What is your tax code on secondary income if you are permanently employed as well?

  Written by Marc   Posted 25 March 2013

If you are working full time and also earning part-time income after hours, from a home based office, what will be the tax code for your secondary income and will you be allowed to deduct office expenses?

How does expat tax work?

  Written by Marc   Posted 24 March 2013

I will be leaving for Malaysia on 20 August 2013 for an undefined period but for at least three years.
So according to the SA-Malaysia double tax arrangement I will be a Malaysian tax resident and subsequently a South African non-resident for tax purposes.

Does the above still hold if, even though I will be working and earning income in Malaysia, I will be paid in Rands in South Africa i.e.my employer will pay me in my South African bank account for the work done in its Malaysia ...

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What form must I file with SARS, an ITR12 or an IRP6 ?

  Written by Marc   Posted 22 March 2013

I bought an appartment in April 2012 and rent it out. My total income (April 12 to Feb 2013) is R46,000 and my expenses (interest, levies, etc) are R41,000. Total income :R5,000 I haven`t registered myself as a provisional taxpayer. So what should I do for the 2013 Tax return ?
Should I reflected those number on my IRT12 ? or should I register myself on IRP6 ? or should I do both ?

How do I correct a mistake that I have made on my tax return that resulted in a penalty by SARS?

  Written by Marc   Posted 22 March 2013

I submitted my tax return for the 2012/13 financial year. I was requested to submit supporting documents, which I did. I was informed that I owe a sum of +-R16200 to SARS. It transpired that when I declared my medical expenses I included "cents" on my return. As a result of this I was penalised a sum of +-R162000 which I feel is unfair and unreasonable. How do I correct this?

Can I still get a tax rebate for 2011 -2012 tax year?

  Written by Marc   Posted 22 March 2013

my irp5 has the following figures R76545 GROSS SALARY - and R5319 TOTAL DEDUCTIONS(included UIF, SDL,) WILL I GET A TAX REFUND

I get R2000 petrol allowance, do I include this amount for travel allowance when I do my calculation

  Written by Marc   Posted 21 March 2013

I have a company petrol card that I use for R2000 per month.

How is company tax calculated?

  Written by Marc   Posted 20 March 2013

If a company has a turnover of R1 million on a specific month, cost of sales is R600 000, with a GP of R400 000, but overheads exceed that amount, is any company tax payable?

Income tax calculated and then?

  Written by Marc   Posted 20 March 2013

Hi TaxTim, I hope you can explain to me in simple terms the following. If one receives a gross salary of R20 000.00 with no contribution or allowance paid monthly, then your Income tax calculator calculates that my take home pay is R16 833.32. The R3017.95 PAYE and UIF of 148.72 is paid by my employer. Do I then have to again pay any tax on the R16 833.32 or is that done?

Do I need to pay TAX if my salary is R5500?

  Written by Marc   Posted 20 March 2013

Do I need to pay taxes if my salary is R5500 a month?

Medical aid expenses over the tax credit, can I claim?

  Written by Marc   Posted 18 March 2013

I incurred alot of medical expenses not covered by the medical aid last year and not sure if I will be able to claim them as a deduction in the upcoming tax returns due to the new tax credit method. Is the tax credit only applicable to medical aid contributions or all expenses incurred?

What type of business entity would be the most tax efficient for forex trading?

  Written by Marc   Posted 17 March 2013

I am considering doing forex trading professionally and would like to know what would be the best business entity to open a trading company from a tax perspective. The choices I have to my knowledge are a Sole prop or private company.

Your advice would be greatly appreciated.

Can you complete one return for both salary and provisional income or do they need separate returns?

  Written by Marc   Posted 17 March 2013

Is the provisional return a separate one to the salary return or can they be done together?

Provisonal Tax

  Written by Marc   Posted 17 March 2013

Good morning From the 2nd of may I will be retired and will only earn income by way of 2 pension pay-outs from different employers. Must I register to become a provisional tax payer.

