Schedule of depreciation
Written by Marc
Posted 7 July 2014
I am a 100% commission earner and was requested by SARS to to forward a schedule of depreciation for my vehicle depreciation claim, I forwarded my calculation formula : purchase price/5 years * 10 months, I only bought the vehicle in May 2013. The schedule was however not accepted due to insufficient info, please advise what other information needs to be on the schedule of depreciation.
When does SARS pay the refunds in 2014, is it still within days like the years before?
Written by Marc
Posted 7 July 2014
I submitted my 2014 SARS returns on the 5th of July 2014.I got an SMS from SARS this morning (07/07/14) which says my first payment (refund) will be on the 1 of Aug 2014 and the 2nd one of the 31st of Aug 2014.
Am confused as to what this means cause previously,their turn around time on Refunds was anything between 2 to 4 days.Please could you help me understand.
Registration of 2nd vechile
Written by Marc
Posted 7 July 2014
how do I register a second vehicle? We sold one and bought a new one in January?
Internship Tax
Written by Marc
Posted 6 July 2014
If I interned for 2 weeks and paid tax but got paid less than R67K, can I claim the tax back?
Benefit of Medical Tax credit for foreign medical policies ?
Written by Marc
Posted 6 July 2014
I am a foreign national, working in South Africa on basis of a work permit. I am paying medical insurance premium in my home country. Can I take the benefit of medical tax credit ?
Company car, claim back business kms at end of month where do I put it in on my tax return?
Written by Marc
Posted 6 July 2014
If I drive a company car and claim my kms travelled for business back at end of the month where do I put that in on my tax return?
Can renovation costs be considered maintnance costs?
Written by Marc
Posted 5 July 2014
I use my home as a home office and to this end, claim office expenses (15% of household expenses such as levies, electricity, insurance etc). I did some major renovations during the last tax year, can I claim a portion (15%) of these renovation costs as a maintenance cost?
Tax claims
Written by Marc
Posted 5 July 2014
I would like to know if it is possible to claim back on transfer and bond registration fees when we bought a house in 2014 tax year?
Claims for medical expenses for my son, hes not a beneficiary though?
Written by Marc
Posted 4 July 2014
I have been paying for my son's therapy fees every month, he is not on my medical aid, can I claim tax on them?
Im myopic a disability for tax purposes?
Written by Marc
Posted 4 July 2014
In 2012, August, my optometrist diagnosed with a condition, I think it was myopic (where one is unable to see objects, especially when they are far), then, he gave me spectacles to correct this. This year, I did an eye test, without spectacles, and I failed. I check SARS website, this qualifies to be physical impairment, which is regarded as a disability, Question, what are the tax consequences of this,
Earning R6 500 can submit tax return
Written by Marc
Posted 4 July 2014
I am earning an amount of R6 500 monthly, am I entitle to submit my tax returns cause some said I must earn more than R10 000 monthly to submit
Negattive Calculation after submitting return
Written by Marc
Posted 4 July 2014
My tax return calculated a negative amount . Does that mean I owe SARS that amount? -R2768.00
How many days will it take to receive my refund from SARS?
Written by Marc
Posted 3 July 2014
How long will it take for one to get their tax returns?
Can I claim for medical insurance?
Written by Marc
Posted 3 July 2014
I'm on a medical insurance thus how would I go about claiming for this and am I allowed to do so?
Medical deductions for a daughter, can they be claimed?
Written by Marc
Posted 3 July 2014
A work colleague's daughter who is not considered to be a dependent in terms of sec 18, as she works and is 31, of the income tax act ended up in hospital last year with tick bite fever. The bills amounted to about R220 000. The mom paid all the bills for the daughter and wants to know if she can claim these under her tax return as her daughter earns so little there will be no tax paid back. The daughter is not on a medical aid of her own and is also not on her moms medical aid.
Travel claims using TaxTim?
Written by Marc
Posted 3 July 2014
Can you claim back if I'm using a company vehicle, the company is paying all the expenses The code on my IRP5 is code 3802 and I do have a logbook?
Tax deduction on invoice made out in someone else's name
Written by Marc
Posted 3 July 2014
Question: For disability tax, can I claim a qualifying expense that I paid for although the invoice from the service provider was made out in the name of my wife?
Can I get an IRP5 for state pension?
Written by Marc
Posted 3 July 2014
Can you please advise me regarding the following:
My Mother-in-law is a SASSA Old Age Grant recipient, she also earns a very small pension from her late husband's pension fund. Her medical expenses uses up almost half of her income. Can she obtain a IRP5 for her state pension as well as the other small income and then submit a ITR12 form through eFiling? If so, where can she obtain a IRP5 for her SASSA grant?
What is the list of things that I put on section 4028 and how do I word them?
Written by Marc
Posted 3 July 2014
I need to know what do I list as my home expenses under the section 4028 and after putting the amount on the tax return do I submit the receipts as well as the list of the things on the list ? When they say the space, do I take measurements of the room I work in and divided by the whole house? Maintenance does that including the cleaner, gardener expenses as well. I have to connect through 3G which the company does not compensate, can I include that as network connection expenses?
Earning a salary and having a sole prop on the side, how does the tax work?
Written by Marc
Posted 3 July 2014
I am employed and earn a regular salary from my employer. BUT I also run a small business (just me as Sole Prop) on the side. (I help people with Web development and design work)How does tax work in my case? Do I need to put away a percentage of each transanction and pay it manually each year or how does it work? I don't want to get into any trouble with the tax man :-)
Can I claim tax back on medical expenses if my medical aid is partially subsidized by my Employer?
Written by Marc
Posted 3 July 2014
I am currently employed and am ready to submit my tax return; however I have a question relating to medical expenses that were not covered by my medical aid. My medical aid is partially subsidized by my company, I contribute 40% and my employer contributes the remaining 60% towards the monthly contributions.
Am I still allowed to claim tax back on these medical expenses even though I do not pay the full medical aid contribution?
Assessment Notice - Negative amount in red?
Written by Marc
Posted 3 July 2014
After filing my return with eFiling, the assessment notice indicated a negative amount in red. Does this mean that I owe SARS this amount of vice versa?
How do I know if i'm going to pay in tax or receive a refund?
Written by Marc
Posted 3 July 2014
How do I know if i'm going to pay in tax or receive a refund?
Pension fund withdrawal tax refund
Written by Marc
Posted 2 July 2014
Can I get a tax refund from my pension fund withdrawal when I resigned and how does SARS work out how much you must be taxed on your lump sum?
SARS says I don't have to submit a tax return because I earn under R350 000
Written by Marc
Posted 2 July 2014
I just got an email from SARS that said unless I earn over R350 000 a year I don't have to submit a tax return this year.
Is this correct? Wasn't the income threshold a LOT lower last year, like R70,000? My income certainly doesn't exceed R350000 per year, but I still want to declare my expenses like medical and get my refund. Must I still submit below the threshold?
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