No IRP515 = no tax refund

Posted 5 October 2015

I was overseas studying for tax years 2010 and 2011 and therefore didn't have IRP5s for those tax years. However, I did have income in the form of rental income but for both years I made massive losses due to expenses, high interest rates, bad debts etc. Does the lack of IRP5 automatically disqualify me from any refund due to me by SARS?

Non-resident tax implication on rental income?

Posted 5 October 2015

Myself and the wife ( non-residents / Irish citizens and tax payers) bought a property in South Africa in both our names. Does the R 65 000 tax exemption apply to each of us individually? The combined rental income is R 120 000 after expenses/deductions. We plan to invest the rental income in a flexible money market account at 5,75%. If the exemption applies to both i. O. W R 130 000 combined, do we have to register for tax?
Can flight tickets once in two years to oversee maintenance and i...

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My late husband worked for SAPS. do I qualify for the UIF death benefit?

Posted 2 October 2015

My late husband worked for SAPS. Do I qualify for the UIF death benefit?

What value to use in wear and tear calculation - vehicle

Posted 1 October 2015

What to include in the price when calculating wear and tear on a company vehicle? Service plan, window break-in protection, VAT, Finance initiation charge, interest?

63 old, interest income R13500/mon and will contribute R2640/m towards medical.Tax payable?

Posted 30 September 2015

Hi,
I'm 63 and retirinmg with an interest based income of R13500. 00 /month. I'm contributing R2640 towards medical aid. How much SARS tax will I be liable for. Thank you

Car Deductions on Commission

Posted 29 September 2015

Hi Tim, I am a Commission earner and I claim back on my vehicle usage on depreciation and logbook. When I claim back on my car usage, I keep a logbook as well. But my question is, can I claim back on a paid up vehicle? or do I have to still be paying monthly towards finance. Does the finance amount help with increase my tax return from SARS. Eg if im paying R2500 or R2000. Which will yield a higher tax return?

Deadline: Manual Versus Via Tax Practitioner

Posted 29 September 2015

Hi there, when is the deadline for submitting manual income tax returns?

I had submitted my income tax returns via my tax practitioner and when is this tax practitioner due to meet before the deadline reaches?

VAT on new vehicle for commission earner

Posted 29 September 2015

As a Commission earner and using my vehicle for business purposes. Can I claim the VAT back on purchasing a new vehicle?
also what can I claim on the interest portion?

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?

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 ...

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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.

Money not deposited

Posted 23 September 2015

I make my returns 2wks back and now if I check my efiling account there is -R20 323 reflecting on my statement account the problem I dont know what makes my money not deposited, and in status it says (waiting for supporting documents )what does that mean

Home Office property business expense calculations?

Posted 22 September 2015

We run a small hair salon from home for my wife, she does business as a sole-proprietor and the salon is her sole income source. I understand that we can deduct for ease of explanation 10% (amount of space occupied by the salon in relation to the whole property) from all rates and taxes, electricity etc. I am unsure about the interest/rent piece. Can the salon pay "rent" or can you just subtract 10% of the interest on the bond as business expense (bond is in my name). I've also read that deducting this piece as a business expense now can influence your Capital Gains Tax waiver amount when selling the property later on, is this the case?...

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Submitting a return for the previous tax period for the current year.

Posted 21 September 2015

Dear sir/madam. During March-June 2013 I was employed on a fixed term contact while I was studying. I had no other employment for that year. My cost to company was R12000, without any benefits. I did pay PAYE for that period. Can I still submit a tax return for that tax period in the present day? Will there be any fees or fines for this?

Can I claim a lump sum financial lease installment settlement as a deduction for tax purposes.

Posted 21 September 2015

If I am currently paying a finance lease for a vehicle and then subsequently decide to request a settlement figure from the bank and pay the remainder of the finance debt off to the bank can I claim the lump sum settlement as a deduction for tax purposes?

Do you deduct the interest exemption plus tax threshold from interest income to get the total income

Posted 20 September 2015

Only income earned is investment income thus interest on savings in bank account. Do you deduct the interest exemption of R23800 plus R70700 from the total to establish income e. G R96000 interest income - R23800 - R70700 = R1500 multiply by 18 % taxes due R270

What exchange rate to use on foreign dividend inclusion

Posted 15 September 2015

When calculating the Rand value of foreign dividends to be included into taxable income under s1, what exchange rate must be used if the dividends accrued over a period of a year? If I received 83.69 pounds over the year of assessment, is the amount converted to Rands at the average exchange rate over the year or at the exchange rate present on the 28th of February? The Act doesn't provide any clarity on this.

How to legally handle an amount of R500,000 paid to parents for purchase of retirement home.

Posted 15 September 2015

My husband and I are over 75 and because of his health problems have sold our home and bought in a Retirement Estate with Frail care. Our son, has donated R500,000 towards the cost of the unit. He is not resident in S. A. So will not be liable for tax but we have been advised that, he can donate annually, an amount of R100,000 which in 5 years will cover the original amount. Is this correct? We do not pay income tax as our only income is through interest on investments and a small pension receiv...

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When and why must I do efiling?

Posted 14 September 2015

My employer does deduct monthly tax from my salary. My income is not more than R250000 a year. I have no other income that I earned or interest rates or dividends I earned. Do I still have to do SARS eFiling? Thank you

What source codes are used for Investment Income interest?

Posted 14 September 2015

What source codes do I use on my tax return for Investment Income as listed in my first submission?

How does "Interest on underpayment of prov tax" work?

Posted 8 September 2015

I've done my 2012 tax return only now and I see the original assessment is R14,693.15. Now another item that is listed is:

Interest on underpayment of prov tax. Section 89quat(2) 2012 to the amount of R3,884.46.

I just want to know is that value correct, and how is that calculated. I guess it is that "high" because of this part in that section?:

"... Such interest being calculated from the effective date in relation to the said year until the date of assessment of such normal tax. "...

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Help! SARS has just informed that I need to submit a 2008 Tax Return

Posted 8 September 2015

Good day,

Over the past three weeks, I have been in contact with SARS telephonically regarding a refund due to me for the 2015 Tax Year. I have just been informed that SARS has upgraded their system and I now need to submit a Tax Return for 2008 before they will pay the refund. In 2007, I was employed on a part time basis as a tutor whilst I was in my final year of study at University. After graduating in 2007, I started to work on a full time basis at a company from 1 January 2008. I...

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Tax treatment of income of spouses

Posted 7 September 2015

What is the tax implication for someone who is married in community of property, especially on passive income like interest and dividend?

Want to know

Posted 4 September 2015

What is employment tax incentives

How long does SARS take to refund you if their auditing you ?

Posted 4 September 2015

How long does SARS take to pay your money if their auditing you? And do SARS need to pay you interest if their auditing you?
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