Written by Marc
Posted 6 April 2022
One of the questions most asked when it comes to tax season, is “what happens now that I’ve submitted my income tax return, when do I get my refund?”’
If you’re due a tax refund then you will probably get the money deposited into your account within a few days. SARS will also email or SMS you telling you that an IT34 (Summary of your return and refund) and ITSA (Income Tax Statement of Account) have been issued. They will detail your tax refund (tax back) if any. So look forward to that deposit into your account. ...
Written by Marc
Posted 6 April 2022
Question from Kelly:
How do you calculate tax on overtime?
Does the overtime put you in a higher bracket (pay higher tax percentage) for one month only if you received overtime in one month only?
e. G. Monthly income = R12050
Overtime = R4600
No benefits
How much tax for that month?
TaxTim reply:
Yes for that month you will be taxed at a higher rate as the PAYE is deducted based on the tax tables which are annualized.
Please have a look at this:
This is your take home pay: R14662
...
Written by Marc
Updated 6 April 2022
Written by Neo
Updated 5 April 2022
The TaxTim lump sum tax calculator provides for BEFORE and AFTER retirement, retrenchment or death - with a marked difference between the BEFORE and AFTER options. I would just like to make sure that this is correct, as I am being told by my fund that withdrawing retirement funds (post retrenchment - but before retirement age) does not have the same rate. I have been forced to withdraw from my pension fund because of retrenchment due to "redundancy because of a general reduction in personnel" (a cost to company reduction)...
Written by Neo
Updated 5 April 2022
I have a loan with my company (payable from the company). I would like to know what the effects are that we need to consider regarding interest-free loans? I am aware that we can create a tax deduction for the company and I will have the interest exemption, but I feel there is something I'm missing?
Also if the shareholder already exceeded his R23k exemption, will it be fine if we do not levy any interest on this loan? Will there be any unknown tax consequences for that?
...
Written by Marc
Posted 5 April 2022
Q: How do I pay Tax on Forex Trading?
I am a South African resident. I am a full-time forex trader (almost a year now). I trade via a broker overseas, I deposit funds into my trading account via their bank accounts here in South Africa. I would like to know if my profits from trading forex are taxed, how do I declare this and what forms should I fill from sars. Also, what can I expect in terms of what percentage of tax I will pay?
Written by Marc
Posted 5 April 2022
A little background on myself. I am a salaried employee of the department of health in South Africa. I am registered with eFiling and have been submitting tax returns since 2008/09.
I have a hypothetical question about forex trading. If I make say R300 000 suppose in the 2012/2013 tax year and the amount I deposited was about R50000to fund the account, then what would my taxation be? Or at least what would the percent on taxation be and on which amount would that percentage be taken off? The net or the total?...
Written by Nicci
Updated 5 April 2022
Written by Marc
Updated 4 April 2022
I received the following confirmation letter, what does it mean? Will I receive my refund within the next few days or what?
Dear Taxpayer
VERIFICATION OF ASSESSMENT
We refer to the verification of your assessment for the 2021 tax period. Please note that no adjustment has been made to this assessment. However, in terms of the Tax Administration Act the South African Revenue Service reserves the right to conduct further reviews in future if required. Should you have any queries please call the SARS Contact Centre on 0800 00 SARS (7277). Remember to have your ID number or income tax number at hand when you call to enable us to assist you promptly. Sincerely...
Written by Marc
Posted 4 April 2022
Notice issued of SARS eFiling IT34 for 2008 and 2013
Written by Nicci
Updated 4 April 2022
Written by Marc
Updated 4 April 2022
Written by Marc
Posted 3 April 2022
Is it true that the acquisition of "small" items at a cost of less than R 7000 per item may be written off during the year of acquisition? I bought a laptop for R 6999.00 in December 2012. I am an IT contractor.
Written by Marc
Updated 1 April 2022
Written by Marc
Updated 1 April 2022
I am currently completing my 2 daughters, my son in law, my husband and my tax returns for the 2015 tax year and I am unsure of code 3801 and 3810 on my daughter's tax return. What could these fringe benefits be? I don't see it on her payslips? Her salary structure is that her salary as a cash amount and travel allowance on her payslip as well her medical aid, disability, provident, Income protection insurance and ancillary fee but her IRP5 does not show the above on her IRP5?
Confused! Doe...
Written by Neo
Updated 1 April 2022
Written by Evan
Posted 1 April 2022
Q: How do I know if I owe SARS or not
Written by Marc
Posted 1 April 2022
Q: What does a negative tax refund amount means
Written by Marc
Posted 1 April 2022
I was just asked me for my PAYE reference number how does it differ from my tax reference number
Written by Neo
Updated 31 March 2022
If an individual who is a registered as VAT vendor acts as an Agent and earns commission ad obviously charges output tax and declares it to SARS.
I.e. Someone who has invoiced out R100.00 and declared an output tax of R13.04 to SARS, when the time comes to file their personal income tax does the person have to declare the same amount being R86.96 excluding VAT as their commission income and do they have to pay income tax on the above amount?
Will that not be double taxati...
Written by Marc
Posted 31 March 2022
Q: How do I reset my login name and password on eFiling.
I typed three times and now I'm blocked.
Written by Marc
Updated 31 March 2022
Written by Marc
Posted 31 March 2022
I just want to know if it possible for you to e-mail me the tax certificate.
Written by Marc
Posted 31 March 2022
I will be taking a new job that requires me to be a contractor. There are mixed opinions on how contractors get taxed. The consulting company assures me this is a flat rate of 25%, but on reading SAICA's website I found this little nugget: " If the independent contractor works more than 22 hours a week, he/she must be taxed in terms of the income tax tables".
I will definitely be working more than 22 hours a week, can you tell me things will work, please?
The question of tax relates to how you are perceived to be working for the "employer" to whom you will be contracting out to...
Written by Marc
Posted 31 March 2022
I want to find out whether it's registered in tax office.
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