Why was my tax refund reversed by SARS?

Posted 17 March 2022

I have not received my tax refund and it is the 18th of the month. My tax return was submitted on the the 3rd of this month.

Tax on Lump Sum payment - Provident Fund

Posted 16 March 2022

Hi,

A friend received a lump sum payment from her provident fund to pay for a family members medical bills. Is she able to claim back some of the tax paid over to SARS for the additional medical expenses? She had previously received a lump sum payment on retrenchment, so this is the second lump sum recieved from the fund. She has no other income.

Partnership in rental property - how to declare on my tax return?

Posted 16 March 2022

If I own 50% of a property do I only put my portion of the rental income and expenses in?

Do I need to wait for SARS confirmation for provisional tax return?

Posted 16 March 2022

I have successfully filed my provisional tax return for 2022 and would like to know if I need to wait for SARS to approve the amount or do I go ahead and pay the amount stated through the eFiling site?

Can I claim against the use of my vehicle if the only code on my IRP5 is 3703?

Posted 15 March 2022

I have used my vehicle for official travel - there is only code 3703 on my IRP5. Can I claim travel expenses in my return?

Money owed to SARS

Posted 15 March 2022

I want to understand why I am owing SARS and how to pay the money to SARS?

Tax for a Personal Service Provider

Posted 10 March 2022

Hi Tax Tim,

I am a Personal Service Provider (PSP). My client withholds PAYE at 28% in the name of the PSP i.e in my company's name and not me personally, as an individual taxpayer. This concerns me because the PAYE tax credits sit in my company's name, but from an individual perspective I have not paid any tax on the salary I withdraw from my company.

The PAYE refund, if any, will be paid into my company. How do I show the tax on my salary in my individual tax return? If I...

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Freezing emigrants Retirement Annuities, how do I declare non-tax resident status?

Posted 10 February 2021

Hi TaxTim, please can I ask about emigration and Retirement Annuities (RA)?

The new South African tax regulation, effective March 1, regarding emigrants' RAs being frozen for 3 years after financially emigrating:

1. I was told the start of the 3 years is not from date of financially emigrating, but rather the declaration date of non-tax resident status, is this correct?
2. If so, how does one declare oneself a non-tax resident?
3. I may have already declared mysel...

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SARS discrepancy sms

Posted 5 August 2020

I got a sms from SARS reviewing discrepancies identified between 3rd party (TaxTim) and my last Income Tax tax return. Also they are advising me that I should ensure that the information is captured correctly. My information is captured by Sanlam and assume it is correct. Please advise what the discrepancy could be? And why do they mention the word "discrepancy"?

What does SARS mean by auto-assessment?

Posted 27 July 2020

I saw something in a news article about SARS issuing auto-assessments this year from 1 August. I tried to research but couldn't find much and this is all very new to me. Please can you explain what this is? Are there any new changes which I need to be aware moving forward? I have been filing my own tax return for the past years, but I hear that I might not need to do so this year.

Why am I being auto-assessed on SARS eFiling?

Posted 22 July 2020

I received an auto-assessment from SARS. My husband did not receive the SMS but my friend also received an SMS saying she has been auto-assessed. Why have SARS introduced this new process? Why are there some being auto-assessed and not others?

SARS sent me an SMS about auto-assessment? Is this legit?

Posted 20 July 2020

I received an SMS from SARS which mentioned something about an auto-assessment. I have not heard of this before. I don't trust anyone these days, and because of that I just want to ensure that this is legit - do you think this is a scam?

Can I reject the SARS auto assessment and fill in my tax forms?

Posted 20 July 2020

I received an auto-assessment from SARS and I am not certain how to work around it. What I do know is that I would prefer to complete a tax return as normal, like I usually did in the past years. Would this be possible? If I reject it, what will happen?

Individual Tax Consultation

Posted 18 June 2020

In January 2018 I stopped working as a full time employee and for the 2018/2019 tax year I did various things (including foreign travel and work) and earned different kinds of incomes. I did not register as a provisional taxpayer as at that stage I really did not know how the year was going to pan out and if I was going back into full time employment again. I would like to settle any tax I may owe for the 2018/2019 year, however with my different incomes, working out the country for more than 18...

