Too many documents

Posted 7 December 2015

SARS has provision of submitting 20 documents only and I have more than 20 documents. SARS doesn't accept excel with more than 1sheet. I have bank statements, receipts, excels with car logs, medical expenses, donations, depreciation, donation and medical certificates, monthly credit card statements. Please suggest how to submit documents. Thanks

Tax return question

Posted 7 December 2015

If you pay medical aid close to R4k out of pockets, and within a tax year you have incurred additional medical cost of about R15k, you have monthly RA of R1k... And you still contribute towards your employers RA. How much roughly would one get for tax returns

Still waiting for tax refund

Posted 4 December 2015

It is more than 7 days now still waiting for my tax refund, is there ant problem with my tax returns?

I'm due for a refund but still owe SARS...

Posted 4 December 2015

I'm due for a refund but there's a 'hold-up' as I owe SARS something from 2009. I'm not sure what to do fro this point forward - where or how do I find out what is owed - how can SARS be owing me when I owe them - why weren't there red flags or bold flashing print popping up when I completed my annual tax returns?
It's like they're hiding the fact that I owe them and I've now probably encured some hefty penalties and interest... ;(

What do I do?

Multiple IRP6 payments for a specific provisional tax period submission

Posted 3 December 2015

Is it advisable or unadvisable to make multiple payments on a specific IRP6 for a specific provisional tax period? I have underestimated my income for a specific period, and have already made a payment for the period concerned (this was due to a CG event as a result of a unit trust switch). I'm concerned that SARS will only allocate one of the payments to the provisional tax period in question, and that I may have problems getting additional payments I make allocated to my account.

Bank particulars

Posted 3 December 2015

May I have the bank details for SARS? I am in KwaZulu-Natal

Interest - file an objection or request a correction

Posted 3 December 2015

I have been requested to submit additional documents. Turns out that I hadn't included the interest earned (I wasn't aware that I had to do this)
After getting the certificates and checking I noticed there is a R200 difference on the amounts their assessment had and the total on the certificate. When I called SARS and spoke to the consultant she said I had to fill out an objection and submit with the documents. I started with that but noticed that the request a correction button is active. ...

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Document/records storage

Posted 3 December 2015

If I change to SARS eFiling with your assistance, where would my tax records be stored. & who stores them -- SARS, Myself, Tax Tim??

Loan to Company to purchase goods

Posted 2 December 2015

I have a EME business and from time to time I use my private bank account to purchase items for orders I receive. When I then get paid by the customer I just transfer the money I loaned to the Business beck to my private account. Is that acceptable to SARS and what records must I keep?

Cap on non-taxable pension fund lump sum withdrawal

Posted 2 December 2015

In the past tax year I worked for 3 companies. Got paid pension fund by 2 of those companies with total pension fund being below R20k
On the IRP5 from the company that paid outthe Pension fund there's a code 4 which I thought it meant this amount was not taxable( I understand it as meaning this amount will not add on to what I owe SARS). Submitted my tax returns and the SARS assesment has included the pension fund lump sum payment as what I owe SARS. Please advice if this is correct

Payment Periods

Posted 2 December 2015

With regard to Provisional Tax:When SARS refers to the periods 2016-01 and 2016-02 (see below) is SARS referring to the months i. E 2016-01 = January and 2016-02 as being February or are they referring to the two payment periods for Provisional Tax being February and August? Could you please explain. 5. 3 Provisional Tax Returns can only be requested for periods that fall within:
ï%u201A· The current period
ï%u201A· The current periods minus two periods
ï%u0192º Example: if the current period is 2016-01 and 2016-02, IRP6 forms can be requested for the periods 2015-02 and 2015-01. ï%u201A· The current periods plus one period...

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Tax for a full time student employed full time.

Posted 1 December 2015

Hello Tim,
If I earn R8000 per month and are registered as a full time student but also employed full time and at a permanent post at my employer what will my tax be per month?

How do I create a SARS efiling form for outstanding 2009 tax year?

