Category Archives: Income Tax

Tax Rates 2015

Tax Rates 2015

On Wednesday, 25 February 2015, South Africans were told to prepare for higher taxes. The government’s annual budget indicated a 1% increase in personal income tax. Tax Rates for 2015 is as follows: Personal Tax Taxable Income Tax Payable R0 – R181 900 18% of each R1 taxable income R181 901 – R284 100 R32 742 + 26% of taxable income above R181 900 R284 101 – R393 200 R59 314 + 31% of taxable income above R284 100 R393 201 – R550 100 R93…

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What is my tax number?

Where is my tax number? If you are thinking about your tax number, you may be busy completing your e-filing or tax return? Your tax number should be printed on your tax return already! But if you need your tax number for correspondence or to provide to your tax consultant, tax practitioner,  financial consultant or any one of the other hundreds of reasons, you can start looking for your tax number on your payslip or on your IRP5 issued by your employer. You can also…

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Register for tax

If you need to register for tax,  confused or uninformed, we will have no problem in providing you with the information you require in order to make everything easier for you. If you need to register for tax, follow these instructions to complete your registration: You will need to complete the IT 77 form which is available from a SARS branch office or provided on their website. Once the form has been completed, you should visit your nearest SARS Bbranch office to hand it in.…

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Predikante, hul eggenote, die Keiser en belasting

Predikante, hul eggenote, die Keiser en belasting Wie kon weet dat predikante die welbekende spreuk om aan die Keiser belasting te gee wat hom toekom, in die praktyk sukesvol toepas? Daar is ‘n gevestigde beginsel in belastingreg dat ‘n persoon sy eie sake so kan rel dat hy die minste belasting betaal. Bygese, die beplanning moet binne die raamwerk van die Inkomstebelastingwet wees. Twee sake wat voor die Spesiaal saamgestelde Raad verskyn het, het gegaan oor predikante wat hul salarisse herstruktureer het. Albei van hulle…

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Personal income tax

An individual is personally liable to register as a taxpayer for personal income tax with the Receiver of Revenue in whose area he she resides. The request may be made in person or in writing. WHEN MUST A TAX RETURN BE SUBMITTED? A taxpayer is required to submit an income tax return if he she receives net remuneration exceeding R67111 for the year receives remuneration (irrespective of the amount) which is not net remuneration for example – a. remuneration which is taxed at average rates…

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Interest as a deduction

In a recently published Special Board decision the Commissioners practice note was challenged. Practice note number 31 reads as follows To qualify as a deduction in terms of section 11(a) of the Income Tax Act ( the Act ) expenditure must be incurred in the carrying on of any trade as defined in section 1 of the Act. In determining whether a person is carrying on a trade the Commissioner must have regard to inter alia the intention of the person. Should a person therefore…

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Independent Subcontractors and PAYE

Independent Subcontractors and PAYE. The Building Industries Federation of South Africa has a standard contract for subcontracts. This standard contract contains the following clauses: The contractor shall pay to the subcontractor the sum or sums and at the interval agreed upon for work properly done. When payments are made periodically the amount shall be determined by the contractor, in agreement with the subcontractor, and shall the based on a fair and reasonable valuation of the work completed. Once the materials for the work have been…

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Individual Income Tax Rates for 2013-2014

Individual Income Tax Rates for 2013-2014 Individual Income Tax Rates in South African Rands for the period 1 March 2013 to 28 February 2014 are as follows: R0 – R165 600 @18% of taxable income R165 601 – R258 750 @R29 808 + 25% of taxable income above 165 600 R258 751 – R358 110 @R53 096 + 30% of taxable income above 258 750 R358 111 – R500 940 @R82 904 + 35% of taxable income above 358 110 R500 941 – R638 600…

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Do you have to submit a tax return?

Depending on your age and how much income or money you have earned in the year you may or may not have to submit a tax return. So, do you have to submit a tax return? If you are under the age of 65 and you earn MORE than R67 111  between 1 March 2013 and 28 February 2014 – YES you have to submit a tax return – Your Primary Tax Rebate is: R12 080 If you are under the age of 65 and…

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Beskou die keiser jou as n boer

Deur HA Coetzee GR(SA) H Dip Belastingreg MCom DCompt voormalige hoogleraar by RAU Synopsis The Receiver of Revenue has tried unsuccessfully to add an objective factor to the interpretation of a farmer for the purposes of the Income Tax Act (the Act). His reasoning was that farming like any other venture must have a prospect of realising a profit. Over the past seventy years though our courts have consistently ruled that the test whether a person is a farmer for the purposes of the Act…

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