Debit Loan Accounts & DWT

  Written by Marc   Posted 21 November 2014

I'm the sole member of a CC & have a debit loan account amount of approx R200,000 for the 2014 tax year.I believe that this raises certain DWT issues etc and was wondering if the CC charges me market related interest on this amount for the year & adds this amount to my loan account, would this solve my problem & not have to declare a dividend to balance the loan?If also heard that if the deemed dividend rule (DWT) will not apply if the loan is repaid or otherwise extinguished by...

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What is meant by "reduced assessment" and "additional assessment" in my ITA34?

  Written by Marc   Posted 21 November 2014

Hi TaxTim.

What is meant by "REDUCED ASSESSMENT" and "ADDITIONAL ASSESSMENT" in my IT34?

Thanks in advance.

Started late in the year - when do I file and will I receive a refund?

  Written by Marc   Posted 21 November 2014

I started working at a company in August of this year (2014).My gross annual salary is R360,000/year.Since I am paying taxes based on a full 12-month cycle but would only have worked 7 months by End of March 2015, when do I need to file my first tax return and would I be eligible for a refund?Many thanks,Gideon

Am I deducted or refunded?

  Written by Marc   Posted 21 November 2014

I am from the SARS for the first time in my life to submit my tax returns, I have received a sms Amount -R1459.79 does this mean its penalty or its an amount I receive on my bank?

What does "Return - Data Submitted to ITS" mean?

  Written by Marc   Posted 21 November 2014

Hi, my SARS status says "Return - Data Submitted To ITS" and has not changed since I submitted my assessment on 2014/09/07.

No one has asked for any documents or anything else, and I have not gotten any sms's from SARS as yet.

I did make a change to my assessment yesterday but reverted the change and saved again so the table with the Return Type, status, date, etc shows two records. One with a status of "Filed through eFiling" and the other with "Saved".

What doe...

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Do I need to include my pdf certificates?

  Written by Marc   Posted 21 November 2014

Do I need to include my IRP5 certificate, Momentum and medical aid tax forms with my return?

Medical Aid on ITR12?

  Written by Marc   Posted 21 November 2014

Where on my TaxTim submission do I enter the medical aid amount I have paid?

VAT REFUND - WHEN WILL IT BE PAID?

  Written by Marc   Posted 21 November 2014

HI I HAD FILLED MY VAT REFUND AND THEREAFTER REALISED THAT IT WAS IN CORRECT AFTER I HAD FILLED MY CORRECTION IT ADVISED ME THAT MY REFUND VERIFICATION WAS COMPLETE DOES THIS MEAN I DONT NEED TO SUBMIT SUPPORTING DOCUMENTS. AS THE GREENLIGHT HAS REFLECTED?

What does minus mean on my tax return results?

  Written by Marc   Posted 21 November 2014

If assessment notice has a negative in front of the amount stated, does that mean you owe SARS?

Went from being owed to owing SARS money?

  Written by Marc   Posted 20 November 2014

Hey there, I am very confused. I originally filed and I was due a refund of R5429, but then I was asked to submit supporting documents . When I did this ,I was notified that I now have to pay R4790 back to SARS. I do not understand what is happening, how do I go from being owed money to now owing money? I really hope that you can help me.

How to file notice of objection on eFiling?

  Written by Marc   Posted 20 November 2014

How to file a notice of objection?

where to fill in the primary rebate amount on the 2014 tax return form?

  Written by Marc   Posted 20 November 2014

Where do I fill in the primary rebate amount on the 2014 tax return form, for PAYE tax payers?

How do I know whether to deduct wear and tear or lease payments on travel claim against allowance

  Written by Marc   Posted 20 November 2014

I receive a vehicle allowance and use a hired purchased vehicle for business use and need to know how to choose between depreciation (wear & tear) or lease payment on Travel Claim Against Allowance.

I guess what I'm asking is whether SARS sees a hired purchase payment the same as a lease agreement payment.

May I choose between the greater of the two?

Will I get a refund in november wrt my medical aid?

  Written by Marc   Posted 20 November 2014

for the last 2 years I received a refund from SARS re: Medical Aid in Novemberwill I get one this year?

proof of residence

  Written by Marc   Posted 20 November 2014

What documents can be used as proof of residence?

PAYE interest payable table - 2013

  Written by Marc   Posted 19 November 2014

I am a small business that have neglected to pay PAYE and UIF since May 2013. Am wanting to file and make payment, could you assist with the table for calculating the interest? Would appreciate your urgent assistance!

Omitted to declare something on my return to SARS, now what?

  Written by Marc   Posted 19 November 2014

My husband's tax consultants are busy completing his 2013 return. He was giving details about the sale of our old citi Golf for which we got R18 000. I suddenly remembered that that car is actually in my name not his. I've already been assessed for my 2014 return with no questions asked. I didn't have to pay anything nor get any refund. (Even if I had added this amount to my Capital Gains from an investment I have, it would still be way below requiring me to pay any tax on it. What should ...

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Tax refund query - Maternity

  Written by Marc   Posted 19 November 2014

I had to pay back my salary that was paid while on maternity leave (due to resigning). Can I claim back from Sars? I did not receive any money from UIF.

Maximum amount under code 3703

  Written by Marc   Posted 19 November 2014

My company reimbursed me an amount of over R50k on code 3703 (non-taxable reimbursement) for fuel used during the tax year. SARS then moved the full amount to code 3702 (taxable reimbursement) saying that this amount exceeded the max allowable for code 3703 which is R25920 (8000km x R 3.24). They now want me to pay more than R15k in additional taxes. They asked me now to provide an amended IRP5 showing not more that R25920 under code 3702 which I have requested from my employer. Is there anythi...

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I only earned interest R342K pa what will my tax liability be?

  Written by Marc   Posted 19 November 2014

I only earned interest R342K pa what will my tax liability be?

Why do I not get more back from SARS?

  Written by Marc   Posted 18 November 2014

What does it mean if for the last 3 years I've gotten R0.00, -R0.26 and -R0.33 as a refund?
Most of the people I've spoken to say that I should be getting something substantial back from SARS.

Want to declare my expenses like medical and get my refund

  Written by Marc   Posted 18 November 2014

Want to declare my expenses like medical and get my refund?

Audit - what does it mean?

  Written by Marc   Posted 18 November 2014

I have submitted my tax return on eFiling and I was selected for an audit, now I see there's a notice stating statement of account tax assessed. Does that mean my audit is completed? If so how long does it take for pay out?

Great website, very informative....

Query for Tax Tim Website - want to know what documents to bring along to the internet store before.

  Written by Marc   Posted 18 November 2014

What documents do I need when asking tim to complete my SARS tax form? IRP5 and anything else ?

If a educational service is rendenderd can I claim depreciation on laptop and other expenses?

  Written by Marc   Posted 18 November 2014

I rendered services to a home schooling business by draw up exam papers for them and receives the money by electronic payment. No tax is deducted by them because I am not on their payroll. Can I deduct depreciation on my computer. Can I claim any other expenses like internet service, printing. Can I claim a home office?
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