Tax Q&A

Company car fringe benefit.

I had a fringe benefit of R6799. 72 company car 3. 25% FB. Company cancelled the Fringe Benefit and I bought the car in August. Up to today, company still ha

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New company and tax forms

I have a new consulting firm and I completed an IRP6 twice, for the two SARS documents, as provisional tax. Note that on the said form there is no provision f

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Declaring the cost of building a rental property

I had rental income in the 2019 tax year, I converted part of my house into a 1 bedroom apartment as well as converting my old garage into another, so I curre

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Structuring tax for a side businesses

I need some advice regarding how to structure my taxes and what ways I will be able to reduce my tax exposure through deductions, registering as a private Pty

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Foreign income with online forex trading

How one would declare Income/Loss that is derived from online forex trading. The trading account is in USD so I assume foreign income. 1. Where would one decl

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Tax on money held in offshore account?

I have an offshore transactional bank account into which I transferred cash into. To clarify, the currency is in Australian Dollars. Also, I do not earn any i

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Tax on shares

I received a once-off payment for shares in November 2018. I then opted to pay tax on the shares before the payments was made to me. Therefore the tax was alr

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Old Tax Returns

SARS owes me money from a tax return which I recently submitted with the help of TaxTim. They have come back to say that I need to file my old tax returns fro

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Corrected IRP5

My employer had to fix the tax period on my IRP5 and it has now been resubmitted to SARS. I would like to know if I am able to get TaxTim to reload this new I

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Tax on living annuity

What type of a taxpayer am I if I receive a living annuity and I am 42 years old? My monthly living annuity income is just over R10000, I also receive money f

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Claiming retirement

I am confused and I need some clarity regarding money I am contributing into a pension fund. I am making monthly contributions into someone else%u2019s pensio

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Provisional Tax on Rental Income

My wife and I are South African and we are currently based in East Asia. I work here as a teacher and my wife is not employed. We are married in community of

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Submitting a tax return and foreign income

I have been living abroad for a while, since February 2018 to be exact. I filed my tax return for the 2017/2018 financial year, as it reflected my income for

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Earnings of a teacher and tax

I would like to find out if I should submit a tax return as a teacher that earns R300 000 per annum. Would this be required of me? For the 2019 tax year (i

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Tax on foreign employment

I was living in Dubai from March 2014 up until December 2016, I however did not earn any income while living there. I then moved to Namibia, where I am curren

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CGT for Companies

Is it correct that for private individuals Capital Gains Tax (CGT) is levied on net gain and of that, 40% is taken into account and that amount is added to in

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Tax allocation

Where does my tax money go to? Your taxes are deducted at the source of your income (eg: Employer), it is then paid over to SARS. SARS allocates this towar

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Two incomes and tax calculations

I am 51 years old and I receive a monthly taxable salary and a monthly pension. How do I calculate my tax on both incomes? Kindly note that all the incomes

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Backpay and bonus taxed in same way?

Can a bonus and an arbitration award backpay be added on one source code? The employer added the arbitration award backpay for 2014 to 2017 august under one

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Tax Deduction for education

Can I receive an income tax deduction for paying for my own university costs? University fees are regarded as a personal expense and therefore would unfo

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How to work with multiple streams of income

I currently work as a freelancer and I've just started a business and there's another one coming up soon. Do I need to submit these separately with deductio

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Tax Free Account transfers

I have a tax free call account with Standard Bank. I would like to know whether it is possible for me to request that Standard Bank transfers the money that i

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Leave days and tax

How are the leave days calculated when an employee resigns from a company? Your leave payment will be added to your final salary and taxed at the same r

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Business travel from home office

I work for a multi-national company and I am home based. I would like to find out, when I travel into the office for meetings, can I claim that mileage as bus

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Compiling IRP6

I am a first time IRP6 Provisional Taxpayer and I am looking to complete and submit my tax return through TaxTim. Would you be able to assist me with my tax r

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