How is the 3703 travel allowance calculated?

Posted 25 July 2015

I received a reimbursive travel allowance under code 3703 of about 41 000 on my IRP5. I traveled over 8000 km and my rate was above the gazetted rate of 3. 30 for part of the year.

1) Will SARS reduce my taxable travel allowance by 30 555(8000*3. 30).
2) If I kept a log book is they a section that I will enter the deductible amount on my IRP5 and what is the code.
3) Will I get a refund if my deduction amount exceeds my taxable travel allowance amount or is it limited to ...

Read more →

Tax on share sales

Posted 25 July 2015

I have sold some shares, and made a small profit. Reading the rules around tax on shares, I have deemed it to be subject to Capital Gains tax, and not taxable income. Could you please advise where to declare it on my SARS e-filling, under local gain/loss?

I don't see a section where I can write a description or enter a source code. Do I need to declare this amount if it falls within the annual exclusion amount?

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 salary R10000 plus petrol allow R2 000

Posted 23 July 2015

I am starting a new job. My salary will be R10 000,00 a month plus a R2 000 petrol allowance. No other benefits. What can I expect to clear?

Can a School Principal claim depreciation as a deduction on certain assets he uses for work puposes?

Posted 23 July 2015

Can a School Principal claim depreciation on his laptop, cellphone and car that he bought himself but uses a lot for school/work purposes?

Car allowance for full year if I worked 6 months

Posted 21 July 2015

I worked for 6 months and got a car allowance. I moved jobs and didn't get allowance. must I complete logbook for full year? What can I claim? I had a big service when at the new job and nobody paying for it.

I need my deceased fathers tax number

Posted 21 July 2015

How do I go about finding out what my father's tax number is? He is deceased and the executor is my grandfather and he is too old to travel as he lives in another province. I am his only living child. Is there another. Way of finding out the tax number without having the executor present as Sanlam needs it?

Must I submit the log book when submiting on SARS efiling?

Posted 21 July 2015

Morning,
I need to do SARS e-filing. What I would like to ask is does the travel log book have to be attached or only on request by SARS? The log book has been done manually in a book so I will have to transfer all that information into digital form but thought I could go ahead do e-filing without attaching it, and then if they request then I could do a digital form of the logbook and send it to them. Is this right?

Car allowance 100% taxed as other allowance

Posted 20 July 2015

Towards the end of the year I received a car allowance. However at this stage I was not sure of how many kilometers would be done for business. Therefore the allowance is now reflected as other allowance and is taxed 100%. How do I now file my tax returns against travel as it is not reflected under 3701 or 3702 on the IRP5?

Claim travel expenses without travel allowance

Posted 20 July 2015

I am a commission earner without a travel allowance. I use my private vehicle for work to go and see clients etc. Will I be able to claim travel expenses (like fuel) and depreciation on the vehicle?

Maximum allowable travel allowance

Posted 19 July 2015

What is the maximum amount (percentage) that one is allowed as travel allowance based on the total package earned, ie: If my total package is say R10 000, maximum amount allowed as travel allowance is say 30%, then my salary will be R7000 and my travel allowance R3000.

I just need to know the percentage amount so that I can structure my total package accordingly to get the maximum tax benefit.

Deductible company expenses

Posted 16 July 2015

For many years I operated as a sole Proprietor. Early 2014 I registered a PTY Ltd and duly traded as the PTY LTD. As executive director, by choice I did not draw any salary, the idea being that this would help the company cashflow by saving more working capital. I paid for all vehicle expenses ie fuel, maintenance, privately out of my savings, but approximately 90% of the vehicle use and expenses are attributable to the PTY LTD business. Is there any way that these expenses can be recovered from...

Read more →

Logbook as evidence

Posted 16 July 2015

What substantiating evidence do I need to provide to verify my odometer reading on my motor vehicle to SARS? I did not have my car at the beginning of the tax year and my car has since been stolen. I also did not record the kms from when I got it to the end of the tax year. Can I make the kms up? Look forward to your feedback.

Claim business usage for private car

Posted 16 July 2015

Hi I am using my private vehicles for business travel, part of my job is to do site visits, client meeting ect. I did not receive a travel allowance from my company. Please explain how I can claim this back as I do have log sheets for the travel. I am busy having my package restructured to include a car allowance.

Part 2: can I claim depreciation for one vehicle and also claim travel back or is it not allowed?

Problem with logbook

Posted 15 July 2015

Hi there. Please can you help? I don't normally claim travel allowance or petrol, so this was a once-off thing. This is now indicated on my IRP5, but I don't have a log book. And I have to submit it to SARS as I have been selected for an audit. Do I have to claim it or can I request a correction and remove it from my tax return? Please help. Thanks

Taxable allowance for cell phone 3713

Posted 15 July 2015

I received cell phone allowance under code 3713 (taxable). Where on the tax return can I claim the expense?

Tax return delay after submitting supporting docs

Posted 15 July 2015

Hi Tim,

I have been audited by SARS sent all my supporting documents immediately when they ask for it - my logbook plus had to send them a HP of my vehicle. How long will they take to refund my money?

What do I fill in for "Fringe Benefit value" for company vehicle?

Posted 15 July 2015

Hi, on page 6 of tax return - Employer-Provided Vehicle, what do I fill in for the "Fringe benefit value" of the vehicle? I tried the cost price of the vehicle, also the fringe benefit value (monthly) appearing on my payslip for the vehicle, incorrect value keeps popping up? In previous years, this was left blank.

Tax on Travel Reimbursement

Posted 14 July 2015

Hi I travelled less than 8000km per year for business travel with my car and get reimbursed the AA rate by my employer via EFT payment. He doesn't add my travel claim to my gross salary for calculating PAYE. Must I pay tax on the travel claim money I received?

3704 Subsistance Allowance

Posted 13 July 2015

I received a subsistence allowance (3704). In 2014 I travelled locally for 5 months, I spent about 108 days away from home. How much can I claim in terms of subsistence allowance?

Fringe benefit calculation on two employer-provided vehicles

Posted 13 July 2015

I have 2 cars on "employer provided vehicle":

1) 2013 Suzuki Alto used for approx 6 months. Cash value 89000
2) Cherry 2011 value 59900 also used for approx 6 months.

How would I calculate the fringe benefit amount / or could someone help me with these amounts?

Too small travel allowance - different to actual costs

Posted 13 July 2015

I have a R 2 500 travel allowance (R 30 000 a year) provided to me. But for 2015 I calculated my true travel costs (travel allowance) and it should have been R 70 000 a year.

Travel allowance on my IRP5 R 30 000
Travel allowance calculated by SARS tables R 70 000

Can I claim the R 70 000 tax deductible or am I limited to R 30 000 tax deductible?

Deduction againt 3713 other taxable allowance

Posted 13 July 2015

My cell phone allowance is reflected under code 3713 (taxable allowance)
Where on the tax return must I complete the cell phone deduction?

Do I enter the whole wear and tear value in my tax return or only the "official" part?

Posted 10 July 2015

When calculating the wear and tear on my car I take the original cash purchase price and divide that by 5. Do I then enter that value in my tax return (same as all other deductions) and SARS then automatically calculate the "official" part thereof from the kilometers I entered, or do I do the calculation myself and then enter the "official" part in the tax return?

Tax on interest-only source income

Posted 10 July 2015

If your only source of income is from interest, how is tax calculated?
Older posts →← Newer posts    6  7  8  9  10  11  12  13  14  15  16  17  18  19  20  21  22  23  24  25  26