Declaration and calculation of Trustees Fees received for income tax purposes?

Posted 24 July 2013

If you receive Trustees fees how should this be declared and taxed?

Confusion with respect to IRP5 given by company and battling with SARS eFiling

Posted 24 July 2013

I have gone through the completion of the IRP5 but my question relates to the actual IRP5. Ive been battling to complete it on SARS eFiling because it talks of source codes that are not corresponding. Also wrt my actual IRP5, last year in August I earned commission. This was above my normal monthly salary. My IRP5 form given by my employer does not reflect my monthly earnings only the commission and corresponding source code. I am baffled.

I need to get my tax number from SARS?

Posted 24 July 2013

I am registered with SARS and I know I have a tax number now I need to get it since I have not been working for sometime I need it for the new job I got.

I'm non-resident in RSA but pay PAYE i.r.o. my Living Annuity

Posted 24 July 2013

My wife & I left RSA in 2011 & living in Namibia (we're awaiting permanent residence approval).
I receive a pension from Glacier (Sanlam) & they deduct PAYE. We also earn interest from ABSA in RSA & from Bank Windhoek in Namibia & from my son in Namibia. Do I have to submit tax returns in SA?

Why did we only get R500 back from SARS?

Posted 24 July 2013

My hubby requested that his Co deduct R500 pm extra since August 2012. Total of R500 x 7 = R3500
IRP 5 reads R 173 579 code 3601
R 105 831 code 3605 (This is actually his commission)
PAYE R 49 183.30 code 4102

However we are only getting back R500.30. Why not the R3500?

What does 'transaction reference' 2 mean on my ITSA?

Posted 24 July 2013

I submitted documents for review and received a completion letter on 17 July 2013, stating that no adjustment has been made to my original assessment (SARS owes me) however, on my ITSA it shows a date of 2013-08-01 with transaction reference 2 and then the transaction value still showing that SARS owes me. What does this mean and how long before they would pay me out? I don't have my own bank account but has registered my mother's bank account on my first ITR12 that I've done la...

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How will tax be calculated on a once off performance bonus, not a 13th month bonus?

Posted 23 July 2013

This performance bonus was paid together with my monthly salary.

Hi Tim. I work in Sierra Leone and get paid in dollars, into a SA bank account, how do I complete my

Posted 23 July 2013

I comply with the regulations regarding 183 days out, 60 days consecutive. My question is where do I fill this in on my return. They want a rand value, and I do not have an IRP5 but one from the company.

Been offered a job in South Africa but will be paid to a offshore bank account do I need to pay tax?

Posted 23 July 2013

Employer is a large international company with offices in SA. I will be living and working full time in SA. They are not deducting PAYE at source and they are paying me in GBP to an offshore account of my choosing. Do I still need to pay tax in South Africa?

How does the rental tax on a first property, paid in cash, work?

Posted 23 July 2013

I currently live with my parents, on their property. I am looking at purchasing an apartment for R650 000 and renting it out. I have been given the option of paying for this in cash and then paying my family back at their low bond rate of 6.5% (prime -2%).

The property will be rented out for R5500. The expenses on the property (rates and levys) are R1800. So the rental income would be R3700pm. This R3700 as well as another R4300 will be paid monthly to my parents (total R8000pm).
...

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How much my refund because I submitted an ITR12 income tax return?

Posted 23 July 2013

Because yesterday I submitted my IRP5 to SARS

I have done my submission on eFiling and calculated result is -R3963

Posted 22 July 2013

Does this mean I owe SARS or they owe me and they have requested doc from me for audit how long does this process take once submitted on eFiling and if I get a refund how long does it take?

Starting with tax

Posted 22 July 2013

Hi Tim, We are two employers that works in a small company, and after one and a half years we found out that our employer did not pay or fill out the necessary documentation for our tax. We would like to sort this out ourselves as soon as possible - where do we start? Will there be any penalties? How can we work out what this will be? We both started working for the company after University. Personally I break even every month after medical aid contributions, student debt, rent etc. My co-worke...

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Medical Aid, out of pocket expenses, can I claim on my ITR12 Tax Return?

Posted 22 July 2013

I paid an amount of R7k in medical expenses out of my own pocket and did not claim from medical aid. How much of that amount will I get back from SARS?

How long does it take to get a refund from SARS?

Posted 19 July 2013

I receive a form at work from SARS, but I don't know how it works?

How much does and agency must deduct for tax from a temporary worker?

Posted 19 July 2013

My sister is working as ENA in a hospital under an Agency but she doesn't understand how they deduct so much money claiming that the money is tax money, at the same time she is not permanent. They get paid on a weekly basis depending on how much hours they work, but the normally work about 3 or 4 days a week. please help, their previous Agency paid them about R1300 a week but the one they changed to pays 700 a week.

How much tax do I have to pay as a self employed buinessmen?

Posted 19 July 2013

Hey Tim, awesome site and very helpful info. I am not sure of my tax number, I was out the country for a few years and before that I was self employed and now again I am self employed. I last worked for a company n SA probably 10 years ago.

We have started 3 businesses since we have been in SA (my wife and I) and the first 2 didn't really get going at all and cost much more than they made which wasn't much at all. They were both Close Corporations but we never got to the stage when we got a bookkeeper in to do anything...

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I would like to have my tax done with you just need to get all my documents sorted sorted.

Posted 19 July 2013

I would like to ask you a question. I started working December 2012 and only worked 3 months this tax year. I earned R25000 a month. A lot of my friends said we will get most of the tax paid back for those 3 months because we just started working. Is that true or not? Please can you explain it to me?

Included medical scheme contributions and other medical expenses, but code 4008 says R0.00

Posted 19 July 2013

I just submitted my tax return. I received my ITA34. I contributed R7192.00 to my medical scheme (Code 4005) and also R1592 for other medical expenses not paid by the medical aid (Code 4020) but on the ITA34 my medical expenses is 0 (Code 4008), thus my deductions allowed is also on 0. So it says I will be getting back -1840.00, but shouldn't it be more because of my medical expenses and medical aid payments? Or do SARS first have to check this and possibly do an audit before they take my total ...

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What is source code 4473 on my IRP5?

Posted 19 July 2013

AS a deduction what deduction is source code 4473 used for.

Please enter the total amount for the year you personally spent on medical aid contributions which d

Posted 19 July 2013

Please enter the total amount for the year you personally spent on medical aid contributions which did not get taken off your salary. On my medical certificate I got a amount for  contributions from 1 March 2012 to 28 February 2013 and also one for Claim not from the medical aid. Which amount must I put in here?

When I query my SARS status it says "AVS Bank with AVS verification pass

Posted 18 July 2013

After receiving an IT34 money not yet paid in my bank account and I requested a SARS status and received this answer

Which receipts to be submitted?

Posted 18 July 2013

What type of invoices and documents are supposed to be submitted with IRP5?

Taxable Portion on Medical aid paid by company?

Posted 18 July 2013

My basic salary is R18,500 per month. My company pays my full medical aid for myself and my 2 kids. The total paid to Discovery is R4,517.00 per month. The portion added on top of my salary to be taxed is the amount of R3,470.00 (Difference of R1,047 from full amount). So Taxable amount is R21,970.00. What I would like to know is how do they get to this R3,470.00? What is the formula to calculate what portion of your medical aid is taxable every month?

IRP5 code 3616, what is it on my ITR12?

Posted 18 July 2013

Can a person claim entertainment expenses on assessment when their earnings are reflected under IRP5 code 3616..
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