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Tax deductions exceeds the tax paid

Posted 28 May 2020

What happens if my Allowable Tax Deductions exceeds the tax paid in the same year. Logically I should only be able to claim back the actual tax paid? It will be Additional allowable Medical claims which will not be covered by the medical aid. These amounts plus smaller deductions will push the claims to over and above the tax payable amount.

First business tax submission date?

Posted 28 May 2020

I have a Pty Ltd that was registered in February, the Provisional Tax payments must be made in April and October. SARS says I must make tax payments from the 2021 period. The date of liability for provisional tax: 2020/05. When, according to that, is the first time I have to submit tax reports, was it this past April 2020 already? Also, when is the "major" tax submission due, not the provisional one, but the annual one? I would like to do it with TaxTim as my company is small.

I was...

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How to check available funds at SARS

Posted 28 May 2020

If you have never filed for a tax return before, how do you go about checking if there are funds owed to you at SARS? I would like to start filing my tax return for this year as I have been unemployed for a long period, but now I am back in the workforce.

Voluntary sequestration and eFiling profile

Posted 22 May 2020

I just had my voluntary sequestration of estate approved by the high court on the 24th of March 2020 and I now need a new tax number. SARS say I can do that through SARS eFiling and I would like to know how I can do this? The problem I have experienced with trying to register a new SARS eFiling profile is that after I input my name and ID number the system tells me to login with my existing profile number.

Provisional Tax and Rental Income

Posted 29 April 2020

I have filed and completed the 2017 personal income tax for myself. I started receiving rental income from my property in March 2017. Where do I declare this income? Is it part of provisional tax and will I pay penalties for late submission?

Also,
1. The property is owned by myself and my wife. Will we both need to file tax returns for this Rental Income?
2. Does this mean a whole new tax return must be submitted, or is it only necessary to complete the IRP6?

Company Income Tax Due date

Posted 22 April 2020

My company was registered in April 2019 with a year end in July 2019. I submitted a provisional tax return in August 2019. When is the Company Income Tax tax return due? I have checked my tax compliance and it says that my 1901 tax submission is not compliant but my understanding is that my company wasn't registered then. So, should I submit a zero provisional tax return for 1901?

New company and tax forms

Posted 27 March 2020

I have a new consulting firm and I completed an IRP6 twice, for the two SARS documents, as provisional tax. Note that on the said form there is no provision for any deductions of expenses to set-up my company.
I am not sure what to do next.

Do I need to complete a ITR12 form?. If so, where can I get this form? Currently, it does not show on my SARS e-filing, only the two completed IRP6 form are indicated.

Foreign income with online forex trading

Posted 24 October 2019

How one would declare Income/Loss that is derived from online forex trading. The trading account is in USD so I assume foreign income.

1. Where would one declare this income/loss with TaxTim/eFiling tax return under foreign income?
2. Is it necessary to declare if only a loss was made?
3. Can withdrawal fees/currency exchange and bank fees be deducted from overall profit.
4. What documentation would SARS require? The only documentation that can be acquired from the trading platform is trading history showing profit/loss but no tax certificates. ...

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Tax on money held in offshore account?

Posted 15 October 2019

I have an offshore transactional bank account into which I transferred cash into. To clarify, the currency is in Australian Dollars. Also, I do not earn any income on this account nor do I earn any income from abroad. With that said, the interest rate for this account is set at zero on the deposits made. What I would like to know is, would I in this case need to pay tax on any currency movements while the cash is in the account and if that is the case, how would this work if I make payments from...

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Tax on shares

Posted 19 September 2019

I received a once-off payment for shares in November 2018. I then opted to pay tax on the shares before the payments was made to me. Therefore the tax was already deducted before any monies were paid to me. I am now uncertain how to enter this in my 2019 tax return. Can you please advise %u2013 do I need to submit this income in my 2019 tax return and if I must, what figures must I submit in terms of the share payment made to me in this tax year?

Corrected IRP5

Posted 11 September 2019

My employer had to fix the tax period on my IRP5 and it has now been resubmitted to SARS. I would like to know if I am able to get TaxTim to reload this new IRP5 document for me? Also, please note that there are some amount changes as well which were made and this needs to reflect before I can agree to submit the final details. Is there perhaps a process whereby TaxTim can import the IRP5 before commencing to the submission state?
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