I need to know what type of tax return I should do and why?

  Written by Marc   Posted 7 October 2013

I need to do my income tax returns but I am unsure weather I should do provisional Tax returns IRP6 or ITR12. I am Member and Director in multiple companies and CC's. I however only received income from 1 company in the form of a salary and then rent that I receive from 1 house that I own in my personal name.

I do not receive any other income from the various companies.

Rental income- gross income?

  Written by Marc   Posted 4 October 2013

For the purposes of calculating one's taxable income, does one include the rental income received for leasing out a flat in their income?

How do I work out my taxable income from my salary slip?

  Written by Marc   Posted 1 October 2013

I started earning extra wages outside of my salary in February 2013 and so I have registered for provisional tax. On my IRP6 I need to fill in my gross turnover(which I understand to be my gross salary other income including my rental earnings, wages earned and interest on investments) and then my estimated taxable income (which I understand to be my gross turnover minus my costs, retirement annuity contributions and my pension contributions). How do I work out the taxable portion of my salary ...

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Birthday cash money gift. What to do with tax?

  Written by Marc   Posted 21 September 2013

Every year I get around R35000-R45000 as a birthday present depending on how generous my extended family is feeling. This never used to be a problem when I was younger as I just used to go out and spend it, but now as I'm getting older I would like to save this money.

My question is if I had to deposit this gift money into my account would I have to pay tax on it?

What is SDL tax?

  Written by Marc   Posted 21 September 2013

What is SDL tax and how is it calculated?

Parents over 80yrs old, income of 350K/yr from rentals, do they need to pay tax?

  Written by Marc   Posted 18 September 2013

My parents are over 80. The only income they enjoy is from 5 rented cottages on the property where they collect on average ZAR 6000/month. This equates to a total income of around ZAR 350K/yr. They claim they do not need to pay tax on this nor need to complete a tax return!? Is this true?!

They are cashed up, do not have or service any debt. The only significant asset they own is the single property on which they both live and rent the cottages out.

Employer tax free bursaries for student employee

  Written by Marc   Posted 13 September 2013

Hi,I am currently busy with my masters degree in management. I am personally paying for all my studies.Can I arrange with my employer to set a certain portion of my salary aside as a bursary which is directly paid to the University thus lowering tax for my employer and myself?Also, is it possible for my employer to claim money from the the Skills Development Levy (SDL)?Basically, I want to know what can I arrange with my employer to reduce our tax burden. My employer will be open to any options ...

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CGT - Offshore Stock

  Written by Marc   Posted 11 September 2013

Tim

I have a question. I live in the UK. I have been living here for 5 years. I have property and bank accounts in South Africa. I submit my tax returns every year, claiming a loss on my bonds over my properties. I put my foreign income under section S10(1)(o).

I want to know about off shore investments, if I decide to buy US Stock today, will this be the base cost for CGT purposes or will it be the day I return permanently to South Africa?

How would this differ...

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Private practice queries

  Written by Marc   Posted 10 September 2013

I've started my own private practice
I was employed before that and was a registered "normal" tax payer and did my e-filing chop chop easy. I'd like to continue doing my own e-filing:

Do I have to register now as a different tax payer now that I'm working for myself?
And must I complete the form where it asks for my own income and will it automatically update then and ask if I had other expenses?

And what all can I keep as "business" expenses? (I rent an office and pay a receptionist as well)...

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Refunded but still owe SARS money?

  Written by Marc   Posted 9 September 2013

I got a refund last year (2012) and went into SARS and they did my submission for me. I phoned SARS to see how to report my previous company as they have not let me have my IRP5 form as yet (it was due by July 2013). I was then informed that I have a recurring penalty of R 13750.00 due to 2007 and 2011 not being submitted.

Surely if I owed them any money they would not have released the refund for 2012? I really need help with this as I am pretty confused.

Incorporated versus sole prop for a new business

  Written by Marc   Posted 4 September 2013

Hi Tim. I am about to embark on a new venture and start up my own business. We are bound by various rules and regulations as per the HPCSA and are only able to practice in an incorporated or solus practice. I am feeling very unsure as to which is the best option tax wise? The gross monthly income of the practice is expected to start off at and vary between R30 000 and R50 000 per month. I will not have any partners or permanent employees. I work from home 50% of the time and am onsite (travellin...

