Submitting a return for the previous tax period for the current year.
Posted 21 September 2015
Dear sir/madam. During March-June 2013 I was employed on a fixed term contact while I was studying. I had no other employment for that year. My cost to company was R12000, without any benefits. I did pay PAYE for that period. Can I still submit a tax return for that tax period in the present day? Will there be any fees or fines for this?
Does my Statement of Account indicate that I am being audited?
Posted 21 September 2015
I started with a new employer on 1 March 2014 and a full company vehicle is included in my package. Previously I neither had a company car, nor did I receive a travel allowance. My refund this year, as per my ITA34, is much more than in previous years. It seems that the company I work for also deducted almost R1000 per month too much fringe benefit tax from my salary if one compares the SARS calculation to the actual tax paid. I also did not log many private kilometres, since I am not office bound, as a sales rep, and often work from home...
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SMS from SARS
Posted 21 September 2015
Dear sir/madam. SARS comes in at my workplace to help us submit tax returns. After submission, I receive a SMS indicating whether I am owed money or if I owe SARS money. If I submit my IRP5 at a SARS branch as opposed to submitting it to them when they come to my workplace, do they process it immediately? Will they immediately send me a SMS informing me if I have monies due to me or due to SARS as well?
WHEN WILL I RECIVE AMOUNT DUE TO ME
Posted 21 September 2015
hi tim i did get a sms what say:tax ref no...... date of assessment 2015/09/18 type of assessment:original then a amount due to me and selected for audit(n)
now i want to know when will i recieve it
Can I claim a lump sum financial lease installment settlement as a deduction for tax purposes.
Posted 21 September 2015
If I am currently paying a finance lease for a vehicle and then subsequently decide to request a settlement figure from the bank and pay the remainder of the finance debt off to the bank can I claim the lump sum settlement as a deduction for tax purposes?
Can I used the deemed cost option for vehicle expenses
Posted 21 September 2015
Does the option Deemed cost for vehicle expenses apply for the 2015 tax year?
Calculation of Transfer duty as a deemed VAT input
Posted 20 September 2015
How am I supposed to calculate the VAT input claim on a fixed property bought for R850 000?
The purchaser paid R3000 transfer duty to the seller. According to the articles I read online, the purchaser may claim the transfer duty as a VAT input. But now I'm confused as to what exactly the amount should be. May he claim R104 385.96 (R850 000 x 14/114) AND R3000 as a VAT input, or only R3000 as a input?
Could you tell me what Withholding Tax Status means and how do I tell if I am exempt or not?
Posted 20 September 2015
Hi there,
I'm planning on investing in exchange traded funds, and on the application form a field requires me to mention my Withholding Tax Status (exempt or not exempt). Could you tell me what this means and how do I tell if I am exempt or not?
Regards
Jarryd
Additional tax on leave pay
Posted 20 September 2015
How to calculate additional tax on leave pay on death of an employee
Why is depreciation and goodwill amortization added back to Tax Computation.
Posted 20 September 2015
Please can you help me understand why is depreciation and goodwill amortization added back to my income tax calculation?
What are the tax implications & obligations to SARS of a doner and donee when a Donation is made?
Posted 20 September 2015
If I donate R90 000 to my wife and R10 000 to my nephew, I have to submit and IT144 form. Is this in any way tax deductible, and what are the tax implications & responsibility to SARS on myself, my wife (say she earns R260k p/a) and nephew (under 18)?
No IRP5 form
Posted 20 September 2015
Hi have not been employed for the tax season of 2015 so therefore do not have an IRP5 form. How do I go about submitting my individual tax form without an IRP5 form?
Do donations to a Section 18A PBO count against the R100K pa amount that is exempt from donations Ta
Posted 20 September 2015
Do donations to a Section 18A PBO count against the R100K pa amount that is exempt from donations Tax?
eg: say I donate R50k to a section 18A PBO (assuming my salary is more than R500k so R50K is within the 10% allowed tax free) then does this reduce my allowance from R100k to R50k left pa for tax free donations to say a trust?
Do you deduct the interest exemption plus tax threshold from interest income to get the total income
Posted 20 September 2015
Only income earned is investment income thus interest on savings in bank account. Do you deduct the interest exemption of R23800 plus R70700 from the total to establish income e. G R96000 interest income - R23800 - R70700 = R1500 multiply by 18 % taxes due R270
Write offs for computer equipment?
Posted 20 September 2015
I would like to clarify wear and tear and write offs for personal items. I am a filmmaker, I was employed for half the tax year but require the equipment in order to be self employed. I purchased computer equipment & camera equipment. I also bought a hard drive for R2000. Can I claim the entire R2000 for the hard drive? Am I only able to claim wear and tear for the computer?
I want to know if im registered
Posted 20 September 2015
I'm working for Dusi Electrical so I want to know if I'm registered
How much will my PAYE be?
Posted 17 September 2015
My new annual package is R257600. 00
How do you correct an under deduction of PAYE?
Posted 17 September 2015
If an employer has under deducted PAYE in the 2015 tax year, can they account for the under deduction in the 2016 tax year?
Is it safe to register for a tax number after 3/6 months of working?
Posted 17 September 2015
I have been working for almost two month and my employer has been deducting PAYE Tax, is it safe to register for a tax number after 3/6 months of working, because I hardly find time to go to the closest SARS for registration?
How do you know you are paying tax:
Posted 17 September 2015
How do you know you are paying tax? Especially if you under an agency?
Options or rules for claim on depreciation and travelling allowance claim.
Posted 16 September 2015
When I complete my tax return can I complete the Travel claim against allowance and the depreciation (4027) section. The form allows me to complete both sections but when my claim was submitted and once audited the removed the depreciation amount(4027). How do I calculate the best method to claim if I am only allowed to complete one section.
Are assets donated to charities tax deductible and what is the process?
Posted 16 September 2015
Hi there. I am a photographer and I have been approached by a charity to donate one of my camera bodies to a student that they sponsor. Will I be able to claim back the current value of the camera body that I donate from tax? They are registered and will write a letter to confirm.
Medical aid and tax?
Posted 16 September 2015
Medical aid credits, does it get deducted monthly from your payslip? Is there any tax benefit to the company by offering a medical aid and contributing towards the premium? Should the company's contribution be added onto your salary as a taxable fringe benefit?
Do I declare a gift of R100,000
Posted 16 September 2015
The person I was working for in a personal capacity for 10 years as an assistant emigrated to the USA. She wants to give me a thank u parting gift of R100,000. I am a provisional tax payer and pay tax on the R10,000 she has been paying me monthly. Do I have to declare it on my tax?
Can you get a refund on that money that you pay to the dentist?
Posted 16 September 2015
What if you were at the dentist and you send you're medical the code of the dentist and they say they will pay the cost and after a few weeks you have to pay additional money that you have to pay it out of your own pocket
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