FAQ: Can I claim professional subscription fees as a chartered accountant?
A person who earns remuneration income (which is not derived mainly from commission) cannot claim professional subscription fees against the income received. This deduction is prohibited in terms of section 23(m) of the Income Tax Act. For example, a doctor working for a hospital or a practising accountant in a firm of accountants employed under […]
FAQ: Must I be registered for Income Tax to request a refund for relief from SA Tax?
Yes, tax withheld can only be refunded if a person is registered as a taxpayer in SA and has an Income Tax Reference Number. For more information on how to register as a taxpayer, click here.
FAQ: I get an error message, concerning Adobe Air, when trying to update to the latest version of e@syFile™ Employer, how do I fix this?
When updating to the latest version of e@syFile™ Employer, make sure you are using a recent version of Adobe AIR. If the following error message appears: Take these steps to fix this: Download the latest version of Adobe Air – you can access this from Browser compatibility guidelines. Then simply run the setup file again […]
FAQ: I receive an error message “Failed to connect to the update service”, how do I download the latest version of e@syFile™ Employer?
Where you receive the “Failed to connect to the update service” error message, you will be required to download and install (re-install) the latest version of e@syFile™ Employer. The latest version can be downloaded from e@syFile™ the guide or SARS eFiling and clicking on the e@syfile Employer logo.
FAQ: Can the Monthly Employer Declaration (EMP201) have a negative amount?
The Pay-As-You-Earn (PAYE) on the EMP201 may not result in a negative amount. Where the calculated Employment Tax Incentive (ETI) is more than the PAYE liability, an amount equal to the PAYE liability may be utilised, which will result in a zero (0) amount payable. The remaining amount of ETI will be carried forward to […]
FAQ: What do I do if an employee doesn’t qualify each month?
In determining the first or the second 12 month period, only the months in which the employee qualifies are taken into account. For example, the employee may be a qualifying employee in the first three months but not in the fourth and the fifth months. If the employee is a qualifying employee in the sixth […]
FAQ: I live overseas and I’m the heir of my parents’ estate, is there anything I must know on how to go about receiving the inheritance?
If you live overseas and are likely to be the beneficiary of either an inheritance or a trust distribution from within South Africa careful consideration should be given to your status from the perspective of the South African authorities, given the potential impact of exchange control regulations. Without some advance planning there is a risk […]
FAQ: I’m to inherit a sizable sum of money and property in Portugal and want to bring the money into South Africa. Will I be taxed?
You will not be taxed on bringing the inherited monies into SA. You will have to produce a copy of the final liquidation and distribution account to verify the source of the money and will have to disclose the monies you’ve inherited on your next tax return. You also need to request a copy (and […]
FAQ: Do you include an inheritance of a house when calculating taxable income before you dispose it?
If you inherited a house then there is no tax on the actual inheritance, however the value of the house on the day you inherited it will be the base cost for Capital Gains Tax purposes. When you eventually dispose of this property, it will be subject to Capital Gains Tax.
FAQ: Who is responsible for income tax on interest on an inheritance?
The person who received the inheritance must declare interest earned on the investment.
