incurred a penalty because my previous employer did not forward my IRP5 for this passed financial year and therefore I did not file for that job's IRP5. Is there anyway that I can resubmit with the additional form? I was owed a rebate but now with the penalty, that is no more, and also if it is possible to resubmit, will a once again receive a rebate?

I really hope that there is a way to rectify this.

Debit Loan Accounts & DWT

Posted 21 November 2014

I'm the sole member of a CC & have a debit loan account amount of approx R200,000 for the 2014 tax year.I believe that this raises certain DWT issues etc and was wondering if the CC charges me market related interest on this amount for the year & adds this amount to my loan account, would this solve my problem & not have to declare a dividend to balance the loan?If also heard that if the deemed dividend rule (DWT) will not apply if the loan is repaid or otherwise extinguished by...

Read more →

Started late in the year - when do I file and will I receive a refund?

Posted 21 November 2014

I started working at a company in August of this year (2014).My gross annual salary is R360,000/year.Since I am paying taxes based on a full 12-month cycle but would only have worked 7 months by End of March 2015, when do I need to file my first tax return and would I be eligible for a refund?Many thanks,Gideon

Am I deducted or refunded?

Posted 21 November 2014

I am from the SARS for the first time in my life to submit my tax returns, I have received a sms Amount -R1459.79 does this mean its penalty or its an amount I receive on my bank?

If I have rental income can I claim the interest paid on my mortgage as an expenditure?

Posted 20 November 2014

If I have rental income can I claim the interest paid on my mortgage as an expenditure?

Bonds and Levies Tax deductable?

Posted 20 November 2014

1st time submitter, just completed and wanted to know if property costs like levies and bonds are factored in, as well as rental income?

IT3(b) certificate how to enter it

Posted 20 November 2014

I have an IT3(b) tax certificate from my medical aid, but nowhere am I asked to include this during the process of filing my return?

PAYE interest payable table - 2013

Posted 19 November 2014

I am a small business that have neglected to pay PAYE and UIF since May 2013. Am wanting to file and make payment, could you assist with the table for calculating the interest? Would appreciate your urgent assistance!

Should I submit a manual tax return if my SARS eFiling registration is still pending by the 21 Nov?

Posted 19 November 2014

I had a problem with my SARS eFiling registration and had to re-register for eFiling. It is now a pending registration and the due date for submitting SARS e-filing tax returns is 21 Nov 2014. The due date for the manual tax returns has passed. What do I do from my side before the due date? Should I submit a manual tax return should the eFiling registration still be pending by the 21 Nov 2014?

Do I declare and pay tax on interest received from my RAF capital?

Posted 19 November 2014

According to your answer on a previous response on road accident fund payout, the funds received does not have to be declared and is non taxable.

What about the interest received on the funds? The interest earned are my only source of income do I have to declare the interest received and pay tax on it?

I only earned interest R342K pa what will my tax liability be?

Posted 19 November 2014

I only earned interest R342K pa what will my tax liability be?
Older posts →← Newer posts    9  10  11  12  13  14  15  16  17  18  19  20  21  22  23  24  25  26  27  28  29