Property tax deductions and CGT implications?

  Written by Marc   Posted 17 November 2013

If Property A was purchased in 2000 and used as primary residence up until 2012, then rented out for a year (due to work relocation to another province) and property then sold with a capital gain?

If property A above was re-bonded[currently settled], can the bond interest be deducted against its rental income or will bond finance interest on a 2nd property, to be used as primary residence, be allowed to be deducted against Property A's rental income?

IRP5 2011&2012?

  Written by Marc   Posted 17 November 2013

Can I still submit for 2011 and 2012 even though 2013 is already been taken care of and if so will I get refund or penalty or maybe both?

S10 exemption - how to disclose income on SA tax return?

  Written by Marc   Posted 16 November 2013

While working on a cruise ship - we get a salary + uniform allowance + commission. but seeing that the section 10 exemption will be meet how do we disclose this on the SA tax return? Just one amount or disclose each separately?

Medical deductions, what are we allowed to deduct?

  Written by Marc   Posted 16 November 2013

What is the definition for 'qualifying out-of-pocket' medical expenses ? So, what qualifies ?

Why cant I get any tax refund when I have medical aid?

  Written by Marc   Posted 16 November 2013

hi Timam worried cause its my second year of submitting tax returns and I still got nothing,my employer pays 60 percent of my medical aid and also contributes to my pension fund,i have stopped paying for my retirement fund 5 years ago.all my colleagues get something except me,at the moment I owe SARS R180.00,where does it come from,with medical aid and tax contributions I believe I deserve something.I have finalised my divorce 12 months agopls help me understand

Do I sumbit a tax return?

  Written by Marc   Posted 15 November 2013

How do I know whether I need to submit a tax return? I am registered but have never submitted a return. I find the sars website a little confusing as they state: 'You are liable to pay income tax if you earn more than R63 556 in the 2013 year of assessment, and are younger than 65 years of age. ' BUT also state: 'What is the threshold for the non-submission of ITR12 returns for individuals for the 2013 year of assessment?Although a taxpayer still has to register for income tax he/...

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Are insurance premiums a tax deductions from a business?

  Written by Marc   Posted 15 November 2013

As a sole proprietor, can I deduct insurance premiums on electronic equipment as an expense? (3x computers I use to carry on my trade as an animator)

Medical Deductions - Source Codes 4040 and 4020

  Written by Marc   Posted 15 November 2013

I have incurred medical expenditure for the tax year ?%u20AC%u201C I have bills that I paid out of my own pocket, which my Medical Aid did not cover adding up to R7122 and I have an Income Tax Certificate from my Medical Aid with the amount of R6686. Also there are amounts on my IRP5/IT3(a) Employee Tax Certificate next to the codes 4005 and 4474.
Questions:
1. Should my bills add up to the same amount that appears on my Medical Aid Certificate?
2. Do I leave code 4040 blank and ...

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How to verify tax number but I'm away from South Africa?

  Written by Marc   Posted 14 November 2013

Im living abroad for a few months and before I can get paid (I'm a freelance photographer ) I need to have my tax number verified, but I'm in Germany and will be here for a few months perhaps even longer.
otherwise they will deduct 30 percent.

Tax deduction from R15 000 salary excluding benefits?

  Written by Marc   Posted 13 November 2013

How much tax do I need to pay if I earn R15 000 per month without benefits?

Can't see 'Other deductions' in eFiling, how do I fix that?

  Written by Marc   Posted 12 November 2013

In the deductions section of my tax return, I can only see the medical deductions and not any of the other deductions... How would I get this section visible on the eFiling?

Problem with eFiling Tax calc?

  Written by Marc   Posted 12 November 2013

When submitting my eFiling I am unable to enter my Travel Claim details. Also, when I look at my Tax calculation there is a R0 total shown next to Medical Expenses.

Where do I fill in medical expenses on ITR12 on eFiling?

  Written by Marc   Posted 12 November 2013

I am signed up with SARS eFiling and my ITR12 is there under returns issued. I need to add medical expenses etc in somewhere but don't know where to do this? Please advise?

DIFFERENCE BETWEEN DEPRECIATION CODE 4027 AND WEAR & TEAR

  Written by Marc   Posted 12 November 2013

What is the difference between tax code 4027 on the personal tax return and wear & tear under claim against travel allowance?

Can I claim my rental paid in offset against my rental income received?

  Written by Marc   Posted 11 November 2013

I am renting out my property (that I own) in the suburbs and I am renting a property in town to live in. The rental income for the property that I own is far less that what I pay for rent in town. Can I claim my rent paid under 'Rental Paid'on my SARS eFiling tax return?

