Retirement lump sum calculator

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)...

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Shareholder Loan and own company

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?

...

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Do I pay tax on profits from Forex trading?

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?

How do I account for online Forex Trading in my income tax return?

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?...

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How to calculate provident fund deductions for 2016/2017?

Updated 5 April 2022

Please can you show an example of how the employer and employee's provident fund will affect the monthly tax 2021/2022. I still do salaries manually.

Confirmation letter

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...

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What does it mean when you receive a message from SARS notice issued for 2008 and 2013?

Posted 4 April 2022

Notice issued of SARS eFiling IT34 for 2008 and 2013

What is the tax on basic salary plus commission?

Updated 4 April 2022

What is the PAYE calculation on basic salary plus commission?

Calculating tax on commission

Updated 4 April 2022

I wanted to know how to calculate how much tax I will have to pay to SARS. I am an estate agent and earned about R106 000. 00 commission for the tax year.

Tax deduction - Asset write-off for small items

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.

I receive a ten digit number from SARS, how do I know if its my tax number?

Updated 1 April 2022

I went for an interview last week and the recruitment officer told us that as an employee you will need a tax number, but she then said she might apply on behalf of some of us and we might receive an SMS. Yesterday I received an SMS saying I have been registered and they send me a ten-digit number and said it's a tax reference number, how do I know if the number really is my tax number?

What does code 3801 and 3810 on irp5 stand for? If fringe benefits why wont they appear on payslip?

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...

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Freelancer and Tax payments

Updated 1 April 2022

I am currently working as a freelance artist who just started earning money from the work which I do, but at the moment I earn approximately R600.00 a month. I also have not been working for a long time before I began with the freelance job, it has been just over 7 months. Do I still need to pay my taxes even though my income isn't fixed and stable? If that is the case I need help in knowing how I can calculate how much of the tax I would need to pay.

How do I know that I owe sars or they owe me?

Posted 1 April 2022

Q: How do I know if I owe SARS or not

What does a negative tax refund amount mean?

Posted 1 April 2022

Q: What does a negative tax refund amount means

How do I enter PAYE reference number

Posted 1 April 2022

I was just asked me for my PAYE reference number how does it differ from my tax reference number

Is VAT on commission subjected to income tax?

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...

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How do I reset both username and password on eFiling?

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.

VAT on interest

Updated 31 March 2022

I have a business that collects debt on behalf of other service providers, we eventually charge interest if the payments are overdue longer than 3 months. Are we required to charge VAT on this interest?

I want to know how to print my tax certificate?

Posted 31 March 2022

I just want to know if it possible for you to e-mail me the tax certificate.

How do independent contractors get taxed?

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...

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I have a tax number, but how do I verify it?

Posted 31 March 2022

I want to find out whether it's registered in tax office.

Drop-shipping and taxes

Posted 31 March 2022

Q: Tax on Sole Proprietor Income

Is there a way I can register for PAYE on Sars Efiling?

Posted 31 March 2022

Q: How to Register for PAYE on eFiling

I can't get into my SARS e-filing. Rejecting my user name and doesn't know my e-mail address.

Posted 31 March 2022

Q: I can't get into my SARS eFiling.

I do have a new email address but I tried my old e-mail address and that didn't work either.

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