Tax Q&A
Please provide an eFiling password example?
Q: Provide an example of a Strong Password. Can you show me what my eFiling password must look like???? A: A strong or good password must have a co
Read moreHow is profit on sale of private vehicles taxed?
I bought a used bakkie from a friend at his book value and sold it soon after at a good profit. Will it be taxed under capital gain? Do you usually buy and se
Read moreConfused between the ITA34 and ITSA
Q: What is the difference between an ITA34 and an ITSA This year is the first time I had filled a return. In the previous years, my ex-employers did not add an
Read moreWhat happens once I've submitted my tax return form?
One of the questions most asked when it comes to tax season, is “what happens now that I’ve submitted my income tax return, when do I get my refund?
Read moreHow to calculate Tax on Overtime
Question from Kelly: How do you calculate tax on overtime? Does the overtime put you in a higher bracket (pay higher tax percentage) for one month only if you r
Read moreCar vs car allowance tax
From a tax perspective which is more beneficial to an employee: a car allowance or a company provided vehicle? What would the impact be on either if the employ
Read moreRetirement lump sum calculator
The TaxTim lump sum tax calculator provides for BEFORE and AFTER retirement, retrenchment or death - with a marked difference between the BEFORE and AFTER opti
Read moreShareholder Loan and own company
I have a loan with my company (payable from the company). I would like to know what the effects are that we need to consider regarding interest-free loans? I
Read moreDo I pay tax on profits from Forex trading?
Q: How do I pay Tax on Forex Trading? I am a South African resident. I am a full-time forex trader (almost a year now). I trade via a broker overseas, I deposi
Read moreHow do I account for online Forex Trading in my income tax return?
A little background on myself. I am a salaried employee of the department of health in South Africa. I am registered with eFiling and have been submitting tax r
Read moreHow to calculate provident fund deductions for 2016/2017?
Please can you show an example of how the employer and employee's provident fund will affect the monthly tax 2021/2022. I still do salaries manually. For exam
Read moreConfirmation letter
I received the following confirmation letter, what does it mean? Will I receive my refund within the next few days or what? Dear TaxpayerVERIFICATION OF ASSESSM
Read moreWhat does it mean when you receive a message from SARS notice issued for 2008 and 2013?
Notice issued of SARS eFiling IT34 for 2008 and 2013 A: This means that SARS has issued you with an assessment which is the ITA34. This is an income tax
Read moreWhat is the tax on basic salary plus commission?
What is the PAYE calculation on basic salary plus commission? Tax on commission is at exactly the same rate as a fixed salary. The confusion comes from the
Read moreCalculating tax on commission
I wanted to know how to calculate how much tax I will have to pay to SARS. I am an estate agent and earned about R106 000. 00 commission for the tax year. Ta
Read moreTax deduction - Asset write-off for small items
Is it true that the acquisition of "small" items at a cost of less than R 7000 per item may be written off during the year of acquisition? I bought a laptop for
Read moreI receive a ten digit number from SARS, how do I know if its my tax number?
I went for an interview last week and the recruitment officer told us that as an employee you will need a tax number, but she then said she might apply on beha
Read moreWhat does code 3801 and 3810 on irp5 stand for? If fringe benefits why wont they appear on payslip?
I am currently completing my 2 daughters, my son in law, my husband and my tax returns for the 2015 tax year and I am unsure of code 3801 and 3810 on my daught
Read moreFreelancer and Tax payments
I am currently working as a freelance artist who just started earning money from the work which I do, but at the moment I earn approximately R600.00 a month. I
Read moreHow do I know that I owe sars or they owe me?
Q: How do I know if I owe SARS or not If my SARS efiling statement it says my assessment is -R1300 and my balance is -R1300. Does that mean I owe SARS R1300? &
Read moreWhat does a negative tax refund amount mean?
Q: What does a negative tax refund amount means Negative tax refund, e. G. -R11 000, do I owe SARS or is it money due to me? A: The minus sign mea
Read moreHow do I enter PAYE reference number
I was just asked me for my PAYE reference number how does it differ from my tax reference number PAYE reference number is for an Employer who deducts and pays
Read moreIs VAT on commission subjected to income tax?
If an individual who is a registered as VAT vendor acts as an Agent and earns commission ad obviously charges output tax and declares it to SARS. I.e. Someone
Read moreHow do I reset both username and password on eFiling?
Q: How do I reset my login name and password on eFiling. I typed three times and now I'm blocked. A: Please contact SARS 0800 00 7277 in order to
Read moreVAT on interest
I have a business that collects debt on behalf of other service providers, we eventually charge interest if the payments are overdue longer than 3 months. Are
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