Tax Q&A

Tax payable on retrenchment for person below age 55 years

I am below 55 years of age and am being retrenched. My Lumpsum is R519,000-00 what is my tax payable Please make use of our Lump sum calculator to work ou

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Spiritual Counseling outside of medical aid

As a Spiritual Counselor who has a BA in Counselling, but who is not registered as a health care professional with medical aids, as it is more a spiritual tha

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Setting up small business while employed

Can I set up a small business while still employed? The business doesn't do work that conflicts with current employer. It is fine from a tax perspective a

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Medical aid tax rebates

Is your tax rebate higher if your medical aid contribution is made by your employer instead of done privately? It won't make a difference, however please b

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Foreign Gift to SA Citizen / Donation

I am a South Africa citizen and would like to receive a monetary gift from my sister who is a UK citizen only - is there any tax implication for me? Donati

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Can u perhaps help me I need my tax number

I need my tax nr. Please Please read our blog on How to get a SARS tax numberWe don't have your tax number - you need to contact SARS on 0800 007 277 if y

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Tax payable on Preservation Provident Fund before retirement

Hi. If I have a Preservation Provident Fund ( -R1 444 594) and wish to do a once-off withdrawal of R580 000. 00. What will my tax liability be? Born 1963.

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Tax on conditional sign on bonus

If I was given a sign on bonus and it was taxed. Condition on the bonus is to stay employed for 3 years. I received the bonus after tax. If I leave in under 3

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Need help with proof of res ans how to make sure I dobt keep going back and forth to sars / SARS doc

I am getting my tax number today and am 22 I need to have a tax number in order for me to start working I have never had any sort of bill on my name to have a

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Financial assistance to a relative / Donation

Is there a tax benefit when assisting a relative financially? Unfortunately not - this would be seen as a "donation" and may potentially attract donations

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Returning to SA after 8 years and still earning pounds and not rand. When am I tax resident in SA?

I'm South African born and worked and lived in the UK for 8 years before moving back about a year ago. I have dual citizenship and I am still paid and taxed b

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What do I do about offshore investments not previous disclosed to SARS ?

My client for a year has suddenly revealed an investment file that shows offshore investment of about R13 million. I am concerned when I look at her previous

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Zim Nationals New Tax Numbers

I have several employees that need tax numbers. They are all Zim Nationals on an Asylum visa. How do I get them Tax numbers? Can I apply to SARS on their beha

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Tax payable on buy to let property

I have invested in 4 properties to rent out to provide me with income. The total income I am recieving each month is R 18 000. I am 60 years old and have no o

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Tax for temporary employees

I am a temporary employee with three months contract in a municipality. I earn R37. 50 per hour and get paid on monthly basis. Last month my employer taxed me

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Invoice format while waiting for VAT number?

Myself and my associates have just opened a restaurant. We formed a new company for this restaurant and spent R1. 2m on installations. It has been trading for

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Where to reflect interest on Tax Free Savings account?

Must interest earned from a Tax Free Savings Account be included in one's non-taxable income that one submits to SARS? There is a special place on the new

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CGT on sale of business

What CGT will be payable if you sell a business that you started in 2004 with a R3,000 loan, you now sell it for R5. 5 mil and pay a 10% commission. Yes y

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Capital Gains Tax calculation

I recently sold my home in South Africa at R6,500,000 (5 April 2016). I purchased this property in 2006 at R3,500,000. When would I need to submit this to get

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Capital Gains Tax - costs of selling primary home.

When selling one's primary residence, am I correct to assume that closing out of the bond is included in costs of selling the asset when it comes to CGT payme

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When do I need to start paying taxes?

I am 17 years old. I do binary trading online and also some part time programming on my own. These hobbies have not earned me a lot of money but the amount is

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2016 delayed verification

I submitted my Tax tax returns at a SARS branch on the 25th of Feb. I was missing one document and supplied it to the branch the following day. My tax returns

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Do I need to submit a tax return while working overseas?

Do I have to submit a tax return for 2 small investment accounts that I have with Nedbank if it is the only source of income I have here in SA? Because I hav

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Are retrenched employees taxed by SARS?

Will I be paid back my PAYE for the 2016 period, ending 29 February 2016 since I became retrenched in March 2016? Unfortunately not if you worked the full

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Foreign donation

You previously answered my question relating to receiving a donation from my brother who lives overseas - I understand that if the money comes from a foreign

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