An elaboration on source codes 4040 and 4020 on the ITR12?

  Written by Marc   Posted 24 October 2013

My wife and I are members of a medical aid. I am the main member and she is a dependent. The cost of the monthly contributions are partly paid by my employer and partly by myself.

My wife however pays me monthly for our portion of the medical aid monthly expense after it has been deducted from my salary because she earns more than me, but doesn't receive a medical aid option from her work.

My wife also had out of pocket medical expenses amounting to R4 100. In assisting her with her tax return, if we insert her out of pocket medical expenses (source code 4020), the return calculator says a return of zero...

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How do I know when my tax return has been accepted/finalised?

  Written by Marc   Posted 24 October 2013

Hi Tim,

I have read through your blogs and I have to express my amazement. Really great stuff! I

I completed my tax return last night via eFiling and I have only received an ITA34 almost immediately after filing it. According to the ITA34, SARS owes me R4954. Is there a difference between that and a ITSA? I have never received an ITSA in the past, but it seems like everybody does get one. How do I know that everything is in order and that my return is accepted? I have gone...

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I sold shares, capital or revenue for tax purposes?

  Written by Marc   Posted 23 October 2013

The shares I sold were before the 3 year automatic capital period, does this make them revenue in nature?

What if I earn different amounts per month, how is the tax calculated?

  Written by Marc   Posted 22 October 2013

What happens if my income varies in different months?Example:Jan-March I earn only R5,000 per monthApril & May I earn R6,500Remainder of the year I earn R5,000I am registered for tax so should I immediately be taxed for the months I earn R6,500?What if it varies even more and I earn a range from R5,000 to R5,990 each month so it goes untaxed but my years payment is over the non-taxed payment collectively for the year, How can I estimate how much I should have in savings if I am requested for...

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When do complete tax on new job?

  Written by Marc   Posted 22 October 2013

If I started a new job on the 1st of September, 2013. Am I required to do a tax return before tax season ends next month or do I only do my tax next year? Current salary is R5,000.

If your salary is R10 000.00 pm on contract basis are you suppose to register for SARS?

  Written by Marc   Posted 22 October 2013

My son is working on a contract basis (2nd year) - Salary R10 000.00 pm. Since his 2nd year of working, he does not get his full salary on time - he usually get his salary by the 12th - 16th of the month and then it will be a third of his salary. He does not get any pay slips. Is my son suppose to register for SARS?

Meals fringe benefit for tax purposes?

  Written by Marc   Posted 21 October 2013

I have to travel to clients a lot for work, the company has agreed to pay for my lunch when I am on the road during business hours, will this be a fringe benefit for me?

After an audit has been completed, will SARS use my 'original IT34A assessment'?

  Written by Marc   Posted 19 October 2013

I recently filed my tax return through the eFiling thing and I was told by SARS that I am being audited. Because I am new to the eFiling thing, I submitted my return twice. The 'original assessment' which showed a -R3,684.00 amount contains the most accurate information as the main difference I noticed between the 'additional assessment' (which stated that I owe SARS over R2,000 ) and the 'original assessment' was the number of people covered on medical aid. In the original assessment, it stated...

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R36000 annual income between 2005-2008

  Written by Marc   Posted 18 October 2013

Do I need to file for taxes for 2005-2008 if my annual income was R36000?

Working for government. Tax deductions for eg stationary and courses that I have paid for myself?

  Written by Marc   Posted 17 October 2013

I work for Gauteng Department of education. I am a Therapist and from time to time I buy my own stationary, therapy material and incentives for the children. I also do courses at my own expense. Where do I deduct the above mentioned expenses?

Is there an expiry date of IRP5?

  Written by Marc   Posted 17 October 2013

Do the IRP5 forms expires if yes when for this year?

Require clarity on tax returns for private individual who also owns a small business?

  Written by Marc   Posted 17 October 2013

1) If you own a CC can you include the income and expenses of the CC with your personal tax return. Is there a cut off on the amount of turnover business?
2) Must I submit 2 tax returns? One for personal tax and one for the CC irrespective of the amount of income derived from either income source?