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I haven't been paying tax since starting work (5 years). What are the implications?

  Written by Marc   Posted 4 September 2013

I have been working since 2008 and earning enough to qualify for tax but I am not a registered taxpayer. Will I be liable to pay taxes for all those years I have been working till date, as I plan on registering for tax to avoid any more repercussions?

Working from SA, being paid in UK

  Written by Marc   Posted 4 September 2013

Living and Working in South Africa remotely to UK (IT).

Hi Tim

I lived in UK for 5 years and returned to SA in 2010. I have dual nationality (German and South African).

I have been working in SA for a local company since 2010 earning rands. I have now been approached by my previous employer in UK to work for them again remotely from SA.

If I am paid by them in pounds into my UK bank account where will I pay tax and will have have to bring in all my earnings to SA or can I only bring in what I need?...

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Tax advantages of leasing a car?

  Written by Marc   Posted 2 September 2013

Hi, What are the advantages of leasing a vehicle for a business, tax benefits? Can I write off the lease payments made on the vehicle as expenditure and claim back from SARS?
Thanks.

IT3 certificates? Requirement to issue on loan accounts? CC or Pty?

  Written by Marc   Posted 2 September 2013

Hi Does a close corporation or a (Pty) Ltd company that has paid interest on member or shareholder loan accounts have to issue any kind of IT3 certificates?

Company registration necessary? I am a psychologist.

  Written by Marc   Posted 30 August 2013

Dear Tim,

I am a psychologist and started running a private practice at the beginning of the year. Renting office space and have other expenses that have been business related. So it is 'personal service'. Would it be advisable for me to register it as a business?

Does -10c balance mean I'm not owed? I know I have been paying tax.

  Written by Marc   Posted 29 August 2013

Hi Tim! I submitted my tax return for 2012 and 2013 last week Friday. I wanted to claim in case I was owed. Afterwards I got an email and an SMS saying -10cents due. What does it mean?

Oops - I under estimated first provisional tax payment what now?

  Written by Marc   Posted 28 August 2013

Hi Tim

I just filed and paid my IRP6 for the first payment just to realize that I might have under-estimated. Do I need to ask for a correction or can I rectify it with my second payment? Will there be any penalties?

Please let me know

South African Expat working in Dubai

  Written by Marc   Posted 23 August 2013

Hi Tim,

I have been working in Dubai since 1 January 2011 and would like to know do I need to declare my Dubai income on my tax return? I have only been back to South Africa once for 28 days in August 2012. I am working for a local Dubai company, with an open ended contract.

For the last 2 tax years I have submitted my tax return, declaring my South African sourced income, interest and rental income.

Is this the correct way or do I still need to declare my Dubai income and will my Dubai income be taxable?...

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Provisional tax Period 1 query

  Written by Marc   Posted 22 August 2013

Hi. I am a provisional tax payer for the first time due to earning rental income greater than the threshold. I received (& was taxed on) a bonus from my employer in June this year. How do I treat the bonus payment on the provisional tax return (period 1)?
If I include it as part of taxable income, my tax payable is inflated as bonuses are taxed differently from normal income. Please advise.

Do I submit my capital gains from an investment as part of my primary residence if I do not have one

  Written by Marc   Posted 22 August 2013

Do I submit my capital gains from an investment as part of my primary residence if I do not have one? I own no property etc.

Can you claim depreciation as an expense against rental income?

  Written by Marc   Posted 22 August 2013

Can you claim depreciation as an expense against rental income?

What is the tax free amount for interest earnings? I am over 65.

  Written by Marc   Posted 22 August 2013

I am 66 years old - what is the tax free interest earnings amount - 2013/14 tax year. I earn a salary of R104,000 pa.

Allowable vehicle expense deductions

  Written by Marc   Posted 21 August 2013

What vehicle related expenses can I claim as deductions? I am a property manager and rental agent and use my vehicle mainly for work purposes. I know that any expense incurred in the production of income can be deducted, so can the cost of my vehicle (repayments) be deducted?

I wanted to know if my divorce settlement is taxed?

  Written by Marc   Posted 20 August 2013

Hi, I got divorced last year and I got 50% of his money since we were married in community of property. When I went to claim it I was told I had to pay tax on it, but I never got any paper document of the amount to be taxed, I only got the IT150 paper.
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