Investment return tax
Posted 28 July 2015
How much tax will I pay for my investment returns?
How best to set up my photography business with regards to taxation?
Posted 28 July 2015
Hello Tax Tim I work as an analyst full time; and in my free time I follow my passion for music and photography and take photos at festivals, clubs, pubs and other events. I have been building up a profile over the past few years of my work and now I have artists and their relative management agencies showing interest in procuring some of my images.
I have not registered a company yet, nor have I sold any images as I first want to ensure I set up my "business" and contract documents correctly so my clients and I are covered fairly and equally...
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Medical expenses for disabled husband (non Medical Aid contributor)
Posted 28 July 2015
Hi there,
My husband is disabled and I do not have medical aid but I pay for his chronic medication and doctors visits out of my pocket for the year. This amounts to between R 25 - R 35,000 p/year. Am I able to claim anything back against this medical expenses? Under code 4020 perhaps?
My annual income is between R 180000 - R 200000 p/ year. (7. 5% = - R 13,5 - R15000) - Can I claim the difference in expenses without being on medical aid?
Thank you for your assistance in this regard.
Doing tax return for first time - what do I need?
Posted 24 July 2015
What kind of information is required to do a tax return for the first time?
Why is my home office selected for verification second year in a row?
Posted 23 July 2015
I work from my home office as a graphic designer. My annual income is under R500 000. This is the second year in a row I've been selected for verification. Any idea why and what does it mean? What should I be doing differently to prevent being flagged? Is it a reflection I'm doing something wrong?
Tax on R25,000 interest for last year?
Posted 23 July 2015
I have earned R25,500 interest for the year 2014/15. How much tax do I pay?
How can I apply for a rebate
Posted 21 July 2015
How long do I have to apply for a rebate?
Taxation on foreign bank account
Posted 21 July 2015
I would like to know what are the tax implications on exchange gains/losses on a foreign bank account. I know the interest is taxable but is the gains/losses on the capital from forex taxable?
Want to know if I can claim my late father's tax return (PAYE)
Posted 20 July 2015
My question is I see on my late Dad's payslip he has been paying PAYE of R52.31 a week. So I wanted to know if the tax PAYE can be claimed?
What does it mean by Enforcement Case?
Posted 20 July 2015
What does it mean when you see on your SARS eFiling - Enforcement Case Number*****
What is mean by Enforcement Case?
My friend received the following, just interested to know what it means.
Why does SA Homeloans send me a tax certificate if I cannot claim the interest?
Posted 20 July 2015
Why does SA Homeloans send me a tax certificate if I cannot claim the interest on my mortgage? Can I claim on the life premiums linked linked to my loan?
When is tax payable on a five year fixed deposit with interest on expiry?
Posted 20 July 2015
If you have a fixed deposit with interest on expiry after five years, when do you pay tax on the interest?
It seems that SARS is taxing it every year on what has accrued each year, but surely this causes a cash flow issue for the investor as you are having to pay tax on something you only get in five years time? If this is the case why would anyone take interest on expiry?
When do I have to pay CGT?
Posted 20 July 2015
I had a Capital Gain from the sale of shares in April 2014. My tax return is due by November 2015. Is it better to wait until then and pay the tax or make the declaration now and pay now? If I declare now am I obliged to pay tax immediately or is there a penalty if I only pay by November 2015?
Where must I submit dividends and interest received on an investment?
Posted 18 July 2015
I have received dividends and Interest from an investment. We haven't shown this anywhere!
Motor Bargaining council levies, were deducted, but I was never registered
Posted 16 July 2015
My employer was deducting Motor council levies, but I was never registered. They said I will not get my levies back to me. I had to approach the Motor Bargaining council to get the motor levies paid back to me, and was paid as a cash deposit, instead of on line banking transfer. Surely, the money that was originally deducted from me, went to another account, or invested elsewhere, how did they manage to do their tax return. Is there any way, that I should report this matter to SARS, etc?
Tax liability for monetary gifts from overseas
Posted 16 July 2015
UK citizen with permanent residency in SA. I work part time for which I get paid and also volunteer for a church for which I get regular and occasional gifts from individuals and churches in the UK and paid into my UK account, and occasionally transferred to my SA bank account.
I have been paying tax on everything on the advice of SARS for a number of years. Friends have questioned this. Am I liable to pay tax on regular gifts from individuals in the UK? Am I liable to pay tax on reg...
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Personal Asset & Liability list needed?
Posted 15 July 2015
Why must I submit a Personal Asset & Liability List for my Tax consultant this year?
When does one have to submit a tax return? Just started my first job
Posted 14 July 2015
I've just started my first job as a finance intern and I earn R120 000 p/a. I do not have medical aid, I only have a pension fund, UIF and a union levy. I want to know if I should also register for SARS eFilling to submit my tax return. When does one have to submit a tax return?
Audit finalised
Posted 14 July 2015
Hi Tim
My audit was finalized and I received confirmation of this via the SARS call centre and I received a IT34 for both 2012 and 2014 confirming everything was finalized and a completion letter for 2015, this was done on Friday. The also confirmed that my penalty was deducted from my refund and nothing is on hold on their side its just the payment that need to go through to my account. By when more of less will the refund be in my account?
Tax deduction for vacant months in property
Posted 13 July 2015
I bought a rental property but didn't have a tenant for the first 3 months. Can I deduct the interest and rates for the first 3 months where I did not get any rental income?
Is there a charge involved if you use Tim?
Posted 13 July 2015
How does a person submit tax returns with the help of Tim online?
Tax on interest-only source income
Posted 10 July 2015
If your only source of income is from interest, how is tax calculated?
Wrong filing of tax provisional instead of individual
Posted 10 July 2015
Good day. I filled my tax via SARS e filing for 201 and it triggered an audit. I got a refund after providing the docs, then after a few days I decided to call the SARS call centre. The guy on the other side told me that I need to file for 2009 and 2011 and that I made a mistake and I filed for provisional tax. They fined me for R2900 interest, now I owe them according to the efilling at the SARS branch. They were not very helpful either, the lady told me I must jus...
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Must my penalty be paid before refund is due?
Posted 10 July 2015
Hi Tim. I submitted my tax return and contacted SARS where they confirmed that my audit has been finalized and I received the letter confirming this. My question is what will happen to the R579 penalty?
Some say my payment will be withheld. Some say SARS will deduct this from my refund, and some say its my responsibility to pay the penalty ASAP. Should SARS not deduct this from my refund for 2015? Please confirm what will actually happen.
Tax up to date but SARS saying I owe them
Posted 10 July 2015
Last year all my outstanding previous years 2006 to 2014 was brought up to date via SARS eFiling and finally having to go into SARS to submit documents. After accumulative penalties deducted (R14k) and an audit I still managed to get a refund which was paid to me 15 July 2014 (11k).
This season 1 July 2015 I submitted my tax return, again I was selected for audit. SARS requested supporting docs which I submitted as per notification and I'm due a refund. Today I contacted SARS to inquire what the hold up was regarding my refund (R5k) and was informed that I owe SARS R4k which I have to settle first before I can receive my refund. ...
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