SARS still need more information from me?
Updated 27 April 2022
I have submitted my supporting documents directly to SARS as per their request, but somehow it seems like they still need something more from my side? Can you please assist me regarding this as I am very much confused? I initially thought that I have submitted all the documents which they need and now they are back asking for more.
Claim tax on Affinity Health Medical Scheme?
Updated 27 April 2022
I have a hospital plan with Affinity Health Medical scheme. Does that fall under medical insurance or medical aid? Please note that the plan pays for in-hospital expenses only. I already gave them a call and they advised me they cannot provide me with a tax certificate, they are a medical insurance company. So do I still proceed under the medical aid section if I have pathology expenses and prescription medication that I paid for which I want to claim?
Auto Assess and Travel expenses
Updated 26 April 2022
I have received an SMS, stating that my tax has been assessed automatically and that a refund is due of R7000,00 however I do not know if my travelling has been taken into account as I have not sent anything yet. Could you help me in clarifying this matter? Should I accept it as it is, would this not have an impact on my tax return to SARS when I do finally submit it?
Can a sole proprietor claim for vehicle maintenance?
Updated 26 April 2022
Can a sole proprietor (extra income, working from home) claim for vehicle maintenance (I do most maintenance myself, but have invoices for the parts) and insurance if he did not keep an accurate logbook?
Medical Aid claims and Dependents
Updated 25 April 2022
I was the principal member of my medical aid plan for part of the tax year end Feb 2022 and my husband was an adult dependent. My husband incurred several medical expenses, which were not reimbursed by the medical scheme while he was a dependent on the medical plan. What I would like to find out is, that if a person does not contribute to a medical scheme, like my husband (who was a dependent), he/she is therefore not able to claim a deduction for any medical expenses incurred, correct? And if t...
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Takehome salary?
Posted 20 April 2022
If my take home is R34000 What will my salary be before?
What does 'Due to you' mean on my SARS assessment?
Posted 20 April 2022
I just don't understand this "due to you" thing it is been 3 working days since I have been to SARS and I have not received anything. I don't know if I owe them or they owe me, even though my assessment says "due to you"
Code 3713 Implications?
Posted 20 April 2022
I have been paying PAYE on a site/home allowance which I get because I work on a site away from home. Can I get a tax deduction on this. My employer put it as a code 3713 on my IRP5.
Regards
Calculate salary pro-rata based on a basic salary of R18000 per month - days worked 14
Posted 19 April 2022
Calculate the pro-rata salary based on the basic of R18000 - 14 days worked on VIP payroll. Calculate the PAYE on the pro-rata salary as well. How does VIP calculate PAYE on a pro-rata salary?
Deceased Relative and Savings
Updated 17 April 2022
I have a relative that has unfortunately passed on and I am the dependent that will receive all the savings from this relative- these savings are coming from an international bank account, in Norway. This would be my first time having to claim this and making sure that I do it correctly. What I would like to find out is, what would I need to do on my side to ensure that I am safe and clear with SARS and the laws of the country?
I don't know what is s12e, can you help please?
Updated 8 April 2022
I don't know what is s12e
This query relates to question 4862 "Please enter the S12E accelerated depreciation allowance which the company can claim. Use our handy
SBC calculator to help with your workings." in the Income statement section.
What is the difference between Pensionable and non-pensionable salary?
Posted 8 April 2022
Q: Please explain the tax calculation between pensionable and non-pensionable salary
Do I have to add VAT when selling a company car?
Updated 8 April 2022
Hi there :)
My service-based company is VAT registered. When we bought our first car I was very disappointed to find out I may not claim back the VAT we paid on the car back, since we are not a motor dealer. Now a couple of years later we want to sell that same car. My question is do we have to add VAT to our selling price as we do on all our services?
I hope not, because if we sell to a private non-VAT registered individual, then he or she will lose out on the 15% I have ...
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Obtaining an IRP5 form from an old employer
Posted 8 April 2022
I am having a problem with obtaining my IRP5 form from 2010 from one of my employers.
I was still in school this time and I worked as a waiter back then, so I was clueless when it came to submitting tax and all. I did my 2013 return, and now SARS have asked me to do it from 2010?
Answer:
You will need to contact your employer and ask them to send you a letter explaining why they are unable to provide you with the IRP5.
