Does my Statement of Account indicate that I am being audited?

Posted 21 September 2015

I started with a new employer on 1 March 2014 and a full company vehicle is included in my package. Previously I neither had a company car, nor did I receive a travel allowance. My refund this year, as per my ITA34, is much more than in previous years. It seems that the company I work for also deducted almost R1000 per month too much fringe benefit tax from my salary if one compares the SARS calculation to the actual tax paid. I also did not log many private kilometres, since I am not office bound, as a sales rep, and often work from home...

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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?

Can I used the deemed cost option for vehicle expenses

Posted 21 September 2015

Does the option Deemed cost for vehicle expenses apply for the 2015 tax year?

Options or rules for claim on depreciation and travelling allowance claim.

Posted 16 September 2015

When I complete my tax return can I complete the Travel claim against allowance and the depreciation (4027) section. The form allows me to complete both sections but when my claim was submitted and once audited the removed the depreciation amount(4027). How do I calculate the best method to claim if I am only allowed to complete one section.

Tax Directive for CCMA Settlement

Posted 11 September 2015

I got paid out by my previous employer after a CCMA settlement in excess of R170 000. How do I know if they requested a tax directive for this and is it required?

Travel claim to client site

Posted 9 September 2015

As a consultant on a salary with a car allowance (3701) onsite 18 of every 20 days, can I claim travel to the client's place of business?

Vehicle expenses for business

Posted 9 September 2015

When I was a sole proprietor, taxed under my own name, if I drove somewhere on business-related matters, I used my own vehicle. I then claimed those business kilometres as a proportion of the total expenses and depreciation on my vehicle over the course of the tax year. Now I have a (registered) private company - can I still follow the same process, and claim the travel expenses as a tax deduction for my BUSINESS? If not, what are the options for me?

Want to register for a tax number?

Posted 8 September 2015

I have been tax exempt since 1997 when I left the forces. Been operating on a ad hoc basis doing upholstery work for people privately at home and never completed any tax forms as such. I left the trade seeing it didn't enhance my life at all living on the edge to provide for family. Started as an independent recruiter in 2008 and earning between R 60 - 120 p/annum. Haven't got a tax number and want to know if I have to register and if so how do I go about to registering for a tax number?

No IRP5 -Can't claim Home office Expenses???

Posted 7 September 2015

A Client of mine does freelance work via Paypal. She earns 3500-5500 per month. This income is not shown on an IRP5 and because there is no IRP5 on her tax return, she can't claim her half of her and her husband's Home Office Expenses as this option is Greyed out on eFiling if you don't have an IRP5. What to do???

How do I reflect income on my tax return from an additional job which I don't have an IRP5 for?

Posted 3 September 2015

I have an IRP5 for my full time job but I did a few hours of consulting (around 30 hours in total) at weekends which I personally invoiced for. How do I reflect this on my tax return? I have paid no tax on the additional hours so far.

Does Pension Lump Sum Income get added to Normal Income for determining tax liability?

Posted 3 September 2015

Do you get taxed twice when withdrawing early before age 65 from a pension fund? So the first tax is when the tax directive is issued by SARS, and then the second when you complete your tax return and declare the lump sum payout as an income. Does this pension lump sum income get added to your normal income to increase your total income when determining tax liability?

Tax returns for 2007 needed

Posted 3 September 2015

My tax have been submitted 13/8/2015 and they asked to supply a logbook which I did. My tax for 2014 was not done and have submitted those aswell. My 2015 tax was not being audited but my 2014 is under audit. When I log onto SARS eFiling it says my penalties are R500. I have called them now and they said ny penalties are R1500. And I have to submit my 2007 tax returns. I do not have any of those documents anymore as its 8 years back. How can I go about the difference in penalties fee's and submi...

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What is the advantage/disadvantage of carrying over a loss?

Posted 3 September 2015

What is the advantage/disadvantage of carrying over a loss? What does SARS mean by "ring fencing" this profit/ loss?