What is PAYE and how does it work?

  Written by Marc   Posted 15 October 2013

What is PAYE and how does it work?

Previous employer refuses to give IRP5 form, what can I do?

  Written by Marc   Posted 14 October 2013

I requested an IRP5 form from my previous employer but was told that they could not help me as they had only registered at SARS a year after I left the company. But tax was deducted from my salary from the first month to the last month of my employment which was over 2 years. What will happen to the company and how do I go about handling this situation as I need to submit my tax return?

Tax submition in review and are we noified of penalties or surprised?

  Written by Marc   Posted 14 October 2013

Hi TaxTim, thank you for a great blog-site!
I have a question, I have submitted my tax, also got the letter requesting the IRP5 as code 4102, PAYE credit of R30 551.15 was being questioned. I have submitted the respective IRP5 for review already. Do you have knowledge of:

1. How they would go about inspecting whatever they feel might be wrong on it?
2. How long that process could possibly take?
3. Would they pay out another(next) year if the previous is under above review?...

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I earn a salary and pay tax as per usual, if I consult and receive other income, what is the tax tha

  Written by Marc   Posted 14 October 2013

I receive a salary per month and pay my usual taxes. I am assisting a friend on a monthly basis with his business in my spare capacity. He pays me per month R4 700.00 consultation fees and would like to be invoiced for that. I am not registered as a business, what are the tax implications for me.

Signing bonus vs relocation allowance tax implications?

  Written by Marc   Posted 12 October 2013

I just got a job offer in CPT and currently in DBN and the company is giving me a signing bonus R100K. what are the tax implications of signing bonus compare to getting a relocation allowance instead of the bonus.

Are rates paid on property tax deductible?

  Written by Marc   Posted 11 October 2013

How do the municipal Rates affect my tax status?

I own a small flat and I pay Rates to the municipality every month. However, my City of Johannesburg statement does not reflect my VAT number. How does this affect my Tax?

Is foreign exchange taxable?

  Written by Marc   Posted 11 October 2013

I live and pay tax in Hong Kong. I want to send R1mil to SA to pay into a bond. I don't want SARS to take any of the money. Do they have any right to tax me again?
If I pay directly into the bond, I fear it will get lost in a foreign exchange holding account. But if I send to my current account and then transfer I have more control in clearing it.
What do you suggest?

I have unpaid taxes I need to settle with SARS.

  Written by Marc   Posted 10 October 2013

I owe SARS unpaid assessed VAT which is accumulating interest and penalties. It has been almost 10 years and I received no correspondence from them concerning this matter. Upon my recent request for a tax clearance certificate I was told I had unpaid taxes that are accumulating interest. How do I go about settling this with SARS. I am now unemployed and have no assets. Can I make small payments or get part of it written off as I was unaware of this matter until now?

Penalties on undeclared offshore property?

  Written by Marc   Posted 10 October 2013

If an offshore property was transferred into your name in 2009 as a gift from an overseas family member, and you never declared it to SARS or SARB, what type of penalties do you face. What is the process to declare this now, forms, etc.

Does the Tax rebate apply to Medical Insurance?

  Written by Marc   Posted 10 October 2013

Will I still get the monthly tax rebate if I join a Medical Insurance and not a Medical Aid?

I need a copy of my IRP5?

  Written by Marc   Posted 9 October 2013

I don't have a copy of my IRP5, where else can I get one and be able to print it?

What goes under capital allowances on the ITR12 - Income Tax Return

  Written by Marc   Posted 8 October 2013

What goes under capital allowances?

Am I owed a refund if my second ITA34 shows an amount of R0 and the statement of account is -R14 000

  Written by Marc   Posted 8 October 2013

What does it mean if my first ITA34 showed an amount of R-14000 and SARS then requested additional documents which I submitted. They then sent a second ITA34 which showed and amount of R0.00. The statement of account still reflects R-14 000. Am I getting a refund or am I not getting anything?
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