Calculation regarding lump sun withdrawal benefit?

Posted 28 September 2015

How does the calculation work regarding lump sum withdrawal benefit (3920) from Sanlam Life Insurance Ltd and is the any deduction on that amount?

NO refund yet

Posted 28 September 2015

Good Day

I recently submitted my tax return and have a refund due to me. I emailed SARS and asked how come I have received my refund and they say that I have not submitted my 2011 tax return. I only worked for 4 months in that tax year and earned way below the threshold. Also in previous years they have refunded me without asking me to submit the 2011 tax return. What I would like to know and am afraid of is, if I submit the 2011 tax return now will I not incur penalties and interest?

Tax on Dividends

Posted 28 September 2015

I have a small business on the side line where my wife and I are 50/50 owners of the company. I have a job but she does not. Is it best to only declare dividends to her?

Can a sales representative claim on car installments?

Posted 28 September 2015

I just started a new position as a sales representative, and the car I am currently using is quiet old. As I will be travelling a lot to see clients I would like to buy a new reliable car. Would I be able to make a claim on the monthly installments for this new car, as it will be used mainly for work? If so, what percentage can I claim?

Tax on family gift money from overseas

Posted 28 September 2015

Hi TaxTim
Thank you for offering this great service. My question is: If my sister who is an Australian resident wants to send me a gift of between R1.5 to R2 million to buy a house for myself here in South Africa, can she do so and how much tax must I pay? Also, is there an annual limit on gift amounts and should she rather send it across two tax years?

Gross income reflected under incorrect source code

Posted 28 September 2015

My IRP5 incorrectly reflects my income received as Gross Retirement Funding income (3697) instead of Gross non Retirement Funding income (3698) - How can I fix this?

SHOULD I BE EVEN PAYING TAXES?

Posted 28 September 2015

I lost my job 5 years ago, but I get part time work now and then. I have just filed for this year and average about R15k for the year. But am now being made to panic saying I earned too low and SARS will question this. But what are you supposed to do if that is what you got. I see that you mention we should only pay taxes when we earn a certain amount per year, however the part time work I do never gets me that high, BUT the company I do the work for is an NPO and stated they by law have to take 25% from me each time I earn from them. Yes, I claim it back, but what is the point if now you get questioned for earning too little as well? Should I be getting taxed at all?...

Read more →

Is financial derivatives trading profits taxable on a individuals level

Posted 28 September 2015

Is financial derivatives trading profits taxable on a individuals level?

Married couples and CGT on sale of primary residence

Posted 28 September 2015

If a couple is married in community of property, does the Capital gain on the sale of their primary residence get split between the two on their tax returns (if the CGT profit is over R2 mil)?
i.e, do they each pay 50 % tax on the profit?

When will money show into my account

Posted 27 September 2015

SARS owes me money

How do I dispute an Additional Assessment issued by SARS that is not correct?

Posted 27 September 2015

Hi Tax Tim

I am very pleased with the work that you are doing here. Keep up the great work!!!

I submitted my tax return to SARS about a month ago and they selected me for verification/an audit because I had a refund payable to me. I submitted all the documentation they required (logbook, receipts etc), but they have recently responded with an addditional assessment stating that I owe them money - which cant be the case, as I am a 100% commission earner (with no basic salary) and I dont have a tax directive...

Read more →

Verification of banking details- requirements.

Posted 27 September 2015

My ITSA does not ask for any information, but I received an sms asking me to verify my banking details. There was no letter and no indication of what documents may be required. What do I do?

Request for Supporting Documents but I have not been employed for 3 years

Posted 27 September 2015

SARS is asking for supporting documents related to my tax return but I have been unemployed and living abroad for three years! I don't have any of the documents they are requesting. I still pay provisional tax and submit that tax return dutifully. I read that I must swear an affidavit at a police station but I am currently not in the country and won't be back for several months - they need these supporting documents in 21 days. What must I do? (I did email them, asking them what to do, but they ...

Read more →

Still waiting for one more verification

Posted 27 September 2015

Hi Tim. I was asked to submitted supporting documents for review for year 2012 and 2014. I submitted for both years but according to SARS I have two IRP5's for 2012 one from period 2011 March to 2011 December when I was employed by university of Limpopo, and the other is for February 2012 when I was just appointed by Free State department of health now I asked for my IRP5 for that month since SARS has the irp for that month and they say I Do not have it since I was appointed that month, but I m...

Read more →

ITA34- Gives 0.00 as Net amouny payable but tax calculation result is "-18K".

Posted 27 September 2015

I submitted tax return (ITR12) for year 2013-2014 via SARS SARS eFiling and calculator shows that amount is -18K. But
ITA34 Notice of Assessment show "0" amount as net payable. What does this mean because I should be expecting 18K refund as per tax calculation pdf generated. Why ITA34 says "Net amount payable under this assessment after allowable credits
Compliance information:0. 00"???? Please help me to understand this.

Can I get tax number via the internet?

Posted 27 September 2015

How can I get tax number via the internet?

My total taxable return is higher than normal, am I being punished for bonuses received this year?

Posted 25 September 2015

Hi Tim, I have recently completed my tax return. I received a first assessment that said I owed SARS 7630 but I was selected for verification. After the verification process, I received another assessment that reflected R0 amount. But it appears I still owe the initial 7630. Firstly, I don't understand the different conclusions reached in the two assessments and why the first one appears to hold still. Second, my total taxable income for the year being assessed is unusual in the sense that it in...

Read more →

What is an IRP5 from my employer?

Posted 24 September 2015

What is a IRP5 and who can claim the money from SARS?

Can I claim a fixed cost travel deduction if I receive a reimbursive travel allowance?

Posted 24 September 2015

I am needing to do tax returns going back to 2010!! If I received a reimbursive travel allowance (reflected under code 3702 on my IRP5), can I claim a travel deduction based on the fixed cost method?

SARS refunds and monetary gifts

Posted 24 September 2015

Do monetary gifts and my SARS tax refund count as income received?

Turn around time for Notice of Objection - Year 2015

Posted 24 September 2015

What is the turn around time for Notice of Objection - Year 2015. It has been 55 days and my NOO is "In progress" status. What will be the next step?

Audit

Posted 24 September 2015

Hi Tim... I was flagged for an audit and SARS also phoned for alternative documents. I have 2 questions. One is... SARS office says that after the email was send to the bookkeepers notifying us of the " audit" it takes 30-90 days to complete and that they are not allowed to take any longer than that. How true is this and two.... Based on what evidence can SARS refuse to pay out your refund to you? I have been submitting my tax return for the last 7 years now, always got my money within 2 weeks ...

Read more →

PAYE on retrenchment.

Posted 23 September 2015

Do you deduct PAYE when an employee is being offered a retrenchment package.

Employee or consultant - whats easier/more economical

Posted 23 September 2015

I run my own CC and have been offered a part time position at a previous company I have worked for. Would/should I let my employer pay on my behalf, or would it be better to invoice them as a consultant and pay my own tax. During the time I will be employed I will also be invoicing out other clients through my CC.

If the company my husband works for is liquidates. How does his provident fund payout work?

Posted 23 September 2015

If the company my husband works for is liquidates. How does his provident fund payout work. He has been with the company for 25 years and the total amount in the "kitty" both portions is R2 800 000. How can we work out how much we will actually get out if they liquidate. Can we apply for a tax directive?
Older posts →← Newer posts    96  97  98  99  100  101  102  103  104  105  106  107  108  109  110  111  112  113  114  115  116