In most cases, your employer migh...
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Medical Aid and Pension contributions on IRP5
Updated 7 April 2022
I struggle to understand how the (The total deduction - code 4497 on IRP5) is calculated. I have a medical aid fund, pension fund and retirement annuity. My employer (the church) is contributing to all three of these funds. This question is for the 2021/2022 tax year with the new T-day implications. In the income section, the following IRP5 codes are used. (This I understand)
3810 - Medical aid benefit
3817 - Pension fund fringe benefit
3828 - RA fringe benefit
In the deductions/contribution section. These are the only items Payroll shows. ...
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Confused between the ITA34 and ITSA
Posted 6 April 2022
Q: What is the difference between an ITA34 and an ITSA
What happens once I've submitted my tax return form?
Posted 6 April 2022
One of the questions most asked when it comes to tax season, is “what happens now that I’ve submitted my income tax return, when do I get my refund?”’
If you’re due a tax refund then you will probably get the money deposited into your account within a few days. SARS will also email or SMS you telling you that an IT34 (Summary of your return and refund) and ITSA (Income Tax Statement of Account) have been issued. They will detail your tax refund (tax back) if any. So look forward to that deposit into your account. ...
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How to calculate Tax on Overtime
Posted 6 April 2022
Question from Kelly:
How do you calculate tax on overtime?
Does the overtime put you in a higher bracket (pay higher tax percentage) for one month only if you received overtime in one month only?
e. G. Monthly income = R12050
Overtime = R4600
No benefits
How much tax for that month?
TaxTim reply:
Yes for that month you will be taxed at a higher rate as the PAYE is deducted based on the tax tables which are annualized.
Please have a look at this:
This is your take home pay: R14662
...
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Car vs car allowance tax
Updated 6 April 2022
From a tax perspective which is more beneficial to an employee: a car allowance or a company provided vehicle? What would the impact be on either if the employee does not travel sufficient business kilometres on both?
Shareholder Loan and own company
Updated 5 April 2022
I have a loan with my company (payable from the company). I would like to know what the effects are that we need to consider regarding interest-free loans? I am aware that we can create a tax deduction for the company and I will have the interest exemption, but I feel there is something I'm missing?
Also if the shareholder already exceeded his R23k exemption, will it be fine if we do not levy any interest on this loan? Will there be any unknown tax consequences for that?
...
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How do I account for online Forex Trading in my income tax return?
Posted 5 April 2022
A little background on myself. I am a salaried employee of the department of health in South Africa. I am registered with eFiling and have been submitting tax returns since 2008/09.
I have a hypothetical question about forex trading. If I make say R300 000 suppose in the 2012/2013 tax year and the amount I deposited was about R50000to fund the account, then what would my taxation be? Or at least what would the percent on taxation be and on which amount would that percentage be taken off? The net or the total?...
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How to calculate provident fund deductions for 2016/2017?
Updated 5 April 2022
Please can you show an example of how the employer and employee's provident fund will affect the monthly tax 2021/2022. I still do salaries manually.
Confirmation letter
Updated 4 April 2022
I received the following confirmation letter, what does it mean? Will I receive my refund within the next few days or what?
Dear Taxpayer
VERIFICATION OF ASSESSMENT
We refer to the verification of your assessment for the 2021 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. Should you have any queries please call the SARS Contact Centre on 0800 00 SARS (7277). Remember to have your ID number or income tax number at hand when you call to enable us to assist you promptly. Sincerely...
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Tax deduction - Asset write-off for small items
Posted 3 April 2022
Is it true that the acquisition of "small" items at a cost of less than R 7000 per item may be written off during the year of acquisition? I bought a laptop for R 6999.00 in December 2012. I am an IT contractor.
What does code 3801 and 3810 on irp5 stand for? If fringe benefits why wont they appear on payslip?
Updated 1 April 2022
I am currently completing my 2 daughters, my son in law, my husband and my tax returns for the 2015 tax year and I am unsure of code 3801 and 3810 on my daughter's tax return. What could these fringe benefits be? I don't see it on her payslips? Her salary structure is that her salary as a cash amount and travel allowance on her payslip as well her medical aid, disability, provident, Income protection insurance and ancillary fee but her IRP5 does not show the above on her IRP5?
Confused! Doe...
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