I would like to claim rental income and expenses relating to renting a property out, what can I clai

  Written by Marc   Posted 15 March 2013

I would like to claim rental income and expenses relating to renting a property out. What expenses can I claim? Can I claim cost of a computer and printer, telephone cost and internet costs? Thanks

If I pay for for my entire medical aid contribution am I eligible for a rebate?

  Written by Marc   Posted 14 March 2013

Am I entitled to a rebate if I pay for my entire medical aide contribution

Tax audit for the year before we bought the company?

  Written by Marc   Posted 14 March 2013

SARS wants to audit a company that we bought 3 years ago. But the audit is for the year BEFORE the sale. The sale was "voetstoots", and the previous owner says they have nothing to do with the audit - they say we have to figure it out from the (incomplete) historical tax documents we were given when we bought the company. Is this true?

Depreciation on cars, how does it work?

  Written by Marc   Posted 12 March 2013

Your depreciation calculator - is it up to date in terms of percentages allowed etc?

Second question - I am a sole prop. I know that I can deduct business expenses (not permanently employed), but I am not sure about the installment that I pay for the vehicle (HP). Can I deduct for tax purposes since I use the car for business.

Last question - if the above deduction is allowed, can I also add depreciation of the vehicle to the 'basket' or is it a matter of either or?
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I will be earning R300000 a year what will my tax be?

  Written by Marc   Posted 12 March 2013

I have been offered a job for R300000 a year what will my deductions be.Thank you for your help.Kind regardsVicky

What are the other ways I can pay SARS?

  Written by Marc   Posted 12 March 2013

Hi, I am not using eFiling - are there any other ways to make payment of my tax? I heard from my neighbour that you can take cash into a SARS branch or EFT them - are these options?Thanks!

Just want to confirm how to dispute SARS denying the wear and tear allowance on my laptop?

  Written by Marc   Posted 12 March 2013

SARS denied the wear and tear claim according sec 11 e for the laptop I had to buy myself and use at work 100% of the time, they said its denied according to sec 23m, but I'm sure that was incorrectly interpreted because it says except for..... and then refers to sec 11e?!

So do I contact them and say go study a bit and make sure of your facts or how do I go about this? Dispute and add sec 23 for them?

How do I go about getting a tax number?

  Written by Marc   Posted 12 March 2013

I am an SA citizen, and have just moved back after living in the UK for five years. I have never had a tax number. I am opening a small consulting firm and need a tax number to register my business with SARS. What information should I supply on page 2 of the IT77 form? Any advice on how I could go about getting myself a tax number then registering my business with SARS would be great?

Can I give myself a salary if I run a sole proprietor?

  Written by Marc   Posted 12 March 2013

I just need to find out if I can deduct a salary for myself as a business expense? please can you assist.

Spending 6 months out of SA. Will I have to pay tax?

  Written by Marc   Posted 11 March 2013

I am resident in SA, but from 2014 I want to try a new life whereby I spend 6 months (winter!!) out of the country each year. During this time I would be earning some money through freelance online work for various individuals or companies from various parts of the world, plus I would be getting rental income from two properties in South Africa. While in South Africa (during summer), I would continue this online work, and do some other ad-hoc freelance work for South African companies, or be ear...

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Tax resident versus non-tax resident?

  Written by Marc   Posted 11 March 2013

Just read your post about "how do i know if i am a tax resident" great article, but lead to a few questions?

I am a US citizen, got a job offer in SA, how do I ensure I am not considered a resident, other than not staying in SA for 91 consecutive days over 5 years, is there something I need to be stating during my work permit application? Do I need to actually keep an address in the US? If yes, how and when do I have to show proof, are my credit card bills sufficient to show residence in the US?...

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I am employed as a temp but have started another side income. how much tax?

  Written by Marc   Posted 10 March 2013

My income after my UIF and tax is R7 950. And any over time I work is taxed per hour. Last month my nett was R11 200.

I also sell corals to pet shops that I grow out at home. Some months I make R0 and other R5000-R8000 after costs like electricity and material.

Now the pet shops have now asked if I can give them some type of paper work for them to keep records for tax ect.

What should I do to help with tax payment? Have a different account just for the side income? How much tax would I pay if I get paid in cash but still have to give the pet shop a paper work that could be traced back to me? ...

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