Hi how do I Declare rental income on my tax form?

  Written by Marc   Posted 5 December 2014

How do I declare rental income on my tax form? If my rental income is less than my bond, municipal and levy costs do I have to declare as I am at a loss?

Penalty assessment?

  Written by Marc   Posted 5 December 2014

What is a penalty assessment? I thought I had submitted all my returns as I had broker doing this for me who I paid every year but now I notice that there is a problem with 2010 through to 2013.

Retirement calculation?

  Written by Marc   Posted 4 December 2014

How much can I get if my pension money is R1 010 000. for tax year 2015

IT34 account balance and due date ?

  Written by Marc   Posted 4 December 2014

Hi Tim, on my IT34 ist states:"Thank you for submitting your income tax return for the 2014 year of assessment. Your assessment has been concluded and reflects an amount refundable to you of R -14206.18"and then Due Date 2015-01-012nd Date 2015-01-31. I understand that is most probably a refund from SARS, but then they state they want to do a further assessment. What is the normal turn around time for this? Can I expect my refund before 2015-01-31?

How can I get a SARS tax number?

  Written by Marc   Posted 4 December 2014

How can I get tax number?

Death and tax years applied

  Written by Marc   Posted 4 December 2014

If a client/tax payer dies in one tax year but the claim only occurs in another tax year, what transaction year, year of assessment and period of reconciliation do you apply? Will it be the tax year the client died, or the year the claim took place?

Can I claim medical expenses as a dependant on my husband's medical aid?

  Written by Marc   Posted 3 December 2014

I'm a new provisional taxpayer. Our private medical aid is in my husband's name. Can I claim anything for my medical expenses not covered by medical aid?

Can my employer get my tax number or should I?

  Written by Marc   Posted 3 December 2014

I just completed my studies and I am going to start working at quite a large company next month (January 2014). Should I get my tax number myself or will they be able to do it?

If there anything I need to pay or collect from SARS

  Written by Marc   Posted 3 December 2014

How do I check if I am in areas for my returns or if I have to collect anything from SARS?

Tax on stipend?

  Written by Marc   Posted 3 December 2014

If I earn a stipend of R3 390 a month do I pay income tax?

Penalty for late submission to SARS?

  Written by Marc   Posted 3 December 2014

I submitted my tax return for the 2014 period right on the deadline date. However my 2012 return was not submitted, I finally managed to get the IRP5 and did the submission. In both returns I have a quite high refunds, I was wondering if SARS will penalise me for late submission? Or will they penalise me for the 2012 return only. Last year I was due a refund and they paid it out without any problems.

Do you pay tax on cash back from loyalty programs

  Written by Marc   Posted 3 December 2014

I work as a sole proprietor, I belong to discovery and get a cash back bonus every month, do I need to treat this as income and pay tax on it?

What are the requirements to claim back PAYE when working outside the country (SA)

  Written by Marc   Posted 3 December 2014

What are the qualifications if working outside SA to claim back your PAYE?

What is a referral of audit?

  Written by Marc   Posted 2 December 2014

What does it mean when you have been referred for audit, even though you have submitted your tax return and supporting documentation? Is it because I have a big medical refund?

Can a new taxpayer claim refunds for last five years?

  Written by Marc   Posted 2 December 2014

My wife did not register as a taxpayer previously because she was told she earns a salary below the taxpayer threshold. She now intends registering as a taxpayer. Can she file returns for the last five years since she has incurred medical expenses on her own medical aid amounting to R50000 which was never recovered from the medical aid. Will she receive a tax refund for her medical expenses for the last five years?

Cruise Ship Work?

  Written by Marc   Posted 2 December 2014

I work on a cruise ship and get paid in US Dollars. I am only in south africa probably 8-10 weeks a year. Do I have to declare that foreign income and pay tax on it? also if I want to buy property here how will that impact me on a taxation basis?

PAYE on December bonus

  Written by Marc   Posted 2 December 2014

How do you work out the Tax Paye on your December bonus?

Is profit from offshore currency trading taxable in South Africa?

  Written by Marc   Posted 2 December 2014

Is profit made from currency trading offshore taxable in South Africa?

Have car allowance but using car that is not registered in my name?

  Written by Marc   Posted 2 December 2014

I get a car allowance and the car I am using is registered in my wife's name. She is paying for the vehicle. Sars is refusing to pay me a refund because the car I am using is not registered in my name. Can they do this or do I have grounds to dispute this.

is a owners loan Vat-able when he takes it out of the business, can we claim back VAT for the busine

  Written by Marc   Posted 2 December 2014

Is the owner's loan Vat-able when he takes it out of the business, can we claim back Vat for the business

Tax implications on money transferred to my account.

  Written by Marc   Posted 2 December 2014

My brother and his son has sold a flat in Durban.
My brother lives in the UK and is married to a UK citizen.
He wants to transfer his portion of the money to my account, as a small portion will have to stay in SA to assist my sister after the passing of his wife.
I will have to transfer the remaining to his account in UK.
The amount will be less than R500 000.

What are the tax implications for me?
Do you have any advise for me?

Are contact lenses tax deductible medical expenses?

  Written by Marc   Posted 1 December 2014

Are contact lenses tax deductible medical expenses?

Return - Data Submitted To ITS. Audited and Reviewed. Does it take longer to refund?

  Written by Marc   Posted 1 December 2014

I submitted my eFiling on the 18th and then submitted my supporting Medical payments on the 20th. I have noted on the system it says the last Status is 27th. A refund is owed to me, should I call the call centre to find out when will I get the monies?

TAX AMOUNT OF LUMP SUM OF RETIREMENT FUND WHEN I RESIGN

  Written by Marc   Posted 1 December 2014

I WANT TO KNOW HOW MUCH THE TAX WILL BE ON THE AMOUNT OF R1 392 779 - THIS IS THE AMOUNT OF MY RETIREMENT FUND WHEN I RESIGN NOW

Retirement lump sum of R44 7 300 after ta?

  Written by Marc   Posted 1 December 2014

How much will I get when my lump sum retitrement of R447 300 is taxed?
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