Refund withheld due to supporting documentation denied

Posted 2 September 2015

As this was my first year registering and submitting my tax return, I submitted all tax returns up to 2008. I was thus requested to provide supporting documentation for the 2013 tax year. I uploaded my IRP5 document as proof via SARS eFiling, but this was denied. I do not have any other documentation as I am not claiming for any expenses. I do not have medical aid, nor received travel/petrol allowance etc. I do however contribute to a retirement annuity fund which I have included in my 2014 and ...

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Where do I fill in the amount received for travel allowance?

Posted 2 September 2015

I am struggling to find the tab where I need to fill in the amount received for travel allowance, where do I fill in the amount received for the travel allowance?

Tax return with commission?

Posted 1 September 2015

I have never done my tax before. I've always earned a small basic and a lot of commission since I have worked as a beauty therapist. How do I go about submitting my tax return?

the only proof I have got for expenses are banking statements. I have received a IRP5 form for this tax year

I don't have an IRP5 as I am an independent contractor

Posted 1 September 2015

I did not receive an IRP5 as I am an a independent contractor/consultant. All my income was derived through consulting work. Tax Tim is now saying that I need information from my IRP5 or there is a conflict. I am a provisional tax payer and yet the amount I paid in as provisional tax is never requested?

Im been audited and I want to know if I can complain to someone

Posted 30 August 2015

It says I have selected for Audit. For the last 3 years I have been requested to send all my documents through to SARS I have done so I have even fully explained on the IRT12 what other amount I claim each year for my Business Cell Phone Contract which is fully deducted from my payslip, I also keep a log book and my tax Certificates. This year I was only requested to verify Source 4016 which I did I sent all the Company Invoices which has the Cell Number on it and is addressed to the company I w...

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Can I claim depreciation on a personal vehicle even though I get a travel allowance

Posted 28 August 2015

I received a travel allowance and have a logbook, can I claim depreciation on my personal vehicle based on percentage of business usage

Earned R43000 comm earner year ended feb 2015, travel & depreciation R17000 will I get tax refund

Posted 28 August 2015

Earned R43000 commission only year ended feb 2015, have travel expenditure of R13800 with log book and depreciation of R4200 on my vehicle, will I get tax refund?

What expenses can I deduct to calculate my taxable income

Updated 28 August 2015

Please enter your Taxable Income. This is your Gross Income minus the business-related expenses from business or rental income. Also subtract any contributions to a pension fund or retirement annuity fund, donations, depreciation and other travel allowance deduction and any exempt income. Does this mean petrol, stationery, ink rent etc.?

Taxation on UK pension lump sum payout (Aged 55 and now reside in SA since 1 Jan 2014)

Posted 28 August 2015

I have decided to cash in my Pension Pot in the UK (I was 55 years old in 2014 and therefore can retire) - I have been paid out UK Pound amount 47843 of which tax of UK Pound 19977 was deducted. I now need to recover this tax from the UK and then submit same to SARS. My query is therefore:
1. I need to complete UK/SA double taxation form to apply for relief of income tax at source ie UK and claim back my tax
2. I need to submit??? to SARS for them to calculate tax owed by me - I would however need help with this so as to understand how much tax will be owed (would be interested to know what conversion rate will be used by SARS in the calculation)...

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Request for vehicle purchase agreement

Posted 28 August 2015

I submitted my tax returns via eFiling, I also claimed for travel expenses refunds on 2 vehicles my tax returns were selected for verification by auditors who are now requesting for copies of purchase agreement for both vehicles. I have contacted the bank to request for the copy of my old vehicle as I no longer have one, they told me the document has been archived and promised to send it through as soon as they have access to the file. I have waited without receiving the document is there an al...

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Do you deduct incurred expenditures against business income or paid expenditure?

Posted 26 August 2015

When seeking to deduct expenditure against my business income in the 'business income" section, I apply the general rule right - only deduct what I actually incurred to date, not what I paid?

Tax on Sole Trader

Posted 26 August 2015

Hi all, I'm considering starting a Sole Proprietor business. I'm not exactly sure regarding the tax implications. Let say for example I receive R10,000 per month (independent contractor I receive this from 3 different sources)... All this income goes into my personal bank account... Should I now pay personal tax on the whole amount of R10,000 or do I just pay personal tax on the net amount after my deductions for bringing forth the income?And if I hire one employee and I get R5k and he gets 5K p...

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