Tax Q&A

Tax for R250 000 provident fund on retirement?

If for example I have R250 000 provident fund amount on my retirement,will it be taxed or not? Yes, it will be taxed, however the first R500,000 is exempt

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Independent consultant and expense claims

I am an independent contractor and would like to find out how to calculate my salary due to me taking expense claims into account. Total salary = hours worked

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Do I pay tax in SA as a non-resident working in SA for a US university?

I am a US citizen living here in South Africa for about two years because of my spouse's work. The university I work for has graciously allowed me to continue

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Penalties deducted from pay out?

I looked on the SARS eFiling and it stated that I should pay them a big amount of money (I assumed it was for late tax returns). A week later they paid out a

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Can residual bond interest from one property be offset against rental income from another property?

I have two properties and I pay bond interest on both. With regards to deducting bond interest from rental income, can residual bond interest from property A b

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Single versus married benefits, whats the difference?

If you are single, you pay more taxes. How does this affect your payout on resignation? Do you get a lesser payout than your counterpart who is married? By

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MEDICAL TAX REBATE REFUND

IF YOUR PAYE CONTRIBUTIONS EXCEED THE TAX PAYABLE WHICH MEANS YOU ARE DUE A REFUND DOES THE ANNUAL TAX CREDIT R257 PER MONTH TIMES 2(taxpayer and spouse) time

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It is aleady summarised

Is south African interest exempted? Individuals under 65 years obtain an annual exemption of R23,800 (over 65 years, the exemption is R34,500).Therefore in

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Estates Tax Liability on Dealth of Spouse

My wife and I hold assets in terms of cash at bank and a single main residence. All assets are held in joint names. Should one spouse die can the assets be tr

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How to calculate the IRP6 and ITR14?

My company was registered with CIPC last year in March 2015 and when I went to SARS to submit my ITR14 they say I must register online but before I submit the

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My PAYE deduction is way to high - how do I claim?

I have calculated my yearly taxable earnings for the 2015-2016 tax year, and the PAYE deducted each month was significantly higher than needed as I was unempl

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Meaning of medical aid 4005?

What does medical aid source code 4005 mean? This is the amount that your employer pays over to the medical aid as contribution out of your pay each month

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Taxation on foreign sourced pension

My wife and I are Irish and UK citizens respectively, currently living in the UK and are interested in the feasibility of retiring to South Africa. Our method

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Should there be a PAYE deduction from my sole proprietor invoice?

I operate a sole proprietor providing services to various companies on an "in need" basis on short and medium tem basis. I operate at my client place of busin

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Tax on package and retirement cash withdrawal under the age of 50

I am 40 years old. I have taken the retrenchment package from my company, the amount of R307,000. I also want to withdraw my retirement fund of R714,000 as ca

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Is it the building size or stand size used for home office calculation?

I have a home office and I want to know in terms of the calculation for the percentage of the home being for the office is it the entire stand size of the pro

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SARS, bitcoin wallets and disbursement of BTC funds

However, there are a number of issues that I cannot get to grips with regarding the storage of BTC in a wallet and the further use of BTC outside the fiat sys

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Tax payable on gift from family abroad

What are the tax outcome to inherit R500,000. 00 from family abroad and tax outcome if I receive it as a gift? Are you not the direct beneficiary? No -

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How does sequestration and outstanding tax work?

If you have a voluntary surrender of personal estate (sequestration) and there is a tax amount outstanding is it payable or does it form part of the estate?

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Is the tax refund date on statement accurate?

My tax statement has a date of refund as 19. 03. 2016 is that the date I will receive the refund into my account It should be paid by tomorrow or latest Tu

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PAYE or Provisional Tax

I own a small business - registered with CIPC as a private company. I am the sole director of this company and currently get paid a salary by the company. Sho

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Offshore 60 day trip

I am South African and I work offshore. I know I have to work 183 days offshore in total, with 60 of these being continuous. Would a 60 day trip that falls ov

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Sole Proprietor - PAYE - IRP5

If I am a sole proprietor and am registered for PAYE/UIF, as I employ one individual, and have paid PAYE for myself during the 2015-2016 tax year so that I do

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Will I receive a penalty if my second provisional tax payment is late, however I make a third top-up

Good day, I have not paid my provisional tax that was due on 29 February 2016 due to very little money coming in and low on funds. Will all be in order if I d

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What to do if SARS penalises me?

I was working freelance for 2 companies. My salary was plus minus R15,000 a year. SARS penalised me because I don't fill in forms. They say I owe R10,500. I

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