Treatment of a provident fund lump sum payout in a provisional tax return (IRP6)

  Written by Alicia   Posted 3 July 2016

If one is not of retirement age and receives a provident fund lump sum payout in the 2015/16 tax year - net amount after tax is deducted - how is this amount treated in a provisional tax return (IRP6) i.e.
- Is the amount included in a provisional tax return (IRP6)?
The IRP6 provisional tax return only has one block to enter taxable income in. If the provident fund payout is included in the taxable income block (with other taxable income) tax will be calculated on the full amount at t...

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Code 3713 and 3703

  Written by Alicia   Posted 2 July 2016

I get my Car Payment Private Petrol and Car Payment Insurance from my Employer under source code 3713. Can I claim against this on my Tax return? and if so under what?

Can I submit my IRP5?

  Written by Alicia   Posted 2 July 2016

it's my first time, I resign last year can I submit my IRP5?

Explanation of source codes 4040, 4020 and 4022

  Written by Alicia   Posted 1 July 2016

Can you explain source codes 4040, 4020 and 4022 on the tax return.

Does Taxtim file on my behalf?

  Written by Alicia   Posted 1 July 2016

Do you actually do the tax returns on behalf of me? so I just have to submit the correct documents to you?

Is TaxTim costs tax deductable?

  Written by Alicia   Posted 30 June 2016

Is the price I pay for TaxTim for a single assessment or is it renewable yearly? Secondly, can I claim the price back as a deduction, as I would if I used a tax consultant (whose fees are deductable)?

Can we claim for our Rates Account?

  Written by Alicia   Posted 30 June 2016

Our bond is in my name and so is our municipal rates account. Am I allowed to claim for the Rates payments from SARS? I am a normal individual tax payer

Can I fole if I am unemployed?

  Written by Alicia   Posted 30 June 2016

Hi I was retrenched last year in August and got another job in November the 1st and resigned in January. I have been unemployed since then, can I claim tax return even if I'm unemployed?

Provisional Tax on capital gain

  Written by Alicia   Posted 28 June 2016

Have just sold a property and have made a large capital gain and will have to pay tax on this in 2017 tax return, will I need to include more funds to Provisional tax or can I wait till I get my 2017 assessment, and so get interest.

3805 calculation

  Written by Alicia   Posted 27 June 2016

Is the renumeration factor referred to in the formula to calculate free or cheap accomodation as a fringe benefit equal to pensionable salary, or does it include other remuneration as well?

Tax on standby allowance

  Written by Alicia   Posted 23 June 2016

I receive a standby allowance every month that is being taxed on. It is a fixed amount of 14% of my salary to basically be on standby for any breakdowns. Can I claim tax back?

Tax deduction for family donations?

  Written by Alicia   Posted 20 June 2016

A) Can I claim a Donation deduction for the following:

1. Son's university fees, paid on his behalf. 2. Monthly donation to my sister. 3. Monthly donation to religious institution / organisation. B) If deductible, what proof is required?

Thanks

How do I obtain an ITA34 from SARS

  Written by Alicia   Posted 20 June 2016

Good day I need SARS assessment letter

How much will I get as refund

  Written by Alicia   Posted 17 June 2016

I am a temp in my work,i have worked for 24 weeks from march 2015 to february 2016,i have earned 156000 and I was taxed R19650. I would like to know will I get the refunds n approximately how much

Deductions against rental income

  Written by Alicia   Posted 15 June 2016

I have moved from CPT to JHB. I own a house in CPT which is now being rented out to tenants. In JHB I am currently renting. From a SARS perspective, do I need to declare the rental income as I only own one property and its not a second property bringing in an extra income? What I receive as rental income in CPT immediately covers my rent here. So I do not gain anything. In face what I am asking as a rental is the same as what I pay for my rent here.

How does ringfencing for rental income work?

  Written by Alicia   Posted 15 June 2016

I have a question, regarding if you make a loss from rental income i. E What if the expenses exceed the rental income? How exactly does this work? please provide an example of how and when it is offset against other income and what does the ring fencing mean? Its difficult to understand the document. Please explain in lay mans terms. What is the best way to make this work for you?

"Should the expenses exceed the rental income, the loss should be available to be off-set against other i...

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Can a business in the turnover tax system register for VAT.

  Written by Alicia   Posted 10 June 2016

A business is registered for Turnover Tax. To procure more work, he wants to register for VAT. Is he allowed to do so. Is there an official document to confirm this

May I deduct medical aid contributions as a non-principal member

  Written by Alicia   Posted 10 June 2016

I am listed am listed as a dependent on Discovery health with my wife as the principal member. However I pay the contributions for my wife, my son and myself. She doesn't earn an income and is therefore not liable to pay tax. The tax certificate from Discovery is in her name, can I claim the medical expenses and premiums as medical deductions on my IT12. I reference these articles and would like to know if the information in these is still valid as at June 2016

1) South African Institute of Accounting Professionals article from 2012:...

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Is loan repayments taxable?

  Written by Alicia   Posted 10 June 2016

I own a business where I borrowed money to buy the business. Will I pay tax on the capital portion of the loan repayment.

Tax number needed for unemployed person

  Written by Alicia   Posted 10 June 2016

I wanted to to make a international payment to fund my international forex account, but at the bank they told me I need a tax number in order to make the transfer. So is it possible to get a tax number even though I'm unemployed?

Fringe benefits for sale proprietors?

  Written by Alicia   Posted 9 June 2016

Does a Sole trader who uses his vehicle for personal and business use have to pay a fringe benefit tax himself as he is not classified as an employee.

Am I able get a tax refund?

  Written by Alicia   Posted 9 June 2016

How do I know if I qualify for my tax return

Tax season preparation

  Written by Alicia   Posted 8 June 2016

Hi, I have started receiving my tax documents from my bank and medical aid etc. I am still waiting for the one form my RA provider. Must I wait for all of them and then once all are received, how do I go about completing my tax return?

How to apply for a Tax Clearance Certificate

  Written by Alicia   Posted 6 June 2016

Do you need to be audited first in order to get a tax clearance certificate? What is the quickest way and process to obtain a TCC?

How to confirm foreign banking details with SARS

  Written by Alicia   Posted 6 June 2016

Hi, Could you please let me know the procedure to confirm my Indian Bank Details. I am an Indian Citizen and working in South Africa in Work Permit. I would like to register my Indian Bank Details for tax refund. Please guide me on the 1. Fees, 2. Documents Required

And also, I would like to know the pricing for tax filing for this year.
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