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FAQAll: Recently Answered Expert Questions
Relocating, tax benefits?Category:
Tax
Question:
What tax benefits may an employee enjoy when his/her employer transferred him/her from Port Elizabeth to Johannesburg? The employee has been re-located from one place of employment to another on his new appointment.
Answer:
Where the employer has borne the expenses (costs) set out below (whether the employer pays the creditors directly or reimburses the employee for cost paid),they will be exempt from tax — - the transportation of the employee, members of his / her household and personal goods from his / her previous place of residence to his / her new place of residence;
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efiling query - deduction (code 4016)Category:
Tax
Question:
With reference to the 2011 Income Tax Return, the taxpayer experiences difficulties in inserting an amount under deduction (code 4016) – the field remains grey and cannot be populated!
Answer:
The 2011 edition of the ITR12 has been enhanced for the validation rules. One of the enhancements were to extend the line items for deductions to cater for all the deductions for salaried taxpayers not prohibited by section 23(m) of the Income Tax Act. In doing so the use of other deductions for salaried taxpayer would no longer be necessary.
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Taxpayers earning less than R120 000 paCategory:
Tax
Question:
Although, taxpayers who earn less than R 120,000 pa are not required to submit a tax return, SARS is known to issue some of these taxpayers with penalties for not submitting the return. What is the correct position?
Answer:
Yes, it is correct to say that SARS exempts a natural persons to submit a return if the taxpayer remuneration does not exceed R120 000. Please, however, be careful that there is a qualification. The remuneration must be from a single source and employee’s tax has been deducted or withheld from the full amount. |
Accounting officer appointmentCategory:
Business Processes
Question:
I have been appointed by a client that I should be the accounting officer for them. Do I need to attach the letter from the client, with my Professional Reason letter to the previous accountant?
Answer:
A vacancy must exist for you to be appointed as the new accounting officer. The client should therefore communicate with the previous accounting officer to inform them of the prospective change. Then the necessary forms must be filed with CIPC (old CIPRO) to ensure the effective change over.
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The 'normal' private companyCategory:
Commercial Law
Legal
Ethics
Question:
I have a friend who is a registered nurse who wants to start a baby clinic and antenatal classes. Can she form a normal (Pty) Ltd or must it be an Incorporated company, if so why?
Answer:
Doctors, lawyers and auditors/accountants are bound by their profession to when they want to start a company, incorporate a company where the directors and past directors are jointly and severally liable, together with the company, for any debts and liabilities of the company. They will thus form a personal liability company which is identified with an Inc. |
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