Tax on income property mortgage restructuring

  Written by Marc   Posted 23 June 2015

I have an income property with a bond of R600k outstanding. I want to switch it to another bank to access R200k equity. I will then have a bond of R800k. This will cost me R30k in legal fees. How do I calculate the interest and fees cost deduction on my next return? Do I use the entire R800k's interest or am I only allowed to deduct 75% (R600/R800k) or should I do a manual sum in excel? Can I deduct the fees or do I keep that for the capital gains sum when I sell? Also do I need to pay income ta...

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Rental income, less deductions less than cap, must I register for Provisional Tax

  Written by Marc   Posted 23 June 2015

I receive a salary and I recently started renting out my flat (which I resided in as primary residence, until September 2014, rented out since October 2014). I received a Rental income of R40000 for the 2014-15 tax year, the property is still under bond and there was maintenance costs etc. . Which means im still making a "loss" . (i. E. Rental Income of R40000, deductions of R50000, nett -R10000)

1. Must I still register for Provisional Tax?
2. If 1, am I late for Feb, Aug Provisional tax payment deadlines?...

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Disability Income taxable?

  Written by Marc   Posted 23 June 2015

Disability income was received from medical boarding from work for a few months in the tax year ending 2015. This income was taxed and the amount on the IRP5 shows only one income source code. 1. Is the disability income tax exempt or is it only from 2 March 2015 and 2. Is there a separate tax code for disability income earned.

Am I due for a refund for the tax deducted from income less than the tax threshold?

  Written by Marc   Posted 23 June 2015

My annual income was R65 500 and total tax was roughly R4900. Am I due for a refund?

Will I get a tax refund or am I paying the correct amount?

  Written by Marc   Posted 23 June 2015

I basically earn R6500 p/m. Usually my PAYE is 220 a month. I don't how it is calculated. Is it the correct amount that is deducted. Will I get a tax refund?

How does SARS tax earnings from abroad, earned here in South Africa online?

  Written by Marc   Posted 23 June 2015

Hi Tim

Hope you're well and that you can assist me. I get taxed on my monthly salary of R31300, however, I'm also an online part time language consultant getting paid in USD from abroad into my paypal account. The employer from abroad currently taxes me 6% of my earnings as I make under 920USD. Paypal then charges me a further 3. 5% for the transfer. My account is linked with FNB, who take a further 1. 5% commission when converting to Rands and transferring the funds to my acc...

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Waiting for tax refund from SARS?

  Written by Marc   Posted 23 June 2015

I am still waiting on my tax refund my statement shows amount refundable after allowable tax credit is -R2113,78 that was the last statement I received on the 5th September 2014

How do I calculate Taxable Income in a Company (SME)

  Written by Marc   Posted 23 June 2015

How do I calculate Taxable Income in a Company (SME)

Extra income

  Written by Marc   Posted 23 June 2015

I own a one bedroom place, wirth about R700 000 in a retirement place. Besides my own home. My main income is salary and tax covered there, IRP5. I get rent of about R36000?
must I register as a provisional tax payer?
is there an amount of extra income for which one does not have to register as a provisional tax payer?
can that income be placed under a general category as extra income?

Claiming medical money from SARS?

  Written by Marc   Posted 23 June 2015

My medical certificate says I have 12000 to claim will I get this money from SARS when I claim.

Tax refund - do I qualify?

  Written by Marc   Posted 23 June 2015

I worked for one company and changed to another in January. My income from 3/2014 to 12/2014 was R69500 and 1/2015-2/2015 R37440. How much tax should I have paid?

What costs can be subtracted from the income of our small business?

  Written by Marc   Posted 23 June 2015

I am a member of a CC and a partner in a partnership. We are the two same people in both the partnership and the CC. From our activities in the CC, we came upon another way to make money and after a period of testing, we decided to split the other way off our CC activities, so the Partnership became a new business. In order to make this new income stream work, we need to travel and test tourism opportunities in SA as well as some of our neighboring countries to be able to build an internet commu...

