Assistance needed to fill bank details

  Written by Marc   Posted 28 October 2015

In the last year from May 2014 to Jul 2015, I was deputed to Johannesburg, South Africa with Intra Company Transfer Visa. While tax returning back to India I closed my Nedbank South African bank account. I have received IRP5/IT3(a) from my employer. Now while registering for Income Tax Returns Filing on https://www. Taxtim. Com website asking for banking details. Que 1. As I already closed my NedBank account, can I mention my Indian bank account details?
Que 2. What should I choose for "I d...

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Working abroad, do I submit a return?

  Written by Marc   Posted 27 October 2015

Do I need to submit a tax return if I am currently working in the UAE and not residing in South Africa? I have been working abroad since September 2014. I have never submitted a tax return before as I was under the bracket and did not need to claim anything. I tried calling them but alas no answer...

Receiving money for my father

  Written by Marc   Posted 27 October 2015

My dad (not South African, and resident in Zimbabwe) receives a modest retainer from a South African company that he sells product for in Zimbabwe. He decided that he wanted the retainer to be sent to me, so it goes into my bank account monthly. (Please note, I'm not an employee of that company). How does that work for my personal tax? Do I declare it, and if so, what as?

Bank account verification

  Written by Marc   Posted 27 October 2015

Good Morning. My wife and I have moved to Namibia in March. I have closed my Standard Bank account, and are trying to get my wifes FNB account verified with SARS. They need a representative in South Africa to go in and do this. Can you assist. I asked my son in Cape Town to do it and he has all the paperwork etc. Kind regards,

Time limit for submission of returns?

  Written by Marc   Posted 27 October 2015

When must 2014 to 2015 IRP5/IT3(a) tax returns be in by?

To avoid long queues can I submit here every year?

  Written by Marc   Posted 26 October 2015

Can I submit via SARS eFiling every year to avoid long queues?

Small Business - Administrative service

  Written by Marc   Posted 26 October 2015

I started a small business where I provide administrative services to one company at a cost of R10 000 per month. What will the tax implications be? Will I be able to register for turnover tax or what would be the best option?

Structuring of ctc package

  Written by Marc   Posted 26 October 2015

My question is how to structure your ctc package for tax purposes, for example my employers has only the following guidelines
Ctc=657 918 per annum. 70% must be taken as salary , the remaining 30% may be structured in a tax efficient manner. I'd like to add a car allowance, as well as a bonus 13th cheque to the value of +- 25 000, and I'd like the company to contribute 12% of package as pension. What should I also consider for tax purposes

SARS Threshold

  Written by Marc   Posted 26 October 2015

Hi Tim,

I have just received a notice of assessment from SARS yet again. What is the threshold before SARS actually audits you? I've heard its anything above R30k. Is this true?

Clarification of record of donation

  Written by Marc   Posted 25 October 2015

Does the R100 000 free donation between spouses have to be an actual transfer of funds or is it purely a paper transaction and or are there any SARS forms to be completed.

4 months contract... Will I be taxed?

  Written by Marc   Posted 25 October 2015

I have been unemployed for a year, and will start a 4 month contract on Dec 2015 to end March 2016. Salary will be R11 000 gross. And intend to not work the rest of 2016. Will I have to pay tax if I am employed temporarily?

Dispute last season's tax return

  Written by Marc   Posted 25 October 2015

Can I still dispute last season's tax return, as I feel that it was not correctly handled.

Got ITA34 but not received anything further

  Written by Marc   Posted 25 October 2015

I submitted my tax return through SARS eFiling about 2 months ago. And I got an ITA34 about an hour afterwards. And on it says I owe a negative value which I assume means that they need to pay me, and it says that I've not been selected for an audit, and there hasn't been any request for supporting documents. But it's been 2 months and I've heard nothing, nor have I received any payment?

Will I be taxed on reimbursive travel allowance code 3703 or audited if no log book?

  Written by Marc   Posted 25 October 2015

I did not have a travel allowance however we were reimbursed by our employer for travel (under 8000). My IRP5 states that I received R17909 for code 3703 (reimbursive travel allowance). This is a substantial figure & I am sure it also then includes funds that were paid to my company diner's card for airfare. Will I be taxed on this amount, or is it non-taxable income? As I was not receiving a travel allowance I did not keep a log book. Was I supposed to?

PROVIDENT FUNDS

  Written by Marc   Posted 25 October 2015

Why are 4003 deductions showing at zero FOR THE 2015 YOA?

Car Deductions

  Written by Marc   Posted 23 October 2015

As a SARS commission earner, I keep a detailed logbook. Do I need my petrol slips for anything?

also where does deemed vs actual cost come in?

Can I claim depreciation for my car as a sole proprietor if I have a log book by using the tax table

  Written by Marc   Posted 23 October 2015

I am operating as a sole proprietor. I keep a log book for my car which I also use for business. Can I claim for depreciation and use the tax tables for that?

Refund on tax paid for shares payout

  Written by Evan   Posted 23 October 2015

Hi,
I was employed by Woolworths and we belonged to a share scheme where we had to stay in the companies employment for 5 to 8 years in order to qualify for the payout. All payouts were taxed. I am now unemployed. Do I have to submit a tax return for the shares payout that we received? Does SARS refund you the tax that you paid on that payout?

SARS source code for Dividend Income/Foreign

  Written by Marc   Posted 23 October 2015

I received an IT 3(b) statement from dbXTrackers with a new (wasn't there last year) entry, under Dividend Income, namely, Foreign. Can you please advise what is the correct SARS source code for:
Dividend Income / Foreign?

Tax number for employee from Zimbabwe

  Written by Marc   Posted 23 October 2015

Hi, I would like to find out how I register an employee from Zimbabwe for tax and how can I get a tax number for this person?

By when must all returns be submitted

  Written by Marc   Posted 23 October 2015

By when must all tax returns be submitted

Customs codes on VAT returns

  Written by Marc   Posted 23 October 2015

Where can I find a list of customs code for use on VAT201 returns?

Can PAYE, UIF and Provisional Tax be claimed on Income Tax Return (ITR14)?

  Written by Marc   Posted 22 October 2015

Hi TaxTim

I would like to now, can a Company claim PAYE, UIF and Provisional Tax on a Income Tax Return (ITR14)?

Thanks in advance.

What is my tax number please from SARS?

  Written by Marc   Posted 22 October 2015

How can I get my tax number? I have misplaced it

Never submitted a tax-return

  Written by Marc   Posted 22 October 2015

I have always been horrible with tax and have never submitted a tax-return. I was unaware that is was a "must-do", as I paid tax as per normal. What will happen to me?
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