Can I claim for the depreciation of my vehicle for which I get an allowance or is that included?

Posted 10 July 2013

I get an allowance of R48 000 p.a and I incured costs of R75 000 inlcusive of the lease payment for the vehicle in my name. I also incured personal expenses of R765 not recovered from the medical aid. The SARS calculator retuned R9885. I dont think thats right.

Provident fund payout in 2013 assessment year

Posted 10 July 2013

Hi Tim, I received an IRP5 for provident fund for Year of assessment 2013. I included the amount of R416 363 (source code 3920) in my "income received" column, on the IRP5 they included this amount in the "Gross Non-retirement Funding Income" (source code 3698) column. However when I include it in this column on my return I get a message that the calculations does not add up.

I eventually included in the "Gross Retirement Funding income" (source code 3697) column (which is not correct) and they calculated it. BUT NOW my inital calculation was tax refund of R 4800 but after the second calculation I'm down to R0!! ...

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Registering for VAT threshold?

Posted 10 July 2013

Do you have to register for VAT if your gross income is over R1 000 000 or only if the taxable income is over R 1000 000.

I bought a flat and hire it out in order to supplement my income, how does the income tax work?

Posted 10 July 2013

Due to medical reason I am on early retirement and receives a monthly pension. With my lumpsum I bought a flat for R840 000.00 in July 2012. My rental income is R3500.00 a month for the period 01/08/2012 to 28/02/2013. My expenditures are as follows: Cost of transport was R26 737.00
Levies (period 13/07/2012--28/02/2013 ) was in total R5435.81.
Where and under what code do I fill in the amount? Can I deduct the expenditure as mentioned from my rental income?...

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Timing of Bonus Payments, taxable or not?

Posted 10 July 2013

I received a bonus for the calendar year 2011. The bonus was paid in March 2012 (after tax year 2012 ended) as the company needed to finalise year end etc. I left the company. The company "backdated" this bonus to tax year 2012. I however I feel that since the payment was made in tax year 2013 that an IRP5 should be issued for 2013.

I want to know how much you must earn to be taxed?

Posted 10 July 2013

How do u get taxed?

I received tax certificate from the medical aid there was R18 400 on it does it mean I will get that

Posted 10 July 2013

I want to know if I will get that money after they calculated? How does it work?

What does SARS mean by a Verification of Assessment letter?

Posted 9 July 2013

Does this mean that everything is sorted and done?

What about monthly expenses incurred like loan repayments and clothing ,school fees.car payments?

Posted 9 July 2013

do we claim for tax purposes?

Over 65 tax returns. Are they still required?

Posted 9 July 2013

I am over 65, a UK national with SA permanent residence. I have been out of SA for a number of years. My last SA tax return was in 2002. Some of my pensions are paid into a UK bank after UK tax has been deducted. I am registered with SARS eFiling. Whats my next step for 2012/2013 tax return?

Tax and business Registration?

Posted 9 July 2013

Hi Tim

I am looking to start a business from home. Myself as the owner and 8-9 employee's. Business could generate about R40 000 pm before deductions. Employees would get paid weekly between R600 - R800
per week.

Would I need to register my business with CIPC and with SARS to pay tax. Would I pay tax on the amount of money the business makes before any deductions like salaries and business expenditure. or would tax be calculated on the amount after deductions.

Could you also advise what the process is to register a small business....

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Can a wife claim on her late husband's tax?

Posted 9 July 2013

When a spouse dies (it was after the tax year), is the spouse entitled to claim this? If so, would it need to go through the estate or would it go directly to the spouse? This with being married "in community of property"

How do I know if SARS has completed assessing my return?

Posted 9 July 2013

HI there

I have submitted my return and my eFiling status says assessment received. I have received my ITA34 and have drawn up my Statement of accounts on my profile. I have not been selected for an audit and the amount specified is in a negative balance which I know means that money is due to be paid for me.

Does SARS send extra confirmation that they will be paying this out and how long does it take to receive my tax return?

Hope you can help me as This is the...

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How much will I get out from a R500 000 cash prize in a competition after tax.

Posted 9 July 2013

What amount will be paid for tax when I receive R500 000 lump sum in prize money from a competition?

Claim back for giving to PBO?

Posted 9 July 2013

What is the source code to claim on my tax return from giving to a public benefit organization?

Are student loan repayments tax deductible?

Posted 9 July 2013

I am employed full time, and was wondering if student loan repayments are tax deductible?

I am part of a CC and I work for another company as well, what are my tax obligations?

Posted 9 July 2013

I am part of a CC and work for another company as well, what I would like to know is, when I do my tax return it asks me if I am a member of a CC and then asks me for my personal assets and my interest in the CC, Could you please elaborate on this, as I don't know how this affects my return.

Retirement Annuity and Pension Fund claims on the ITR12 tax return?

Posted 9 July 2013

I know you claim the RA under the deductions on the ITR, but can you claim the premiums paid toward a pension fund as well and if you can where?

What do I Submit my ITR12 Income tax return?

Posted 9 July 2013

Good Day,

In 2011, I finished at a company at the end of April 2011. I received an IRP5 and submitted this. In September of 2011 I started work at a new company and My 2012 IRP5 shows this as the date worked from. So For 2012 I only submitted 1 IRP5. Is this correct? or should I have submitted 2 IRP5's for 2011.

Your assistance is greatly appreciated.

Thank You

I would like to print a IRP5 from my company from the SARS website?

Posted 9 July 2013

My previous company are taking their time in sending me my IRP5 and so would like to download it from the SARS website so I can complete my tax return?

How do I submit a nil tax return via eFiling as no longer resident in South Africa?

Posted 9 July 2013

We have been living in Australia since 2011 so are non-residents in South Africa for income tax purposes. We are registered tax payers in Australia. When eFiling and creating my ITR12 SA tax return, do I click yes to the button saying that I have been unemployed so that I can create a nil return? Can I do this each year? Do I need to declare interest of R300 earned in South Africa - I have already declared this in my Australian return.

I am a freelance pilot, can I claim the cost of renewing my pilots licence ?

Posted 9 July 2013

or keeping them current if not used for a certain no of hours per year, as I have more than one? These are requirements from the CIA

section 18 medical deduction?

Posted 8 July 2013

I just want to know how do I calculate family limit for 2013 year of assessment. How much per month for taxpayer and first dependent and the other dependent?

If my provisional tax return is a zero, must I still complete the IRP6?

Posted 8 July 2013

As a member of a CC I paye fixed monthly PAYE and all payments are always 100% up to date. I submitted my 2013 tax return and IT34 tax assessment is -R1 (SARS owes me). On the same assessment is also a penalty of R 2,288 for not submitting provisional tax. Surely this cannot be right. Must I object Hasn't SARS issued a statement confirming that you're only obliged to submit a provisional tax return if you are indeed liable for provisional tax?

Are UK pensions liable to South African income tax?

Posted 8 July 2013

Are UK state pensions or UK company pensions, paid into the UK Bank account of a British national, who is resident as a retired person in South Africa, liable to South African income tax?

If I use your online digital tax assistant application will it correctly cope with such overseas pension income?
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