What deductions are allowable against the proceeds for CGT calculation?

Posted 6 March 2016

I need to use the 20% of proceeds method to do my CGT calculation. What are the allowable deductions that I can deduct from the proceeds?

Tax refund delay

Posted 6 March 2016

It's been three to four weeks I submitted my tax returns and promised I'll get my refund but nothing to this day.

What is an IRP5 and what documents do I need to submit a tax return?

Posted 4 March 2016

What is an IRP5? I worked last year for seven months and my salary before tax was R16777. I have never submitted a tax return before and am pretty sure I am under the threshold but I want a refund, but have no idea what to do. I didn't receive medical aid or any benefits. Please help.

Providend fund CC contribution

Posted 4 March 2016

How does company benefits work when a company deducts providend fund form your salary? Do they contribute a percentage with the employee or does the employee pay 100%?

Tax on medical aid paid by the employer

Posted 3 March 2016

If a company pays medical aid on behalf of an employee, what are the tax implications on both the employer and employee?

How do I complete my provisional income tax form

Posted 3 March 2016

How do I complete my provisional tax form

Monthly tax

Posted 2 March 2016

I'm earning R12,000 including overtime but it looks like I'm paying too much tax of more than R1,000 is this correct amount? Provident fund of R480?

Calculate my tax deductions

Posted 2 March 2016

I earned R11660 a month gross salary how much will my tax be

Medical payment

Posted 2 March 2016

I have a medical bill to settle for treatment rendered in February. If I pay it now (in the new tax year) will it be for tax year 2017 or 2016?

UIF for self-employed

Posted 2 March 2016

Should I still deduct UIF if I am self employed and if so can I even claim it?

Small salary - do I need to file a tax return?

Posted 2 March 2016

I don't get a very large salary and the whole Tax thing makes me quite nervous. I have used your calculator before and it shows that I don't pay any tax. My monthly salary is R5500. 00 and only UIF gets deducted. Do I still have to do a tax return? I have no idea how this works and want to do the right thing, but am at a loss at how at this moment. Please help!!!

Am I paying too much tax

Posted 2 March 2016

Hi there my gross salary is R 20 000. My deductions are as follows provident fund r 903. 29 then p. A. Y. E tax is R 2 821. 65 and then uif is R145. 06 then I take home nett r16 130 is this okay?or am I supposed to be taking home nett of 17 000 like tax Tim revealed when I entered my details

Tax rebate on provident fund contribution

Posted 2 March 2016

I am a member of a provident fund. People that contribute to a pension fund get a tax deduction of 7. 5%. Provident no rebate. How will I be treated with the new tax law. Will I be entitled to a rebate as well and what percentage?

Do I pay tax on the pay out ? What about the R 500 K tax free rule ?

Posted 2 March 2016

I have been retrenched, the money from my Pension Fund has been transfered to Retirement Annuity Fund with a portion being paid out to me. Am I liable to pay tax on my pay out? I have not reached retirement age as yet. I am 57 yrs old.

Are training courses and related travel expenses tax deductable?

Posted 1 March 2016

Hi Tim,
I am a provisional tax payer in the health sector- I am not salaried and work for myself. Am I able to claim back on fees for training courses and the travel costs(flights, car rental)?

Secondly, I occasionally rent out my flat and wondered if this money is declared regardless of the rent earned or if there is a minimum amount from which earnings should be declared. Thanks!

Does loan repayment affect tax calculation?

Posted 1 March 2016

When calculating provisional tax, must your repayment on loan be deducted from the taxable amount?

First time freelance consultant from January 2016 - do I register for provisional tax?

Posted 1 March 2016

I just started as freelance consultant in Jan 2016. I am not sure how much I will earn as it all depends on if I get clients. Do I register for provisional tax? From reading your articles seem I fall in the 2nd payment what do I do? SARS assumes taxpayer will be able to pay upfront?

Can I claim anything for supporting disabled ex wife

Posted 1 March 2016

I am divorced and pay 30% of salary as support to a disabled ex wife. She is on my medical aid and I get some benefit for that. This is spousal support due to her being unable to work, backed up by court order. Is there nothing I can claim to make burden less on me financially?

Delayed refund

Posted 28 February 2016

I submitted my tax return last year but no payout was made to me

Sports coach PAYE

Posted 28 February 2016

A sports coach at a school is paid per hour but only earns around R3000 pm which would normally exclude paying any PAYE. Is this coach still eligible to pay 25% PAYE? This is an independent coach, only on contract for 5 months.

When does the Secondary Tax Rebate Kick in: During the birth month or the tax year one turns 65?

Posted 28 February 2016

I am in my 65th year... ie. I am currently 64 but will be turning 65 in September 2016. This means that when my final 2016/17 tax return is submitted to SARS at tax year end I will technically be entitled to the secondary rebate for the age group 65 - 75. Should my employer calculate my monthly PAYE Deductions at my current age (64), or the age I will be at the time of this final tax submission (65)?

Questions on provisional tax

Posted 26 February 2016

A second provisional tax payment should be made end of Feb of each year. Why would SARS effectively require individuals to submit a tax return before the last day of the financial year (28 Feb) when business related expenses and income might still happen?

Apart from wanting to know why this implementation, I also want to know how does the differences gets eventually settled when you do still have income or expences after you have filed late in Feb?

Tax refund for casual worker

Posted 26 February 2016

I'm working at a season job that will end next week. I will have been working for 13 weeks and paid about R8000 in taxes. I'm being taxed each week. The rest of the year I don`t get any income that means I don`t have work. I would like to know if I can claim my tax back. I `m under the threshold and I do have a tax number. I don't have pension, policies or a medical aid in my name.

Where should I declare my freelance income?

Posted 26 February 2016

I am an employee, but also a Sole Proprietor. I am an artist. My business is not officially registered yet, but I have been trading for some time now. Do I need to declare the income I earned through freelance work in the same ITR12 that contains the information I received from the IRP5 from my employer, or would I need to declare the freelance income in some other form?

Disclosing interest on the IRP6

Posted 26 February 2016

If a taxpayer earns 130,000 interest in the year, does he disclose the entire amount in the taxable income section of the IRP6 or just the portion of the interest income that is taxable. I,e 130,000 less R34500 exempt portoin. I see the form only deducts the primary rebate.
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