Disclosure (Forex, shares, unit trusts)

Posted 8 July 2013

Is there a need to disclose that I trade forex online even though I am sitting on a loss?
Is there a need to disclose for this assessment period that I had share investments and unit trusts, I disposed all shares and part of the unit trusts end of March i.e. outside the current assessment yr. after holding them for less than a year (wedding expenses over budget)?

Why do I have an amount on my IRP5 under code 3698?

Posted 8 July 2013

I just received my IRP5 today from my former employer and I have an amount under code 3698 which I believe is reserved for Gross Non-Retirement Funding Income.
Last Tax Year I was working outside the borders of South Africa and was in the local payroll only because I was in the local Medical Aid (I left my dependents in South Africa while working abroad), I did not receive any other income in South Africa.

If l'm working for construction and don't get the IRP5 what must l do?

Posted 8 July 2013

I've been working for construction companies from 2002 until now 2013 but l haven't received any IRP5,now l don't know if its too late or l can still claim my tax refunds from SARS?

How do I edit/complete an incomplete form?

Posted 7 July 2013

How do I edit/complete an incomplete form?
I want to add information I left out on the questionnaire.

I have been retrenched in Feb 2012 and don't know how to do my tax?

Posted 7 July 2013

Will I be able to claim back on taxed amounts on my retrenchment package. What documentation do I need to submit to show my retrenchment in 2012.

What happens if the employer made a mistake on the IRP5s resulting in employees owing SARS?

Posted 6 July 2013

Employer forgot to include medical contributions' taxable fringe benefit in the calculation of tax payable but reflected the deemed amount under code 3810, 4005 and 4474. As a result of the changes on the way the allowable medical expenses are claimed at assessment, employees end up owing SARS. What options does the employer have to remedy the situation?

Completion Letter and Verification of assessment

Posted 6 July 2013

Hi Tim

Fantastic Blog.

I received a completion letter from SARS saying that my audit is done after I submitted supporting docs. Then immediately after that the verification of assessment letter. It basically is very threatening and the tone of the letter is such that they were not too pleased with the documents submitted but they will clear the refund with no changes to the original assessment BUT, they then add the punchline that they can audit me at ANY time they so wish.

So if I return my IRP5 for tax return will I get something? for the money that I have been taxed

Posted 5 July 2013

- R5000 that I have paid for tax

Why am I paying lot of money for a year and when I return the IRP5 I get less than R200?

Posted 5 July 2013

Am paying at about R5000 yearly

SARS Return Status.

Posted 5 July 2013

What does a SARS status of "Return - Data submitted to ITS" mean. I already have a ITSA. Just wondering about the status.

No IRP5 for previous years?

Posted 5 July 2013

Thanks for a great site! My question is I did my return on the 2nd July and I'm due for a refund. My concern though is I have been working for - 5years but this was my first return. Is it possible that SARS can penalise me for not filing in the previous years? There are no other IRP5's loaded on my profile so how would I know if I would need to file for those years.

Please assist, thanking you in advance!

Medical Aid & Retirement Annuity for pensioners?

Posted 5 July 2013

I am a pensioner so I filled in my medical aid under Code 4040 R16 446.00.

I also filled in Code 4006 for a small Annuity I have R198 per year.

When I run the calculation I have to pay in an enormous amount for a Pensioner. Have I inserted the above under the right Codes?

Reimbursive Travel Expenses -when is it taxable or non-taxable?

Posted 5 July 2013

My total reimbursive travel expenses are R13 802 for the 2013 tax year. My company rate is R4,30 p/km and I have received no travel allowances during the year. My IRP5 shows both 3072 R12 319 and 3073 R1 483. What code and amount should I put on my tax return?

Can I deduct car finance payments for tax purposes against a travel allowance?

Posted 5 July 2013

I do not lease a car, but I receive a car allowance. Can I deduct my car finance payments or the interest?

I was selected for an audit, received a letter of completion now how long must I wait?

Posted 5 July 2013

How long must I wait before getting a refund?

Where do I fill in local dividends (already taxed) on my 2013 ITR12 e-filing tax return

Posted 5 July 2013

All the online documentation says the shareholder (beneficial owner) should declare local dividends received in his ITR12 return, but I cannot find where to enter the information. Is it under Amounts considered Non-Taxable or is there an option in the tax wizard that generates this part of the form?

I submitted my tax returns via efiling, however I was chosen to submit documents for verification.

Posted 5 July 2013

How long will it take before I get my refund? I have uploaded my documents the same day that I had the request sent.

IRP5 query

Posted 5 July 2013

I have filled my IRP5 and pressed file, it generated a calculation and it says -R5 049
Does it mean SARS will pay me R5 049 or do I have to pay SARS this money ? I pay a lot of taxes through the company that I work for it seems pretty weird to me and after filing the details it appears on red -R5 049 and under it dispute.
in the end it says

Information declared that impacts this assessment:
Married in community of property

But I am single, could you please cl...

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What must I do or what is the next step after receiving a letter(completion letter) from SARS?

Posted 4 July 2013

I filed my taxes and documents were requested by SARS which I sent through. I received a letter called a completion letter. THis is what the letter says " Dear Taxpayer

VERIFICATION OF ASSESSMENT

We refer to the verification of your assessment for the 2013 tax period. Please note that no adjustment has been made to this assessment. However, in terms of the Tax Administration Act the South African Revenue Service reserves the right to conduct further reviews in future if required....

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What is Allowable medical Deduction?

Posted 4 July 2013

When I submitted my tax return via SARS efiling last year, my tax calculation document stated that I had an "Allowable medical Deduction" (code 4008) of R8640. I am on private medical aid and my employer doesn't make contributions to my medical aid.

This year, (even though my total contributions (code 4040) for 2012/2013 have been higher), my "Allowable medical Deduction" is R0. What is this "Allowable medical Deduction" and how is it calculated?

What is an ITA34 for SARS purposes?

Posted 4 July 2013

What is an ITA34?

HI TIM, Wonderful Blog

Posted 4 July 2013

I worked in South Africa for 44 days in the Financial Year 2012-2103. I went back to India.
Recently I have efiled my Income tax return via online from India and I got ITA34 with the refund amount of Rand 7288.
With in a Minute I got email from SARS to submit few Support documents. I confused what are all the document I have to submit.
So I have submit the below document.

1) IRP5_IT3a
2) Discovery_Certificates
3) IT34
4) The document which I got from SARS regarding Support Document uploads...

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My Old Employer's Accountant is refusing to issue me with an IRP5

Posted 4 July 2013

My Old Employer's Accountant is refusing to issue me with an IRP5 based on an old salary dispute. How should I handle this? It has been submitted to SARS as the information appears on my ITR on E-Filing. I'm scared to submit the return without having the IRP5 incase I get audited. Help!

What is the tax implication if have use of a company car? and can I claim any deductions on my ITR12

Posted 4 July 2013

What is the tax implication if have use of a company car and can I claim any deductions on my tax return. Do I have to keep logbook?

When submitting return what documents do I need to have?

Medical Credit

Posted 4 July 2013

Hi Tim. Love the website!
So, what in essence is happening is: Unless your Over 65, Disabled, Very Sick and your Out of Pocket expenses are ridiculously high and your salary very low and you contribute to 50 dependents your not going to get your refund?
Does SARS realise that this is the one time per year that regular salary earners can look forward to getting something back and now they have very cunningly taken that away from them and put that money back into their own pockets?!

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