Provisional tax calculator for 200902

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Provisional tax calculator for 200902 Powered By Docstoc
					                                                      Your estimate
Estimated taxable income                          R          193,660.00
Tax on taxable income above                       R            39,875.00
Minus annual Rebate                               R             8,280.00
Tax for entire 2008/09 tax year                   R            31,595.00
Minus tax deducted by Employer                    R            50,000.00
Minus Foreign tax credit                          R                   -
Minus tax already paid by you for first period    R                   -    Please enter this amount, if applicable
Remaining tax payable for 2008/09 year            R                   -
Plus outstanding fine for first period            R                   -    Please enter this amount, if applicable
Plus outstanding interest for first period        R                   -    Please enter this amount, if applicable


                             Amount payable now   R                   -    If your tax payable for 2008/09 is negative, enter a zer
                                             When will you use this tool?
                                             You can use this tool when you are registered as a provisional tax payer and wondering which figures to fill in on
                                             your IRP6. This will be useful for employees, independent contractors, consultants and sole traders delivering a
                                             service.                                                                                     Please click on the
                                             'Input sheet' tab below and complete all the fields in green.                         You will need your payslips,
                                             invoices, bank accounts and investment statements, details about medical expenses, a list of all your RA
                                             contributions, a list of all your donations to Section 18(A) charities, a log book for your business travel expenses,
                                             and details of capital gains transactions, where applicable.
                                             To keep it simple, this tool assumes you earn less than R3,200 income from overseas sources. It also assumes
                                             that you have no business losses which you need to/want to ringfence, i.e. carry over to future tax years. Oh,
                                             and it also assumes that you are single or married out of community of property and not a legal body like a trust
                                             or a close corporation.

ease enter this amount, if applicable


ease enter this amount, if applicable
ease enter this amount, if applicable


your tax payable for 2008/09 is negative, enter a zero on your form (SARS cannot file a negative result).
d wondering which figures to fill in on
 ultants and sole traders delivering a
               Please click on the
       You will need your payslips,
 expenses, a list of all your RA
ook for your business travel expenses,

m overseas sources. It also assumes
 carry over to future tax years. Oh,
 perty and not a legal body like a trust
                                        YOUR AGE:                            35
INCOME                                                                                                                                                                                                                 We provide you with five columns, in case you changed
                                                                                                                                                                                                                       jobs during the year, was an independent contractor for
Income earned:
                                                                                  Employer / Client /        Employer / Client /         Employer / Client /            Employer / Client /     Employer / Client /    more than one client or run a business side-line.
Source code     Description                                  Total                   Business 1                 Business 2                  Business 3                     Business 4              Business 5
        3601    Income                               R         250,000.00         R     200,000.00           R       50,000.00           R               -             R                -      R                -          This is your basic salary / consultation fees / payment for services rendered
        3605    Annual payment                       R                -           R               -          R               -           R               -             R                -      R                -          This would be any once-off payment, eg a bonus or 13th cheque
        3701    Travel allowance                     R                -           R               -          R               -           R               -             R                -      R                -
        3697    Pension - employer contributions     R                -           R               -          R               -           R               -             R                -      R                -          This is what your employer offers as part of your pay - not your contributions out of your pocket
        3810    Medical - employer contributions     R                -           R               -          R               -           R               -             R                -      R                -          This is what your employer offers as part of your pay - not your contributions out of your pocket
                                                     R        250,000.00
                                                                                  Employer / Client /        Employer / Client /         Employer / Client /            Employer / Client /     Employer / Client /
Less tax deducted by employer/agent:                         Total                   Business 1                 Business 2                  Business 3                     Business 4              Business 5
        4102 PAYE                                    R          50,000.00         R       50,000.00          R               -           R               -             R                -      R                -
        4101 SITE                                    R                -           R               -          R               -           R               -             R                -      R                -
                                                     R          50,000.00

Local interest:                                              Total                    Institution 1               Institution 2               Institution 3                Institution 4           Institution 5            Institution 6
Interest on bank deposits or investments             R                   -        R           2,000.00       R            1,000.00       R                    -        R                   -   R                   -   R                    -
                                                             (If the total is less than the interest exemption applicable to your age, this amount will remain zero)


