Provisional tax Period 1 query

Posted 22 August 2013

Hi. I am a provisional tax payer for the first time due to earning rental income greater than the threshold. I received (& was taxed on) a bonus from my employer in June this year. How do I treat the bonus payment on the provisional tax return (period 1)?
If I include it as part of taxable income, my tax payable is inflated as bonuses are taxed differently from normal income. Please advise.

Register company for tax

Posted 22 August 2013

My employer wants me to register for tax, but she is not registered as a company/employer.
How does this work?
What are the procedures that must be followed.

Thank you.

Do I submit my capital gains from an investment as part of my primary residence if I do not have one

Posted 22 August 2013

Do I submit my capital gains from an investment as part of my primary residence if I do not have one? I own no property etc.

Can you claim depreciation as an expense against rental income?

Posted 22 August 2013

Can you claim depreciation as an expense against rental income?

What is the tax free amount for interest earnings? I am over 65.

Posted 22 August 2013

I am 66 years old - what is the tax free interest earnings amount - 2013/14 tax year. I earn a salary of R104,000 pa.

SARS tax source code 3698

Posted 22 August 2013

Please can you explain the source code 3698 - Gross non-funding retirement funding employment income on the SARS tax certificates.

SARS requesting IRP5. Employer can't find IRP5.

Posted 22 August 2013

Hi Tim,

I started working in January 2008 but never got given my IRP5 for the tax year ending Feb 2008. Now SARS has asked me for that IRP5. I've contacted my former employer but I'm not sure if they have it. What is the worst case scenario if they (my former employers) can't find it? SARS have said I must bring it before they pay anything out.

Efiling status says "correction filed"

Posted 22 August 2013

Hi Tim,
I submitted my tax return. I submitted supporting documents. The status on efiling is - "Correction Filed".
Please can you advise what this means? How will I know when payment will be made to my account - what should the status be?

Subsistence allowance rate for Mozambique tax year

Posted 22 August 2013

Can you give me the subsistence allowance US$ rate for Mozambique tax year 2013 please.

How to calculate Tax Refund if over 65 with a disabled dependent

Posted 22 August 2013

I am completing my father's Tax Return for him. He is over 65 and has a dependent, my brother, who is mentally disabled. I have indicated this as such on the return and can see from the calculation that the full medical amount listed is shown as a deduction from the taxable amount. What is confusing me is the only amount being reflected as a refund is the PAYE he paid on some shares that he cashed in and there is no additional refund for any of the mental disabilities. Am I understanding the med...

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Allowable vehicle expense deductions

Posted 21 August 2013

What vehicle related expenses can I claim as deductions? I am a property manager and rental agent and use my vehicle mainly for work purposes. I know that any expense incurred in the production of income can be deducted, so can the cost of my vehicle (repayments) be deducted?

What does a reduced assessment mean on your SARS?

Posted 21 August 2013

What does a reduced assessment mean on your SARS?

Can taxes be deducted if you have never earned more that R40 000p/a?

Posted 21 August 2013

Hi Tim

My husband earns about R44 000p/a. For the past 3 months, money has been taken out of his account by SARS. According to them, it is outstanding taxes from years passed when he neglected to pay his taxes, however this is the most he's ever earned.

Is that at all possible with his salary?

How does source code 3697 and 3698 work?

Posted 21 August 2013

I am trying to complete my tax return and IRP5 and I am unsure as to whether the gross income amounts go under 3697 or 3698. My question is, which one do I use?

Do I owe SARS or do they owe me for the past twenty years that I worked?

Posted 21 August 2013

Since I started working I have never made a tax return claim from SARS for the past 20 years. Do I owe SARS or does SARS owe me?

I wanted to know if my divorce settlement is taxed?

Posted 20 August 2013

Hi, I got divorced last year and I got 50% of his money since we were married in community of property. When I went to claim it I was told I had to pay tax on it, but I never got any paper document of the amount to be taxed, I only got the IT150 paper.

I have never worked in SA and lived abroad since I started my career, must I file for tax in SA?

Posted 20 August 2013

Dear Tim,

I am South African citizen. After my studies I went abroad and have lived in the same country since I left SA. I am not registered as a tax payer at SARS but I do have a bank account in SA and sometimes I will send money back to SA.

1) Must I file a tax return every year even though I am not registered at SARS and I have not worked in SA?

2) Sometimes I would like to give money to parents (they live in SA), but I know that there is a limit to how much ...

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I don't have a IRP5

Posted 20 August 2013

Is it possible for me to claim tax return wthout having the IRP5?

Are you able to calculate how much I might be getting / owing ?

Posted 20 August 2013

Hi Tim

Are you able to calculate how much I might be getting / owing from SARS?

Thanks

How do I work out medical aid contributions when I had 2 employers in the tax year?

Posted 20 August 2013

I have 2 IRP5s from changing jobs last year and each employer contributed a different amount to my medical aid. How do I calculate my medical aid contributions?

Medical aid source code 4116

Posted 20 August 2013

Is the medical tax credit stated under code 4116 on the IRP5 to be separately shown on the return again?

Forgot my SARS user name and password

Posted 20 August 2013

Hi
I need help, I have saved my SARS eFiling user name and my password on my phone, but now that I have lost my phone I don't remember my password and user name. I tried to call SARS but I have been holding for a long time - my money is finished.

I will really appreciate any help.

Difference between document verification and SARS audit

Posted 20 August 2013

Hi Tim, what is the difference between a document verification and an audit from SARS?

Is a?sale of shares held as an investment taxable?

Posted 19 August 2013

A?sale of shares held as an investment, is it taxable?

Application to register as an employer must be made on which?form?

Posted 19 August 2013

Application to register as an employer must be made on what?form?
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