Do people get such a big refund from SARS?

  Written by Marc   Posted 11 November 2013

Is it possible that year I can get a refund of almost R35 000? I have put in all my incomes and expenses...but am a bit worried. I do have a directive and am claiming for certain expenses as a sole commission earner. Last year was a refund of only a few thousand rands, same as previous year and year before that I had to pay in R55 000 or so as I was new to the whole directive thing and I chose the wrong %. So since then I made sure boss takes off lots of tax.

I am 67 years old, can I claim medical expenses not on script and not covered by medical aid?

  Written by Marc   Posted 11 November 2013

I am 67 years old and need to know whether I can claim medical expenses that are not on scripts and not covered by my medical aid.

Can you claim a daily $ allowance from SARS for business travel outside of RSA?

  Written by Marc   Posted 10 November 2013

I am a South African resident, that often travels across the border for business purposes. These trips are usually only a few days long and are paid for by the company. It has been mentioned to me that there may be a system called per diem, in which one may be able to claim a $ allowance amount per day spent across the border. Do you know anything about such a system and if so, how does it work?

How do I delete an erroneous return from my statement of account with SARS?

  Written by Marc   Posted 8 November 2013

This is a great site, thank for all the effort you put in to helping others. My question is as follows:

I completed my 2013 return. I was then selected for random audit, and submitted the required documents. However my 2009 documents were submitted for my 2013 return (long story!). This resulted in me owing SARS R3,500. I requested a correction, which was done, and my corrected 2013 return reflects that SARS owes me a refund of R1,600. However, the erroneous R3,500 refund figure is still reflected on my statement of account. So SARS is requesting that I pay the remaining balance of R3,500-R1,600. ...

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MEDICAL AID CONTRIBUTION CLAIM FOR UNEMPLYED HOUSEWIFE?

  Written by Marc   Posted 8 November 2013

CAN YOU CLAIM FOR MEDICAL AID CONTRIBUTIONS IF YOU WERE UNEMPLOYED. IM A HOUSEWIFE AND THE MEDICAL AID IS ON MY NAME. I GET AN "ALLOWANCE" YOU CAN SAY FROM MY HUSBAND. AND WOULD I HAVE TO SHOW THE ALLOWANCE ON MY TAX RETURN

Is registering a second bond in order to reduce rental income tax legal?

  Written by Marc   Posted 7 November 2013

I own two properties. Property A is my primary residence, and is bonded for R700k. Property B is a rental property, is valued at R1m and is bonded for R500k. I make a rental profit from Property B after deducting the loan interest and all other deductible expenses, and thus pay tax on that net income. My idea is to register a second bond on Property B for an additional R500k, and transfer that money into the bond of Property A. The increased interest paid on the combined bonds of Property B woul...

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being selected for an audit with no supported documents

  Written by Marc   Posted 6 November 2013

Last year a friend of mine registered me on eFiling so this year I went through a tax practitioner to claim for the first time. The lady claimed for medical and I don't have a medical aid. Then SARS phoned me and said they needed my medical certificate to be submitted within 21 day otherwise they are going to give me a penalty but I don't have medical aid and now they are thinking I was being dishonest and selected me for an audit. I am so scared now as its the first time I am claiming. What mus...

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Physical Presence test questions?

  Written by Marc   Posted 5 November 2013

I have had a complex tax year!

Firstly I am a RSA resident.
From 1/3/2013 - 18/5/2013: 79 DAYS I worked in USA, and was paid by the USA firm.
From 13/08/2013 - today: 72 DAYS I have worked in Zambia on contract, paid out of SA.

My questions are:
1. If I go passed the 183 days, will my tax be refunded?
2. What am tax am I liable for if I had to go passed the 183 days?
3. If I go on holiday for the remaining 40 days outside SA does that count, or do...

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Do 'casual work people' have to register for tax?

  Written by Marc   Posted 4 November 2013

I want to ask students (between the ages of 15-17 years) to help out in our company for 3 days (once off) within a 20 day period - do these students have to register for tax? I will pay them R35 per hour for a 5 hour shift.

I also want to ask an adult to work for me for 8 days within a 30 day period once off. Do I have to ask her if she is registered for tax? if she is, do I have to pay her through the company payroll or can I pay her out of petty cash?

SARS refund - how long?

  Written by Marc   Posted 2 November 2013

I would like to know how long does it take for SARS to pay my money in my account as a refund?
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