Any other income not mentioned above:                        Total                      Source 1                    Source 2                       Source 3                  Source 4                Source 5                 Source 6
Rental or professional or business income            R                   -        R                  -       R                   -       R                    -        R                   -   R                   -   R                    -


Capital gain*:                                               Total                 Primary residence             Other asset 1               Other asset 2                 Other asset 3           Other asset 4
Selling price minus base cost after exemptions       R                   -        R               -          R                -          R                -            R                   -   R                   -
                                                             (If the total gain is less than the annual exemption, this amount will remain zero)
*We have a separate Tool to help you determine your capital gain per asset sold - see the 'Calculate your capital gain for SARS' Tool on www.morethanmoney.co.za

DEDUCTIBLE EXPENSES


Medical deductions:                                          Total                    Employer 1                  Employer 2                  Employer 3                   Employer 4              Employer 5
Your own allowable contributions                     R                6,840       R        6,840.00          R                   -       R                    -        R                   -   R                   -        You need to find out which allowable deductions limits (eg only R570 pm per each of the 1st 2 beneficiaries) apply to you - please visit the SARS website to find out what limits apply to dependants and the disabled.
                                                                                                                                                                                                                       If you are younger than 65, all medical expenses up to 15% of your income is for your own account - SARS only provides tax relief on the excess.

Retirement fund contributions:                                 Total                  Employer 1                  Employer 2                  Employer 3                   Employer 4              Employer 5          Independent RA
To your employer's pension fund or to an RA           R              30,000       R                  -       R                   -       R                    -        R                   -   R                   -    R         30,000.00 For RA's, you cannot deduct more than 15% of your non-retirement funding income, excluding your annual bonus. If you are self-employed, this will be your total business income.
(Your contributions to a provident fund is not tax-deductible)                                                                                                                                                                              If you are employed and contribute to a pension fund, your non-retirement funding income will be less than your total income - ask your HR consultant what the exact amount is.
                                                                                  Employer / Client /        Employer / Client /         Employer / Client /            Employer / Client /     Employer / Client /
Travel expenses:                                             Total                   Business 1                 Business 2                  Business 3                     Business 4              Business 5
Only applies if you received a travel allowance      R                   -        R               -          R               -           R               -             R                -      R                -          If you didn't keep a log book, SARS views the first 18000km as private use and you may not deduct the prescribed fixed, fuel and maintenance cost as per the SARS website.

Article 18A donations:                                       Total                     Charity 1                    Charity 2                   Charity 3                    Charity 4               Charity 5
                                                     R               12,500       R       12,500.00          R                   -       R                    -        R                   -   R                   -       There is a limit on the amount of tax-deductible donations per year. You will need a certificate from each organisation as proof of the donation.

Income protection contributions:                             Total                     Insurer 1                    Insurer 2                   Insurer 3
                                                     R                   -        R                  -       R                   -       R                    -                                                            You will need a certificate from each insurer.

Depreciation:                                                Total                     Business 1                  Business 2                  Business 3                   Business 4              Business 5
                                                     R                7,000       R         7,000.00         R                   -       R                    -        R                   -   R                   -       If you use a PC to earn income, you may make provision for its depreciation here

Home office expenses:                                        Total                     Business 1                  Business 2                  Business 3                   Business 4              Business 5
                                                     R                   -        R                  -       R                   -       R                    -        R                   -   R                   -       The allowable deduction can be contentious - contact SARS to find out whether you may deduct the expenses you have in mind here.
                                                                                                                                                                                                                           Should you deduct home office expenses, you will not be entitled to the full R1.5m relief on any potential capital gain when you sell hour home.
Any other deductible expenses:                               Total                     Business 1                  Business 2                  Business 3                   Business 4              Business 5
                                                     R                   -        R                  -       R                   -       R                    -        R                   -   R                   -


PLEASE RETURN TO THE 'Result' SHEET TO SEE THE FIGURES YOU CAN USE TO COMPLETE YOUR IRP6.

				
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posted:11/24/2012
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