Will I pay 40% tax if I took my money out now

  Written by Marc   Posted 24 October 2014

I want to withdraw my pension fund and start my own company. My amount with old mutual stand on R1 172 000

How much tax will I be paying?
my hr department tells me it will be 40% the same rate that I am being taxed on now.

Am I being double taxed?

  Written by Marc   Posted 23 October 2014

My company maternity policy states they will only pay me 50% of my basic salary while on leave, lets say R10. They paid me in full but if I leave I have to pay the 50% back that I was not entitled to. When they paid me in full I received my salary after tax, let's say R8. Now that I resigned they want the balance of the 50% paid back to them before tax earning. Is this double taxation as I earned after tax but must pay back pre- tax? I think I should pay them R4 back but they want R5 I.e...

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PAYE regulation regarding 'unpaid salaries'.

  Written by Marc   Posted 23 October 2014

As a shareholder/director of a PTY, if I received "unpaid salary" that then accumulates in a loan account, would I still be require to pay PAYE, even if no income as such is received?

Do you need to include an assessed capital loss in your tax return?

  Written by Marc   Posted 23 October 2014

I incurred an assessed capital loss for the 2013 tax year through sale of shares. For 2014, I made a capital gain also via shares. I read that we don't need to include the R30000 annual exclusion in our ITR12 as SARS will include this automatically. Does the same apply for the assessed capital loss? I can't find any place for it in SARS eFiling.

Tax if working in Angola?

  Written by Marc   Posted 23 October 2014

My husband is working in Angola since September 2013, do we need to fill his tax? He paid tax previously and was working in SA from March 2013 - June 2013? Do we only fill tax for the 4 Months?

Is PAYE going to be increased by 50% next year?

  Written by Marc   Posted 23 October 2014

I heard that PAYE is going to be increased by 50% in the next Tax year. Is this true?

My daugther needs a tax nr.

  Written by Marc   Posted 23 October 2014

My daugther is in matric and she start working on the 1 December they said they need a tax nr. must
i register her and how do I register her?

How do I delete my eFiling from my tax practitioner?

  Written by Marc   Posted 22 October 2014

I have a tax practitioner doing my tax but I found out she is doing fraud on my eFiling profile how do I delete my eFiling she wouldn't give me my user name or password I want to delete everything and re register so I can do my own eFiling ? Pls help

Tax rebate for working out of South Africa but paid in South Africa

  Written by Marc   Posted 22 October 2014

I work overseas , for about 8 months of the year, sometimes 2 months at a time. I am paid by a South African company in Rands into a South African bank account. Is there a tax rebate for this?

Tax obligations on monetary gift from foreign source?

  Written by Marc   Posted 22 October 2014

I am a UK Citizen and have had Temporary Residence in South Africa for a few of years. I work in South Africa, have a valid work permit and am married to a South African.

My parents in the UK (who are British Citizens) would like to put a gift into my UK Bank Account of just over R1,000,000. My UK bank account has sat dormant for years and I submit my SARS Tax Return with the details of my active South African Bank Account. Will I, or my parents, have any tax obligations in South Africa in relation to the gift? Also, am I required to reflect the gift on my next Income Tax Return in South Africa?...

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Can I get a tax practitioner to submit for me if I did it myself before?

  Written by Marc   Posted 22 October 2014

Is it possible to change from submitting by myself to using a tax practitioner for instance?

HOW WILL I REFUND EXCESS UIF CONTRIBUTIONS

  Written by Marc   Posted 22 October 2014

I HOLD TWO JOBS IN DIFFERENT COMPANIES, BOTH CONTRIBUTE TO UIF, WILL THE EXCESS CONTRIBUTIONS TO UIF BE REFUNDED ON MY TAX RETURNS?

Is a verification of assessment notice that assessment have been concluded?

  Written by Marc   Posted 22 October 2014

I received a Verification of Assessment and it states that refers to a specific tax period. No adjustment has been made to the assessment. Is this to say that the year of assessment can be deemed completed? All documents previously requested was provided etc. Am I not suppose to receive a ITA34?

SARS won't register me as an eFiler?

  Written by Marc   Posted 22 October 2014

I have completed a once off registration as an eFiler, told to wait 48 hrs for verification, the problem is it been weeks now nothing, when I log in to my profile to continue with my filing it still says I must wait for 48 hrs. Help wait to do now...

Tax on Severance Pay?

  Written by Marc   Posted 21 October 2014

how do you tax Severance Payment?

How much tax will I pay if I earned R 4216.86 in overtime worked?

  Written by Marc   Posted 21 October 2014

How much tax will I pay if I earned R 4216.86 in overtime worked?

Is it possible to be taxed 25% of your total income working part time?

  Written by Marc   Posted 21 October 2014

I would like to know if I am getting paid R5000 a month and I am working 15 hours a week which totals to 60 hours a month therefore how must should I be taxed by the company I am working for?

Should I fill in a tax return if I am studying full time this year without income?

  Written by Marc   Posted 21 October 2014

For the past 5 years I worked full time and filled in a tax form each year.

Since this year I am studying a full time Masters. I don't receive any income, I pay my studies (without bursary) and I also pay my medical insurance each month.

Should I fill in a tax return form this year?

How can I get my UIF?

  Written by Marc   Posted 21 October 2014

How can I get my UIF?

Source code for rental income?

  Written by Marc   Posted 21 October 2014

As rental income is included under 'business' I don't know how to find a source code as this is not listed.

How do I apply for a tax number online?

  Written by Marc   Posted 21 October 2014

Am a student doing my in service training, is it possible to apply for tax number online?

Are dependants on someone else's medical aid allowed to claim out of pocket medical expenses?

  Written by Marc   Posted 20 October 2014

Are dependents, on someone else's medical aid, allowed to claim out of pocket medical expenses from SARS, because the medical aid was depleted early in the year?

What will be the total tax payable to SARS?

  Written by Marc   Posted 20 October 2014

It would be appreciated if you can advise what will be the total tax payable to SARS. My age is 56 and I go on early retirement in oct 2014.

Provident lump sum is R940 000
My contributions to the PF is R260 000

Hi TaxTim just one question how long does a refund take

  Written by Marc   Posted 20 October 2014

Hi TaxTim just one question how long does a refund take I did eFiling on 23/09/2014 and gave supporting documents and still no word from SARS (20/10/2014)?

Acquisition of an asset less than actual value for tax purposes?

  Written by Marc   Posted 17 October 2014

how to calculate a fringe benefit on an asset acquired less than its value?
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