Tax on interest income?

  Written by Marc   Posted 6 February 2015

What is minimum amount of interest income that is non taxable. Also where is taxable interest reflected on the return?

Wasn't earning, now earning what will I pay in tax and do I go to SARS instead of eFiling.

  Written by Marc   Posted 5 February 2015

I'm a work at home struggling writer who doesn't get much work. I added up my bank statement for this year and I earned about R100k. I've been doing eFiling since it started but was told two years ago not to submit a tax return since I earned too little. R100k puts me into a tax bracket - do I go to my local SARS and fill in a form or do I do this online? BTW I bought a PC and Monitor, can I deduct that.

Reference number for EFF payment?

  Written by Marc   Posted 5 February 2015

I completed my return and received assessment showing that I owe SARS money. I'm trying to pay via EFT (internet banking) using my tax number as the payment reference, but am receiving an error message saying the format of the payment reference number is incorrect. What payment reference number / format should I be using?

No same amount of salary paid every month how do I get taxed?

  Written by Marc   Posted 5 February 2015

If I run a CC and my salaries are not the same amount every month and my credit cards are settled via the business account which I then add as salaries. Can I round off the amount accordingly? i. E. R6000 a month?

Commission less than 50%. Can I claim expenses?

  Written by Marc   Posted 4 February 2015

Hi. I earn a salary and commission. Last year my commission was lower than my salary. My consultant has claimed for expenses. Will this be allowed. I entertain clients allot, I use my car for mainly work purposes. My cellphone bill is mostly for work I have a home office. I spend allot of money to get commission. I have 3606 on my irp5

Tax penalty on fund payout?

  Written by Marc   Posted 4 February 2015

I'm currently waiting for my provident fund money payout, but i'm owing SARS 20 thousand rand, so are they gonna take their money from provident or they will wait for me to pay it?

Freelance Income from International Clients on ITR12?

  Written by Marc   Posted 4 February 2015

I have a international client that pays me monthly but they cannot supply me with an IRP5 since they not based in SA. How do I go about paying my tax?

If I don't pay back sars their money that I owe what will be the quencequences?

  Written by Marc   Posted 4 February 2015

Sars say I must pay back their money that I got fraudulently,how do I pay it back? And what are quencequences of not paying them back?

Where does RA go on my Provisional Tax Return?

  Written by Marc   Posted 3 February 2015

Where do I claim for RA (retirement annuity contribution) on my provisional tax return - IRP6. Please help

Tax on Personal Liability Companies

  Written by Marc   Posted 3 February 2015

How does tax work for a Personal Liability Company (Incorporated)? Is it the same as a Private Company (Pty) Ltd or do special rules apply? Are there any tax benefits of a Personal Liability Company above a normal Private Company?

Thanks!

Tax if I am paying my medical aid fully on my own?

  Written by Marc   Posted 3 February 2015

I've recently started a new job where I now contribute fully to my medical aid and retirement annuity. How will this affect my monthly tax contributions?

What is a personal income tax assurance audit?

  Written by Marc   Posted 2 February 2015

What is a personal income tax assurance audit? Does this mean they are auditing more than one year?

WHEN MUST MEDICAL AID CREDITS BE DEDUCTED

  Written by Marc   Posted 2 February 2015

Must the Medical Aid Credits (R257x12) be deducted from Taxable Income before calculating tax payable from the tables or from Tax Payable after the calculation has been done ?

Do I get tax relief when buying a medical aid?

  Written by Marc   Posted 2 February 2015

If I buy a medical aid and the installment is deducted from my bank account what tax benefit do I have?

Addional income from Mauritius - where do I include this on my return?

  Written by Marc   Posted 2 February 2015

I am employed in South Africa, and I am a South African tax resident. I have the opportunity to do work for a Mauritius company. Essentially I will be on a South African company's payroll as well as a Mauritius company's payroll. I will be spending less than 60 consecutive days in Mauritius so I will remain a South African tax resident. How will my additional income from Mauritius be taxed? Will I have to pay PAYE in Mauritius and pay tax again when I submit my return to SARS?
I have heard ...

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When primary residence becomes secondary residence, what happens to capital gains tax?

  Written by Marc   Posted 2 February 2015

I bought my flat 7 years ago for R1 million, and it's probably worth R2. 5 million now. It's been my primary residence up till now, so I know I won't pay capital gains tax on it if I sell it right now. But what happens if I instead buy a new house to live in, and keep my flat to rent out (so it becomes my secondary residence)? Say I sell the flat in 3 years for R3. 5 million. Would the capital gains tax be calculated by subtracting R1 million from R3. 5 million to get R2. 5 milli...

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Where to put interest earned on income tax return

  Written by Marc   Posted 2 February 2015

Where do I complete interest earned on my return?

How to submit tax for freelance work

  Written by Marc   Posted 2 February 2015

I have been freelancing for 8 months now and have generated some income. How do I submit my tax return for these cash deposits? They are all different amounts from different clients. I obviously do not have an IRP5 as these were cash based payments.

Are Gifts or Donations received by me for the maintenance of my family taxable?

  Written by Marc   Posted 31 January 2015

Are Gifts or Donations received by me for the maintenance of my family taxable?

Can Mother and Father donate together R200000 to their child without donation tax?

  Written by Marc   Posted 31 January 2015

Can Mother and Father donate R100000 each to their child in one financial year without any donation Tax if the parents are married in community of property.

Why do SARS do second audits?

  Written by Marc   Posted 31 January 2015

SARS say they are doing a second random audit that doesn't appear on my statement of account. What is a second audit that SARS is referring to and why does it take so long to refund me?

Can a creditor claim my income tax refund?

  Written by Marc   Posted 31 January 2015

Can one or more of my creditors claim my income tax refund from SARS?

Can you deduct expenses incurred in production of income when earning an hourly rate subject to PAYE

  Written by Marc   Posted 31 January 2015

Where you work on short term contract for an hourly rate and your "client" deducts employee tax from your earnings (following completion of a questionnaire), are you able to deduct expenses incurred in the production of that income - such as travel and subsistence?

Incorrect tax calculated

  Written by Marc   Posted 30 January 2015

I started a new job in January 2015. Our work uses VIP payroll for calculating and processing salaries. My gross salary is R43333. 33 per month (no other benefits). Why would the tax on my pay slip show R12 718. 35? Per the tax tables and this website I should be paying tax of R10 379. 04 together with UIF of R148. 72. R2 339. 31 of additional tax is being deducted. Why is this? And will it be corrected in future months?

Submission to the tax man if you are under the tax bracket

  Written by Marc   Posted 30 January 2015

Do I have to submit anything if I only earn R5000 a month?
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