Written by Marc
Posted 17 August 2013
I've cashed out my investment portfolio in May this year, in preparation for emigration, which will be completed in September this year. So I need to fill out a provisional tax declaration for capital gains, which comes to around R75k. I also haven't been in South Africa for the entire year - we moved overseas before the tax year started. So I haven't earned any income in South Africa to declare.
In the provisional tax income form, I fill out the R75k as "Gross/turn over", and have calculated the taxable income as R14k (R75k - R30k excluded amount for capital gains per year x 33.3% inclusion rate)....
Written by Marc
Posted 10 August 2013
Written by Marc
Posted 8 August 2013
Written by Marc
Posted 5 August 2013
I am a freelancer & am registered as a provisional tax payer.
With regards to sharing rental costs, seeing that one of my rooms in my flat is used for my office, can I add detergents, coffee & tea to my list of expenses? If I had an office, these would come off as office expenses I'm sure. So seeing that I use the communal area of my house, i.e. toilet & kitchen, should the running expenses not be added to the amount I split between personal/business use?
With r...
Written by Marc
Posted 31 July 2013
I have been freelancing for local and international companies for a few months. I need to get my tax admin sorted out. I work from home and am on my husbands medical aid.
Where do I start and how do I maintain all my information that I need to? I'm happy to set up Excel docs to keep records. I'd like to know what I should be keeping records of, where I can benefit from tax refunds, and what expenses I can set against the business. Do you have any templates I could use?
Als...
Written by Marc
Posted 28 July 2013
Written by Marc
Posted 24 July 2013
Hi Tim, thanks for a great web site!
I'm an IT contractor and for 6 months at the start of 2013 I worked for a company in South Africa and was paid a fixed amount each month. I received a payslip and tax was deducted, however my tax number wasn't included on the payslip. I was asked to become a permanent employee after the 6 months but declined and subsequently left SA to work overseas on a contract where the money I earned was transferred to my SA bank account. I submitted an IT12 to SARS showing the amounts I'd earned from both contracts...
Written by Marc
Posted 24 July 2013
Written by Marc
Posted 23 July 2013
I currently live with my parents, on their property. I am looking at purchasing an apartment for R650 000 and renting it out. I have been given the option of paying for this in cash and then paying my family back at their low bond rate of 6.5% (prime -2%).
The property will be rented out for R5500. The expenses on the property (rates and levys) are R1800. So the rental income would be R3700pm. This R3700 as well as another R4300 will be paid monthly to my parents (total R8000pm).
...
Written by Marc
Posted 19 July 2013
Hey Tim, awesome site and very helpful info. I am not sure of my tax number, I was out the country for a few years and before that I was self employed and now again I am self employed. I last worked for a company n SA probably 10 years ago.
We have started 3 businesses since we have been in SA (my wife and I) and the first 2 didn't really get going at all and cost much more than they made which wasn't much at all. They were both Close Corporations but we never got to the stage when we got a bookkeeper in to do anything...
Written by Marc
Posted 17 July 2013
Written by Marc
Posted 17 July 2013
Written by Marc
Posted 10 July 2013
Written by Marc
Posted 8 July 2013
Written by Marc
Posted 8 July 2013
Written by Marc
Posted 6 July 2013
Written by Marc
Posted 3 July 2013
Written by Marc
Posted 3 July 2013
Written by Marc
Posted 2 July 2013
Written by Marc
Posted 1 July 2013
Hi Tim, I am running a sole proprietorship that is registered in Europe and provides consulting services to South African companies. My client classified my company as a personal service provider and started to withhold 28% tax. I registered as a tax payer (IT77) and created a SARS efiling account for organisations. The efiling account only offers me the option to submit an ITR12 return. The tax calculator assigns the normal personal income tax and not the flat 28% for personal service providers...
Written by Marc
Posted 24 June 2013
Written by Marc
Posted 18 June 2013
Written by Marc
Posted 17 June 2013
I've just started at a company doing part time work (22nd May). I get paid on an hourly basis, and the amount hours I work is up to me (very flexible - I am a student). I work about 120 hours a month which returns over R10 000 per month. Since it wont be a fixed amount every month (could be less, could be up to R16K), am I provisional tax payer? The first IRP6 is at the end of August, how would I go about handling this?
Would I be expected to pay 25% of all the income from June 2013- February 2014, on payment #2 IRP6 (February 2014)?...
Written by Marc
Posted 12 June 2013
Hi Tim
I have a website and I receive an income every month through advertising which is paid to my bank account from overseas every month.
The amount differs each month (how much visits I get, ad company etc.)
How will I pay tax if I earn one month R3000 and one month R10000 (examples).
I don't want to pay a lump sum at the end of the 'tax year' if that is what it is called but would rather pay monthly like when you working in a company, is this possible?...
Written by Marc
Posted 11 June 2013
