Tax Q&A
Tax on Forex Trading
Q: How do I go about paying tax on forex income? I will soon be receiving additional income of about R30000.00pm from a forex investor who is trading on my be
Read moreHow to calculate gross from net salary
How do I calculate gross salary if given a net salary? The gross salary should include the UIF and PAYE per month? For example, if someone's net salary, that i
Read moreWhat is the definition of tax threshold?
I need to explain it to grade 12s The tax threshold is the amount of income below which you do not pay any income tax. These thresholds are also determi
Read moreUIF contribution - how to work it out?
What is UIF, how do you calculate UIF contribution, i.e. how much should an employee contribute for UIF...e.g., If an employee earns R15 000 how much will be hi
Read moreDifference between income tax number and PAYE reference number?
Q: What is the difference between Income Tax number and PAYE Reference number? A: Your income tax reference number is a unique 10-digit number issued by SARS t
Read moreChange of personal details for my SARS profile
Q: Can I update my personal profile details with SARS online or do I have to go straight to the branch? A: Yes, if you are registered for SARS eFiling then yo
Read moreDifference between Vat and Tax numbers
Q: What is the difference between a VAT registration number and a tax reference number. When do I use which one? Are they not the same thing? A: No, an
Read moreWhat is Gross Remuneration?
How is 3699 Gross Remuneration arrived at? I meant 3699, what does it mean as is reflected on one's payslip? How does the employer arrive at this as Gross Rem
Read moreI have lost my SARS eFiling password and username.
Please can you help me by giving me my password and user number, because I lost it and I am already registered with SARS. For TaxTim or SARS? For SARS. Plea
Read moreHow do you calculate leave days when paying out your employees
Q: How do we calculate leave days? Scenario 1: An employee who works 40 hours per week and who has a monthly basic salary of R17933.00 and has carried over 20
Read moreI forgot my tax number, how do I get it urgently
Q: I forgot my tax number; how do I get it urgently? A: You can usually find your tax number on you IRP5 or payslip from your employer. If your tax number is n
Read moreMy IRP5 is incorrect - can I edit it myself on eFiling?
SARS code 3601 on my IRP5 is incorrect - my employer is saying I received more than I actually got paid. My salary on my IRP5 (source code 3601) is R100 000, I
Read moreHow do I pay tax on my rental income?
I own two rental properties from which I earn rental income. This is my only source of income - I do not earn a salary. In the 2021 tax year I let one of the p
Read moreWhy was my tax refund reversed by SARS?
I have not received my tax refund and it is the 18th of the month. My tax return was submitted on the the 3rd of this month. Your refund was due to be paid ou
Read moreCapital Loss on the disposal of my Primary Residence
I sold my property, which is my primary residence, for R9 million. The initial purchase price was R7 million and I spent R1 million on improvements - the total
Read moreTax on Lump Sum payment - Provident Fund
Hi,A friend received a lump sum payment from her provident fund to pay for a family members medical bills. Is she able to claim back some of the tax paid over
Read morePartnership in rental property - how to declare on my tax return?
If I own 50% of a property do I only put my portion of the rental income and expenses in? If you earn rental income in a partnership, there are two ways this c
Read moreDo I need to register for VAT if my income is all export related but my turnover exceeds R1m?
I am a provisional taxpayer in South Africa working solely for a foreign company (my services are all export related) with my turnover exceeding R1 million a
Read moreShould source code 3699 reflect on your cost to company?
Does source code 3699 include all employment income, so it should it reflect your cost to company? Source code 3699 reflects income that's taxable only (for e
Read moreDo I need to wait for SARS confirmation for provisional tax return?
I have successfully filed my provisional tax return for 2022 and would like to know if I need to wait for SARS to approve the amount or do I go ahead and pay
Read moreIs CGT applicable to Share Option vesting?
I've received 1000 share options that vest over 4 years at 25% per year. After the initial vesting on 1 Jan 2022 I have the right to exercise the options, it's
Read moreCan I claim against the use of my vehicle if the only code on my IRP5 is 3703?
I have used my vehicle for official travel - there is only code 3703 on my IRP5. Can I claim travel expenses in my return? This is a reimbursive (tax-free) all
Read moreMoney owed to SARS
I want to understand why I am owing SARS and how to pay the money to SARS? You have not submitted your tax return through TaxTim and your eFiling tax profiles
Read moreHow do I deduct rental expenses?
When less than 100% of your property is being rented out, then you may only deduct a portion of your rental related expenses. This portion (i.e. percentage) is
Read moreTax for a Personal Service Provider
Hi Tax Tim,I am a Personal Service Provider (PSP). My client withholds PAYE at 28% in the name of the PSP i.e in my company's name and not me personally, as an
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