What is Section 89 Quat(2)

Posted 10 November 2014

What is section 89 quat(2) interest?

Paying tax working for a partnership.

Posted 10 November 2014

I have started a new job where I'm working for partners and they will be paying me R5000 each from their respective accounts. I have not paid tax before but assume I will have to start now. What type of tax do I pay? Colleagues contract themselves to them and pay a provisional tax. Do I pay PAYE of provisional tax?

When to submit provisional tax returns?

Posted 10 November 2014

Hi, I have submitted my 2013/2014 ITR12 - have now discovered that I am a provisional taxpayer. So do I have to now complete an IRP6 for the period March to August 2014?

Provisional Tax Payer

Posted 7 November 2014

Must I register as a provisional tax payer OR will SARS inform me?

Does a sole prop with employees need to register for PAYE?

Posted 4 November 2014

I am a sole prop and therefore do not have a company registered with CIPC. I have a few staff that work for me. Do I need to register for PAYE and UIF with SARS? Can a sole prop (ie and individual) register for PAYE?

How will I be taxed as a freelancer on retainer?

Posted 3 November 2014

Hi there!

I am currently full-time employed as an editor, but would like to go freelance next year. I am busy putting a proposal together to encourage my current employer to keep me on retainer for a portion of my current duties, for a portion of my current salary from January 2015, so that I can at least be guaranteed a basic salary for the first year or so of being a freelancer while building up a client base.

As far as tax goes, my understanding was that the burden was on freelancers to submit quarterly or annual tax returns, and that employers using freelancers were not necessarily obligated to deduct tax on their fees...

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Is there a threshold for registering for provisional tax for a non salary person?

Posted 3 November 2014

I run my own business as a sole prop in my own name. I read somewhere that if my taxable income is below a certain threshold for the year, that I do not need to register as a provisional taxpayer. Is this correct? I was under the assumption that because I earn income other than a salary (from carrying on a trade) I am automatically a provisional taxpayer?

If I am below the threshold and do not need to register, then how will I know this before hand? For example, for the 2015 tax year, I will only know if I am below the threshold at the end of the year, being Feb 2015. By then, I would be late in submitting my provisional tax returns (due in Aug 14 and then Feb 15)?...

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Must I submit a provisional tax return if I only became a provisional taxpayer in October?

Posted 3 November 2014

I started my own business on 1 October 2014 and am now running as a sole prop. I am aware that I am now a provisional taxpayer and need to submit IRP6's.

My question is do I need to go back and submit an IRP6 for the first provisional return for 2015 tax year at end August 2014 (for 201501) even though I was not a provisional tax payer at that stage?

Would I just submit a Rnil return?

Can I claim expenses in the current tax year for prior year expenses?

Posted 31 October 2014

I am a provisional tax payer. My 2013 tax year has been assessed and finalized.
Can I claim business expenses in my 2014 tax year, that were incurred in the 2013 tax year but not claimed?

I have earned R130K, mostly contract work, no irp5. How much do I keep to pay tax, do I file?

Posted 29 October 2014

I have not been filing due to unemployemnt. But this year I have a very small job that will pay out about R30K and I recieve money for contract work to the tune of R100K 1) How much money should I keep aside for tax (approximately)2) Should I file a tax return. (I usually efile.)Thank you so much for your answer in anticipation.

Closing date for tax returns to be filed with SARS?

Posted 16 October 2014

When is the closing date for tax return?

Do I submit an IRP6 for the sale of a primary property if there is no Cap Gains Tax payable?

Posted 15 October 2014

On 3rd October 2014, I received proceeds from the sale of my primary residence. By my calculations, no capital tax is payable. I am registered as a provisional taxpayer, but have not had reason to pay any provisional tax for 5 years. Do I need to submit a provisional tax return on the sale by Feb 2015, or can I wait until I need to submit an ITR12 next year?

Should you subtract VAT when calculating business expenses?

Posted 13 October 2014

I am a non-VAT registered, sole proprietor. When I deduct business expenses i.e. office equipment, phone costs etc. from my income to determine taxable income for the year, should I first subtract the 14% VAT portion of those expenses or am I allowed to "claim" the expense as-is?

