Would the tax free portion of a RA be re taxed in the current tax year?

Posted 12 February 2014

I am 55 years and still working, but cashed in 1/3 of my preservation fund and received the sum of app 478 k, 315 K of which was the tax free portion, so I paid 18 % tax on the balance of app 166K. How would this be calculated once this has been taken into the 2013/2014 tax year? Would the tax free portion be exempt from tax or will this amount be re-taxed?

How do I apply for a SARS tax reference number?

Posted 12 February 2014

How to apply for personal tax number at SARS what is needed from me and how long does it take or is it a same time service?

Employer doesn't deduct PAYE?

Posted 12 February 2014

The company I started working for doesn't deduct PAYE, it states on my contract that I will be responsible for paying taxes myself.

Need to register eFiling for my mom?

Posted 11 February 2014

How to go about registering for someone if you have power of attorney?

What methods of apportionment of home office expenses are acceptable to SARS?

Posted 11 February 2014

I am a 100% commission earning employee who runs all my business activities from my residence. I estimate my business share of home expenses as being higher than simply the size of my office as a percentage of the house floor space. Can I include more area, such as the kitchen (used for meals during office hours) and the dining room (used for meetings)? Is floor space the only apportionment method?

Are university fees exempt from tax?

Posted 10 February 2014

Can I deduct my child's university fees from tax payable?

Can remote workers claim the expense of a desk in a shared office (not a home office)

Posted 10 February 2014

I've been working remotely for a Johannesburg based company. I used to work from my actual home but started renting a desk at a shared office near my home instead. I was using this exclusively for work.

Can I claim this an expense on my tax?
I'm a full time employee of a company employed as a regular PAYE employee.

Retirement Annuity Topup

Posted 10 February 2014

I am a Pensioner in my seventies. Have a Retirement/Living Annuity ~ R 750 000 and want to top it up with R 500 000(for various reasons).

What is the Tax implication? From the R 500 000 contribution, what can I deduct in the current and future tax years?

Is CGT payable as the plot was bought with the intention to build a house?

Posted 10 February 2014

I bought a plot 20 years ago with the intention to build a house. Due to financial constraints I did not build nor purchase any other property. I have now sold the plot and purchased a house in much cheaper area

Am I liable for CGT on the sale of the plot?

RA contributions - tax benefits?

Posted 10 February 2014

I have a sole prop who earns R3m per annum. To reduce his PAYE I have suggested he takes out an RA.
What is the maximum he can contribute for Feb 2014 so as to maximise his tax position.

Does extra money given to me by my boss need to be taxed?

Posted 10 February 2014

I earn about R 5300, sometimes R 5400 and do pay PAYE tax. My boss gave me R 2500 extra in December as a thank you. Does that need to be taxed?

Medical tax credit apportionment for deceased taxpayer?

Posted 9 February 2014

When calculating the normal tax liability for a deceased taxpayer, should the medical tax credit be apportioned as the primary rebate would be apportioned?

Proportionate share of cgt

Posted 9 February 2014

How do I calculate Capital Gains Tax where 3 people own the property (35.5%, 35.5% and 29%) but only the latter 2 of them have primary residence?

Avoid annoyance of IRP6 submission?

Posted 9 February 2014

I am a pensioner and get a pension that is taxed plus RA payments and receive interest on investments that are below taxable.

How do I avoid filling in a IRP6?

Tax implications of investments?

Posted 9 February 2014

Is it a waste of time and resources to invest R200pm in Unit Trusts through an FNB account for someone earning R12k monthly?

Which property is my primary residence in SARS' eyes?

Posted 7 February 2014

I have just found a flat that I would like to buy (I already own one flat).

I was wondering how SARS determines what your primary residence is if you have two properties? Apparently if you sell your primary residence, you have a capital gains break of R1mil, but what's to stop you moving into your second property just before selling and claiming that it is your primary residence?

I have learned that I need to take tax into account with every decision!

How much of the inheritance should I allocate for personal income tax/estate duty?

Posted 7 February 2014

The lawyer who is finalising my uncle's will / estate said we would all be paid out by the end of Feb. There is no property or anything that is getting transferred only cash payments made to those of us in his will. What tax will I have to pay on it? Is there a limit/bracket/ceiling? and lastly even if we've got a lawyer dealing with it the estate, will the lawyer take care of the estate duty before paying out the beneficiaries?

Dubai/RSA tax question?

Posted 6 February 2014

I am a South African citizen and have been made an offer of employment by a Dubai-based consultancy. They will give me an employment contract to work in Dubai (among other offshore locations), they will sponsor me as a permanent resident in Dubai and will assist me in setting up a bank account for my salary to be paid into tax-free in Dubai. I will be away from south Africa for at least 183 days in each 365-day tax year.

Question: would I have to declare my earnings in my RSA tax retu...

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Do I pay tax on my SA salary if I am out of the country for most of the year?

Posted 5 February 2014

I am going to work for a Tanzanian company for the next 12 months, but will still earn my SA salary. Is it business as usual in terms of PAYE on my SA salary, or is there some sort of relief?

Commercial fisherman - tax situation?

Posted 5 February 2014

How would a self-employed commercial fisherman pay tax?

Capital gains tax on inheritance and selling of fixed property.

Posted 5 February 2014

If I inherited a holiday from my uncle who passed away in 2013, and I am selling the home in 2014, what will my personal tax implications be? The value of the home at date of inheritance was R820,000 and the selling price of the home will be R1,100,000.

Tax for one who has been some unemployed, some working overseas?

Posted 5 February 2014

Ok, so I was retrenched on March 27th 2013. I got a 2 month severance package. From 15th of April up to 30th August I was lucky to get consistent temp jobs. Then from September 1st to October 6th I was unemployed. I left RSA on Oct 7 to come work in Saudi Arabia. Therefore I was unemployed for 50 days and out of SA for 166 days consecutively. I will only be able to come home for 3 weeks between mid September and mid October. I do send about R35,000.00 per month home to pay bills and the bon...

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What will tax on a bonus of R10 000 be?

Posted 4 February 2014

What is the tax on a bonus of r 10000.00

Tax difference on bonuses?

Posted 3 February 2014

how does my tax work on my annual bonus. I earn R7500 p/m and pay R343.34 in tax why when I get a 13 cheques does my tax go up to R1693.33.

Are churches fully exempt from tax?

Posted 3 February 2014

Are religious organisations such a church exempt from tax on all their receipts and accruals?
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