Posted 1 December 2015

Upon filing my husband's tax returns for 2015, they asked for supporting documents (same as 2014) which I then submitted. After waiting for 2 weeks, I contacted SARS and they informed me that his tax return of 2009 had never been filed. He had a stroke in 2009 and after attempting to file his tax return unsuccessfully several times and not being able to get through to SARS, I presumed that it had been filed. Now 6 years later (after issuing a tax certificate of comliance earlier this year) they ...

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Will I be penalized for not filling in a tax return for last year and this current year

Posted 1 December 2015

I have been working for 2 years now, I started 3 December 2013 and I never filled in a tax return before. I only became a permanent employee 1 April 2015 and only then started contributing towards a medical aid and pension fund. I have missed the 27/11/2015 tax return deadline. I am not sure how this whole process works. Will I be penalized for not filling in a tax return for last year and this current year. I will be more than happy to pay for your services. Regards

Medical rebate not given by SARS

Posted 1 December 2015

My company paid medical premium for me for the period 1st Mar 2014 to Feb 2015. For first half of the year it was with one medical vendor and then for the second year it was with a another medical vendor. I filed my IT tax returns on time. I got an additional assessment wherein SARS has not taken one medical vendor and I stand to lose out around R5000. How should I dispute and in the notice of objection form where do I fill the exact details as it is asking for source code?

Why is it taking so long to receive the pay out, is there something I missed ?

Posted 1 December 2015

I submitted my tax return via SARS eFiling and received the ITA34 - and notifications saying that SARS owes me. I submitted the tax return on the 25th. People have been saying it takes between 2-3 days to receive a pay out and SARS sends a sms or email to say when the money will be paid. How come I have not heard anything yet?

How much will I get from a salary of R2361 in a year

Posted 1 December 2015

I want to know how long it takes to get ur income tax return and how much will it be if my salary is R2361 a month?

Tax on Loans

Posted 1 December 2015

If my brother gave me an interest free open-ended loan - what would the tax implications be?

VAT Registration in person

Posted 1 December 2015

I need to register for VAT, I have completed the VAT101 form and attached all the necessary required documents. Must I submit this myself in person or could my wife who is my bookkeeper and has Power of Attorney be able to submit my application form?

Can I get my refund even if I submitted my returns late?

Posted 1 December 2015

I submitted my tax returns late and the tax calculator showed that I have a refund. Will I still get the refund even when I submitted late?

Does Base Cost include interest over time?

Posted 1 December 2015

I am selling a rental house. Will the interest on my bond over the period of ownership be part of the base cost?

Move from a Tax Consultant

Posted 30 November 2015

I am at present using a tax consultant. How do I transfer to doing my own tax return with the help of Tax Tim?

They have all my records etc.

No IRP5 on liquidated company

Posted 30 November 2015

The company my wife has worked for has been liquidated in September 2014. She has worked for them form January 2014 until September 2014. Subsequently she hasn't received and IRP5 because of the liquidation (there is a case pending and they say that they cannot issue the IRP5 until the court has made a decision). She does however have payslips and the company did pay tax in the time period she worked for them. She also has a letter from the auditor explaining this. What do we need to do on SARS ...

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Tax on Rental Income

Posted 30 November 2015

Dear Sir/Madam

I am South African, but living and working in Kuwait. Back in Durban I own 2 properties which are rented out to tenants. Property 1 - rental income is R6200. 00 pm, monthly bond is R3500. 00, rates is R1600, monthly levy is R850. 00. Property 2 - rental income is R4500. 00, bond is R3550. 00 pm, rates is R350. 00, Levy is R700. 00. I have no other source of income in SA. Do I pay tax to SARS?

I was a registered tax payer whilst I worked in SA. But no longer....

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Does that mean I owe SARS?

Posted 30 November 2015

I received an SMS after submitted my IRP5 "said" assessment type : additional: amount Due by you: audit: N : first payment 01-01-2016 and 2nd 31-01 -2016 does that mean I should pay money?
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