For e.g. I buy an office desk for R2000.00 incl. VAT from a shop. Do I factor in R2000.00, or only R1754.39 as an expense?

What is provisional tax?

Posted 6 October 2014

What is provisional tax?

Do we include inheritance and personal property as a sole prop when filing small business tax return

Posted 17 September 2014

I'm helping my mom do her tax for her small business. We have deducted all the necessary amounts under the expenses section. My mom owns a house that is standing empty and she has a small inheritance of about R100 000. she is a sole prop. do we have to declare this? they are not part of running the business. this is invested in a money market account. she does declare the interest earned to tax.

PAYE tax credits on IT14

Posted 13 September 2014

When completing the IRP6 you deduct the amount of PAYE allready paid. When completing the wizard to create the IT14 form, under Tax Credits it asks "Will the company be claiming any PAYE credits reflected on an IRP5 tax certificate" - would you complete this if you deduct PAYE from your employees, like on the IRP6? Or how does this section work?

Can both employer & employee med aid contribution be used in calculating Add Medical tax credit

Posted 9 September 2014

I need to calculate the Additional Medical Expenses Tax credit to be included onto my Provisional Tax Form IRP6 for 01-2015. Half of my medical Contribution is paid by my employer directly to the medical aid and I pay the other half. Must I use both be added together to include in the calculation? Furthermore I have no excess medical fees/expenses. Another problem is that my 7.5% of my taxable income is greater then the medical value subtotal. This results in a negative value for the Addit...

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What are the tax implications for international network marketing reps?

Posted 29 August 2014

Would Network Marketing Income (Commission) be treated as small business income? Does expenditure on MLM product (travel, merchandice etc.) & branded clothes be allowed as expenses?Would international income be taxed when paid into an international account or only when transferred to a South-African account?

First IRP5 2015 setup on TaxTim

Posted 27 August 2014

I am a new provisional tax payer. I understand that I need to submit my first IRP6 by end August 2014, to cover the period March until August 2014. When I choose the tax year as 2015 in the set-up of my taxtim profile, it says I should be submitting for 2014. How do I move forward?

Risk of underestimation of provisional tax in August?

Posted 24 August 2014

If you underestimate your provisional tax in the August submission, but then are better able to more accurately estimate it in February, are you penalised for the under estimation in August? Furthermore, are there possibly any thresholds for underestimation in August which gives rise to a penalty, even if you accurately submit in February. Or is it is you're able to estimate accurately in February, that there are no penalties induced despite the underestimation in August?

2015 Provisional Tax figures please?

Posted 18 August 2014

1. Tax tables for 20152. Tax Rebates - Primary & Secondary3. Tax Thresholds for over 654. Exempt portion on investment interest - over 65

Do provisional tax payers that have PAYE deducted and paid over monthly have to submit 1/2 year retu

Posted 15 August 2014

If I am a provisional tax payer and my company pays my PAYE over to SARS on a monthly basis, do I have to fill in the half return. Can I not just state that PAYE is deducted and paid over monthly. I earn dividends and some interest over and above my monthly salary.

At what stage must a SP register for tax?

Posted 14 August 2014

I run as a sole-proprietor a small beauty business. I have been a student and then on completion of studies decided to work for myself. I am alone in my business and have built up the earning capacity slowly, due to my expenses of buying equipment and upgrading my home salon as I go along. I don't pull a salary for myself of over R8000.00 per month and some months only draw about R2500.00I am not registered for TAX personally as I looked at the tax tables and did not seem to earn enough to...

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Query on how to pay provisional tax and when to submit normal tax return?

Posted 13 August 2014

This is my first time submitting for provisional tax as I have additional income this year in addition to the salary I earn. Please can you advise how I go about applying for the IRP6 and when do I complete my normal tax return in addition to the provisional tax?

What is the tax effect of me turning 65 years of age?

Posted 11 August 2014

for 2015 tax year ending Feb 2015 , I will be 65 in Dec must I treat my provisional tax return for the mentioned period as if I are already 65 by using rebates and other tax credits for over 65?
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