Do I need to pay or declare income tax on donations received?

  Written by Marc   Posted 16 January 2014

Hi Tim, I have started a small web design business with a turnover of just under R60 000 per year. I am struggling financially, so my father has been helping me with another R60 000 per year as a donation. I have read on the SARS website that as a sole trader if I earn less than R250 000 per year I do not have to register with SARS and I have no need to register for VAT. My question is, do I need to register with SARS for income tax as my income falls under the threshold without the donation or ...

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Can you offset initial expenses against future income all from the same tax year?

  Written by Marc   Posted 16 January 2014

If you have just started a business and have not earned income yet, would you be able to deduct the initial expenses from future months when you do earn income? Please note that the income and expenses fall within the same tax year.

Capital gains tax on share portfolio?

  Written by Marc   Posted 16 January 2014

I have a stock market share portfolio. I have received a summary of capital gain for the 2013 tax year. Do I declare this gain even though the gain is still in my portfolio & not in my pocket? The amount is not shown on the IT3b as is the interest & dividends.

If I am a new Estate Agent what do I need to pay tax?

  Written by Marc   Posted 16 January 2014

If I am a new Estate Agent what do I need to pay tax? I would prefer to pay my own tax rather than the Agency.

International Tax and Tax Treaties

  Written by Marc   Posted 15 January 2014

Dear Tax Tim

I earn international income as an individual (not a registered company ) on a monthly basis, what type tax will I be liable for in South Africa? Will I have to pay standard income tax in South Africa?

I earn this whilst in South Africa and not abroad as a monthly commission payout. How does tax treaties apply to foreign income or will this not be applicable to individuals?

IRP5 corrected but not on eFiling?

  Written by Marc   Posted 15 January 2014

I was issued an IRP5 with incorrect amounts, now corrected and have a new IRP5, but on SARS eFiling the old one is still on. What now, have 2 weeks to file?

What info on Period 1 and Period 2 for provisional tax filing?

  Written by Marc   Posted 14 January 2014

Provisional Tax Period 1 2014 was not submitted, Personal tax was submitted on time. According to eFiling I should still submit Period 1 2014? I am confused as to the difference between info on Period 1 and Period 2.

Period 1 and period 2 what info required for Provisional tax return IRP6.

  Written by Marc   Posted 14 January 2014

Late with Prov tax Period 1 2014 that should have been submitted Aug 2013. Personal tax already submitted on time. Confusion as to difference between period 1 and 2.

Tax on leave buyback?

  Written by Marc   Posted 14 January 2014

Some are saying that when an employer buys back leave, the employee is taxed at 50%. Is this correct?

Are private medical expenses especially in terms of drug treatment a tax deduction?

  Written by Marc   Posted 14 January 2014

I recently attended an out-patient drug treatment programme at personal cost roughly equal to 1-month's salary. Is there any tax deduction for this non-medical scheme related expense?

Tax on pension gratuity - what is the amount?

  Written by Marc   Posted 13 January 2014

Is the gratuity from a government retirement pension taxable and if so what %

What amount of tax should I be paying?

  Written by Marc   Posted 11 January 2014

Hi Tim, I am 32 years old and I work as assistant manager. I am aware that I pay tax but I am not sure how much tax do I have to pay every month. How much tax you should pay if you earn R 26000p/m?

How much the tax I have to pay?

  Written by Marc   Posted 11 January 2014

Hi TaxTim I earn R22 000 every month and this goes to in my account, I just registered few days ago. so like to know how much tax I have to pay every month.
Thank You

Medical aid 3810 fringe benefit tax

  Written by Marc   Posted 11 January 2014

I have submitted my return for 2013, but under source code 3810,I have employer tax contributions on my behalf,where they are paying half. I pay the other half which I claim as a deduction.

It seems as tho I am paying tax on this 3810 amount-as it is a taxable fringe benefit,(R16807)
Can I claim back ?(in addition to claiming my contributions as a tax credit)

The company I worked for retired me at the end of October 2013. Can I get an IRP5 form from them now

  Written by Marc   Posted 10 January 2014

The company I worked for retired me at the end of October 2013. Can I get an RIP5 form from them now. instead of having to wait until March 2014

Am I tax resident?

  Written by Marc   Posted 10 January 2014

Hi Tim,I was born in South Africa, however have been living out of the country for the last 7 years. (6 of which were spent in the UK). I have recently returned, but not on a permanent basis, as my main income comes from freelancing in the UK, and my partner is only here on a visitors visa. I have however been in the country for more than the 183 days this tax year. Will I need to pay SA tax on my UK income? I am still registered for UK tax, so I will be paying UK tax on that income as well.

Where should a British citizen consulting for a Dutch organisation living in South Africa pay tax?

  Written by Marc   Posted 10 January 2014

I am a permanent resident in South Africa, where I have been residing for over three years. I recently started a new job. I am paid as a consultant for a Netherlands-based company, and my pay is made to a UK (sterling) bank account, as I am a British citizen. Where should I pay tax, and must I bring my pay into South Africa within a certain time frame?

Where can I see my finished tax forms?

  Written by Marc   Posted 10 January 2014

I used your services on 22 November 2013 and was impressed. I want to print the results to file it in my personal file at work. Where do I go to retrieve it ?? I cant seem to find it on my pc?!

Have no employer's details to register for tax?

  Written by Marc   Posted 10 January 2014

How can I register for tax when I don't have my employer's details

I am not employed, can I still register?

  Written by Marc   Posted 9 January 2014

I am unemployed, can I still register for a tax number, if yes which documents is required from me to register?

Does SARS recognise a tax loss as a deferred tax asset?

  Written by Marc   Posted 9 January 2014

Hi Tim,
I am a provisional tax payer and for the 2015 tax year, I will have recorded a net income loss. Am I correct in saying that this will yield me a tax loss (deferred tax asset) which I can use to offset my taxable income in subsequent tax years?
The loss was substantial and I hope to be able to use the tax loss to offset my taxable income for at least 2 years.

i want to pay

  Written by Marc   Posted 9 January 2014

I already filled in my tax I want to pay now

Foreign student earning salary and noticed 25% PAYU deduction??

  Written by Marc   Posted 8 January 2014

I am a Dutch student doing research work twice a week with a local university, I am legally allowed to work and earn a salary with the university.
I however received my first payslip and notice PAYE deduction of 25%, will this money be lost or can I claim it back when I go back to Holland??

Hope to hear from you

Thx

Amount of PAYE and UIF deducted from a salary of R9500

  Written by Marc   Posted 8 January 2014

How much PAYE and UIF would I pay if I earn R9500 a month?

Medical calculation for source code 4008 for 2011 and 2012?

  Written by Marc   Posted 8 January 2014

Everywhere I can find a formula on how to calculate the 2013 medical deduction code 4008, but nowhere one for 2012 and 2011. Your example for the 2013 helped a lot, thanks for that. Can you maybe also give one for the 2011/12 please.
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