Additional income, how do I show this on my tax return?

Posted 15 February 2013

I am a pensioner with a pension below the tax threshold. However I have additional income from a part time job. Must this amount be added to my pension (which is then taxable)? How do I calculate the PAYE that is then payable?

How to Calculate: Property Income tax?

Posted 15 February 2013

I want to know how to calculate the amount of tax that I need to pay SARS if I am renting out my property.
* I have a bond on the place that need to be paid back to a bank.
* Paying more on the bond than receiving rent.
* Paying levies on the place.
* Paying Property tax.
* Paying maintanace on the property.

How can I calculate what to pay SARS for the property income?

How is the Medical Aid Tax Benefit Calculated?

Posted 15 February 2013

I joined a medical aid during the tax year, which cost me R 2000 per month. I know that the medical aid tax benefit allowed is R 230 per month. Will I be allowed to claim 12 x R 230 = R 2760 for the year, or may I only claim (number of months that medical aid was paid) x R 230?

What is the difference between a Company vs CC for tax purposes?

Posted 15 February 2013

Kindly assist me. From a tax perspective, which is the better option to open, a company (Pty Ltd) or a CC?
Is it better to purchase a shelf company or CC or to register it self? (I'm aware that you can't register CC anymore) To amend all the details of shelf company to yours, won't it be more expensive at the end of the day?

ITSA Statement of account, what does it mean?

Posted 14 February 2013

I just want to know if alld admin penalties and outstanding amounts payable to SARS are included in this statement of account? Because I haved received a AP34 aswell.

Want to pay my provtax. From FNB Where do I do it?

Posted 14 February 2013

Where do I pay Prov via Internet?

Part-time accounts clerk - what are the tax implications?

Posted 13 February 2013

We just hired a junior accounts clerk to work 5 hours a day at R50/hour, 5 days a week. Hence, 100 hours a month.

I would like to know what the tax implications will be for this person due to the fact that he won't work full day. He is on 'probation' for at least 3 months with us.

I have queried a couple of people regarding the preparation of the agreement/contract whilst doing the research online. I am also currently finding how to categorise him on Pastel Payroll from Pa...

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If an employee earns less than R50 000/ R60 000 per annum, do they qualify for a income tax number?

Posted 12 February 2013

This question is required for work purposes including employees needing to register for income tax urgently.

If you stay out of country for 183 days, 60 days consecutive, can you apply for a NIL percent tax?

Posted 11 February 2013

A directive that no tax is being taken off from your salary? As far as I am aware the lowest percentage directive is 18%. This person only comes to SA for holidays. I was informed that there is a NIL directive but not according to SARS???

I need to find out what is my tax number?

Posted 11 February 2013

I need to sumbit my tax number to HR

Pay yourself a monthly salary or pay income tax on profits?

Posted 10 February 2013

My daughter has a internet buying and selling business. It is making good profits and she wants to know whether she should take those profits out as a regular monthly salary and pay PAYE or leave it as profit and pay income tax at the end of the year on it. She is operating as a sole proprietor from home.

Tax on Foreign Income

Posted 10 February 2013

Hi Tim,I've got a new contracting job where I'll be working from SA, but I'll be paid from the UK. How do declare/pay my taxes on these? And do I have to transfer all my funds back to SA?

Are bank statements proof?

Posted 10 February 2013

SARS refused ALL my expenses! Now they want proof of payments of my expenses. I keep all my bank statements as it is easier to do my return and no invoices go missing. Will they accept my bank statements?

Asset depreciation in first tax year

Posted 10 February 2013

If I registered for tax for the 2012 tax year, does that mean that I can't claim asset depreciation in that first year, since the calculations are based on asset usage in the previous year (when I wasn't utilizing the assets for work purposes)?

As a Sole Proprietor - do you need to do annual returns on profit, AND monthly PAYE?

Posted 10 February 2013

If you are drawing a monthly salary from your business being a sole proprietor should you be paying monthly PAYE, as well as company tax on the annual profit? Or should you not be drawing a salary and only live off the profit of your company, but pay annual taxes on the profit?
Also if so, is this provisional tax or annual tax?

Is the depreciation of a private vehicle an allowable deduction?

Posted 10 February 2013

I do not own a business, I only earn a salary.

Is a person who has asthma classified as disabled for tax purposes?

Posted 9 February 2013

My son has asthma can I claim as a disabled benefit for medical purposes when submitting my tax return?

How do the medical rebates work?

Posted 9 February 2013

I was wondering if u can maybe assist me.
I?%u20AC%u2122m studying payroll and sars returns, I have an old text book with the old medical aid rates of 720 & 440. I hav a question where I have to calculate the taxable value of medical aid. The question reads, The following tax rebates apply to medical fund contributions: R230 for sole member, R230 for first additional dependent, an additional R154 is allowed as a REBATE for each additional dependent other than the first dependant.
...

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When can I apply for a tax directive?

Posted 8 February 2013

My employment was terminated and I applied for a tax directive, for my terminal benefits, which I received from SARS which allowed me to get my final payment tax free. My employer however claims the termination of my contract does not constitute retrenchment and therefore I misrepresented the reason for requesting a directive. Is this true? I did detail on the form the breakdown of the money (December Salary, Bonus and Leave pay) I had received and SARS gave me the directive.

Can a 15 year old with only a birth certificate apply for a tax number, how to apply?

Posted 8 February 2013

She can only obtain her ID when she is 16 years.

PROVISIONAL TAX VS PAYE QUERY?

Posted 8 February 2013

I am a Freelance Art Director, started Freelancing mid Sep 2011. At the end of tax year 2012, I submitted my tax which reflected income from projects that I had under-taken. Some of the companies that I did projects for automatically deducted PAYE @ 25%, although a few of them did not which was also reflected on the tax return. Resulting in me having to pay the shortfall PAYE to SARS per project that did not deduct tax. I was then told that I had to register for provisional tax which I did. MY D...

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Medical Aid Tax Credits

Posted 7 February 2013

Just want to know how it works with the Medical Aid Tax Credits. My friend works for a private company and on his Pay Slip under credits he has Medical Aid Tax Credit and the amount that is credited to his PAYE. I however work for Dept Health, the Government and on our salary advice there has been no change. I see nothing on my salary, have never received more money since this system kicked in, and nobody can answer my question. When will I see this tax credit due to me? Somebody mentioned I m...

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Tax on local interest

Posted 4 February 2013

Please can you tell me what tax I would pay on say R10,000.00 per month interest
from local money market. I see R22 800 p a is tax free, then the local table applies, does
that mean after 60.000 pa. This would be my only form of income.

How much tax must I pay?

Posted 3 February 2013

I'm currently earning R10 000 and paying R1 306 for my own medical aid as it is not provided for by my employer. How much tax must I be paying?

Provisional tax, what must I submit?

Posted 1 February 2013

As a provisional tax payer I submit returns from September 2012- 28 February 2013. Am I allowed to submit on 1 March 2013? Do I need to submit receipts/ documents as some receipts have faded. Or is it acceptable to submit a summary of my expenses as I have recorded them?
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