Penalty Fees
Posted 17 March 2017
I've recently had the misfortune of getting a tax penalty of over R16500.00 It was deducted from my provident fund without my knowledge. A further R7000.00 was deducted from the same provident fund pay out. Please advise me if I can dispute this after it has been deducted; if not I'm fine with it. However, I got a statement from SARS more than two weeks later referring to these penalties. I'm not sure what this statement means.
Tax for a Contractor working from home
Posted 17 March 2017
We have a contractor that's working from home. He primarily does work for our company. How does tax work, do we need to submit an IRP5? We've been paying him directly without deducting any PAYE or TAX
Living in Namibia, but working for a company in SA.
Posted 17 March 2017
I live in Namibia, but work for a South African company.
I'm a South African citizen. Under the new changes brought in with the budget, how will my tax work? I'm still working for the same company (I have been working for 7 years in total).
Do I get Tax back on a loss from selling shares?
Posted 15 March 2017
I bought shares in a private company (cost me 100k). We have now sold the company in full and my portion of the payout is 80k (i. e. 20k loss). Can I claim tax back on this amount? And if so, what do I need to do it?
Retirement Annuity Premiums
Posted 14 March 2017
What's the exact deadline for annual Retirement Annuity (RA) contributions?
Posted 28 February 2017
I make annual lump sum contributions to my RA. In order for my annual lump sum contribution to qualify for tax deductions for the current year, do I only need to make the payment for my RA before the end of February, or does my financial advisor need to have allocated the funds to my RA before the deadline? i.e. Can I still make a contribution at 23:59:59 on 28 February 2017 which will count towards the 2016/2017 tax year?
Hospital Plan Rebates
Posted 28 February 2017
Can I claim medical rebates if I'm on a hospital plan only and not a full medical aid? SARS directly advised me that I cannot.
Can my company add rental car fuel to my car allowance?
Posted 28 February 2017
If I have a car allowance and on occasion I am required to use a rental for business travel after flying to a far destination, can my company add this fuel cost to my car allowance and withhold taxes on fuel used in the rental vehicle
I repair appliances and also repair my own vehicles.Do I have to do 2 returns?
Posted 27 February 2017
I'm repairing appliances and my own vehicles. Do I have to do 2 tax returns?I also recently repaired another vehicle. Do I have to show it in 2 tax returns-1 for appliances and 1 for vehicles?I have to repair my own vehicles because I cannot afford to pay for repairs to be done.
Inclusion of rental expenses in CGT calculation
Posted 24 February 2017
If I earned no income from a rental property (which I rented out for about 7 years) and sold it in the same year, can I still deduct the expenses (levies, interest, rates) normally incurred from income, or should I add these costs to the Selling cost or Base cost to reduce capital gains tax?
Is occupation rent an allowable deduction against rental income?
Posted 24 February 2017
Is occupational rent paid to a developer, of a new-build property, an allowable expense to deduct from taxable rental income? The property in question was rented out in the same tax year as occupational rent was paid.
Retirement annuity, refund or not?
Posted 24 February 2017
I'm currently unemployed, but submitted a tax return for my retirement annuity which was R3400 in the last tax year. I was surprised that I did not get anything back? Can you explain?
Should he pay tax?
Posted 23 February 2017
My husband is a South African citizen and he is only earning R5500 a month does he have to pay tax?
SARS wont refund me
Posted 23 February 2017
I was a contract employee for 3 months after graduating and was taxed an amount of R4500 on a total income of R18000 for the 3 months. When I submitted my tax return, SARS said that I need to come and verify my banking details, but they dont have my banking details, what can I do to get my refund?
We earn little so should we be taxed?
Posted 23 February 2017
I work for a small company and all of us earn salaries ranging from R3 000 to R4 500 and only the owner earns R25 000. So now the company wants to register for PAYE and UIF. So after reading through most of your articles and many other ones online I discovered there is a minimum amount per year that you have to earn and none of us reach that amount except for the owner. So does this means that the company can register for all those but not deduct anything from the rest of us but himself?
Refunded tax-invoice does not include the tax portion only the service fee before tax.
Posted 22 February 2017
I pay Eskom directly for electricity. Every few months they overcharge and I have get them to refund and rebill. The issue here is that they only refund the service fees, never the tax portion. For example, last month they charged me R 1223. 22 Inc vat. This was incorrect. They refunded me R 1073. 00. And then charged me the correct amount + vat. How do I claim for the money paid in vat, if I even can?
I'm not sure if this is the correct forum for my query but I have no idea wher...
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How will tax work on my bank account with other peoples money in it?
Posted 21 February 2017
Me and five members of my family want to start investing. Before the profits will be paid out the company that does the investments does the tax part on it and then pay us the profits. What I want to know is, if they pay the family members profit into my bank account with my profit will there be any problems with tax on my side because all the money is going to my account. The company will send each of us an IRP5 at the end of the season so that each of us can fill in our tax return.
Getting paid in dollars
Posted 20 February 2017
Hi, I am working for an overseas startup. I get paid in dollars. For the last six months I have been getting $500 a month. Starting this month I will be getting incentives as well. It is below the salary for tax but I'm not sure how it works with an overseas company?
Rental expenses claim during the next tax year
Posted 20 February 2017
If I spent more on maintenance of my rented granny flat than I earned in rent can I offset it over several years?
Do I need to file old returns to obtain refund, even if I fell below the tax filing threshold?
Posted 17 February 2017
SARS want to me file all my previous tax returns in order to receive my refund for this year. In 2011 I tutored at a university and earned below the tax filing threshold and therefore did not file my tax return. How do I file my tax return now for 2012 or how do I show SARS that I didn't need to?
Who can claim additional medical tax credit for their children
Posted 17 February 2017
My husband pays the medical aid for himself and me his wife and 2 children and he claims the tax credit back for this. There is no point in him claiming additional medical tax credit for other medical out of pocket expenses as he earns too much to qualify for this. I however earn much less. Can I on my tax return claim additional medical tax credit for any medical out of pocket expenses for myself and my 2 children.
SARS correction still possible?
Posted 17 February 2017
I submitted an income tax return as farming sole prop for 2016. SARS requested supporting documentation and then I uploaded an income statement. I then received an Operations Audit letter from SARS asking to furnish them with the reason of farming income loss. The letter was emailed and does not appear on SARS eFiling. On SARS eFiling they sent a new letter the same as the old one requesting supporting documentation and the generic letter that says if you dont agree re-look at your tax return. I...
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Claim more than 27.5% on retirement deduction
Posted 16 February 2017
If I am able to contribute more than the mentioned 27.5% of my income towards a retirement fund, will SARS still give me a deduction for the entire contribution?
Tax on pension contributions
Posted 16 February 2017
I save money in a separate bank account and plan to use it once I retire, can I claim it as a retirement fund contribution?
Paying double tax on pension
Posted 16 February 2017
I get paid a monthly pension from my late husband's employee benefits, on which PAYE is deducted. On the annual tax statement and the details that get sent directly to SARS, it will show the full gross pension for the year, less the PAYE paid. Why then, does the net pension amount (after PAYE) still get included in taxable income for the year? Surely I am then paying PAYE as well as another layer of income tax on the remainder, i. e. On the net income? My tax assessment shows the taxable pension...
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