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Tax credit for medical expenses?

  Written by Marc   Posted 23 June 2015

I have a question about the SARS rebate for out-of-pocket medical expenses: According to your blog post (https://www. Taxtim. Com/za/blog/medical-aid-tax-2014-how-sars-new-changes-affect-you), medical expenses only qualify for rebate IF medical aid contributions are greater than 4x the fixed tax credit. (Assuming the taxpayer is under 65 and not disabled. ) However, on the SARS website (http://www. Sars. Gov. Za/TaxTypes/PIT/Pages/Additional-Medical-Expenses-Tax-Credit. Aspx), under Examples 2...

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I worked abroad and want to file my tax return?

  Written by Marc   Posted 23 June 2015

What do I need to submit my tax return if I worked abroad

How much is my PAYE from a salary of R45000 per month.

  Written by Marc   Posted 23 June 2015

How much will be deducted as PAYE if I earn a gross salary of R45000 per month. Put it in cash not percentages. Eg. . . U will be deducted 5000 not 20%. The simbler way. Thank you.

Study loans - how does it work for tax?

  Written by Marc   Posted 23 June 2015

If I took out a personal loan to pay for a course on the internet to further my studies, can I claim anything back on the loan. The course is in a different line of work so the company will not pay for it. Regards

Can I claim medical expenses if I did not pay any tax ( 4102)

  Written by Marc   Posted 23 June 2015

On my IRP5, no tax was deducted during the year. I did work only part of the year, as I was very ill. My income per month is above the threshold, but the employer took it over a year. I do have a lot of medical expenses paid out of my pocket. Can I claim from SARS?

Medical aid waiting period - will SARS pay back payments made?

  Written by Marc   Posted 23 June 2015

I changed medical aid schemes at the end of December 2014 from Sizwe to Discovery. I had a 3 month waiting period where I still had to pay our contributions (my employer too), but I enjoyed no benefits in January and February 2015. Will I get something back from SARS for this?

Tax deduction on resignation lumpsum?

  Written by Marc   Posted 23 June 2015

If your lumpsum for resignation is R152 000. 00. What amount will be deducted for tax.

IRP5 from previous employer - do I need to submit a tax return?

  Written by Marc   Posted 23 June 2015

Between January 2014-September 2014 I used to earn R3750 a month at my previous employer, no tax was deducted. At my new place of employment, I earn R8500 per month and tax is deducted. Do I still need to submit a tax return? My old employer told me that there was no need for me to give them my tax reference number even though I was registered with SARS. Do I still qualify for an IRP5 from my previous employer>

First timer currently not registered with SARS

  Written by Marc   Posted 23 June 2015

I am permanently employed for 2 years and prior to that I was temping for the same company for 4 years. My salary is currently R7000 after med aid, tax and pension deductions. Do I need to register for tax and submit a return?

Do I have to pay tax on these earnings?

  Written by Marc   Posted 23 June 2015

I get payed every month R5500. 00 and I made a tax number in 2010, do I need to pay tax?

If I pay to make use of state hospitals, does this count as medical expenses?

  Written by Marc   Posted 23 June 2015

Hi, I am not on a medical aid, but have paid privately to have some tests done and have also paid a fee at a state hospital according to my earnings. If I have the receipts do these count as deductions?

What constitutes "place of work?"

  Written by Marc   Posted 23 June 2015

Travel Allowance: SARS says that travel between home and place of work is considered private and may not be claimed. What constitutes my "place of work"? I am a pastor. I do not have my own office at the church building where I am employed, but I often travel to the church during the week to see people or attend meetings. Am I allowed to claim those trips to the church building as work km's?

What tax amount is deducted from a provident fund when retrenched?

  Written by Marc   Posted 23 June 2015

I have been retrenched. How much tax will I pay to withdraw from the provident fund value of R600 000
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