Can I claim my business travel expenses against source code 3703 if my km travelled exceeded 8000km?

Posted 27 September 2016

Can I still claim travel expenses as my employer pays for the km I drive with my personal vehicle, the Km exceeded 8000km but on my IRP5 it is under source code 3703? I also kept a logbook.

Travel Expenses Code 4015

Posted 20 September 2016

I did my SARS eFilling tax return through TaxTim and I completed the Travel Expenses Section, 4015, as R72902. I am being audited and I am not quite sure anymore what that amount includes, they only thing I can think of to get to such a high figure would be my car payments per month? Please advise what deductions are allowed under this code and what proof I need to send SARS to support this?

Will I be taxed on an international bank transfer?

Posted 18 September 2016

I need to make an international bank transfer into an overseas account one similar to PayPal.
The bank is however asking me for my tax number before proceeding, I understand one can take up to R1 million per annum offshore and therefore by asking for the tax number it falls under a purchase/discretionary allowance and not a gift because I am transferring to my own account similar to PayPal.
My question is will I be taxed on the purchase if I give my tax number? There is also an optio...

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Can I claim for my business travel?

Posted 13 September 2016

I submitted my tax return and answered yes to having a logbook, I however cant locate it right now and was wondering if I can resubmit my return and just click the No option on the logbook question instead of yes?

No logbook but partial spreadsheet, will SARS accept this?

Posted 12 August 2016

I've lost my logbook but have compiled a spreadsheet containing most of the information and trips from memory and other sources. I have my km for the beginning and end of each month, but not for each trip separately. I need to submit my documents through to SARS for audit, but I'm not sure if this will be acceptable? Will they decline my travel claim?

Tax paid for small business owner, PAYE and or Individuals tax?

Posted 25 July 2016

Hi Tim, I am a small business owner, my company is registered, I have no other employees at the moment. Should I pay myself a salary so as to avoid withdrawing from the business account for personal use. Should I register for PAYE? Do I have to pay individuals tax too if I am registerd for PAYE? The business income is my only source of income?

Verification/Audit Outcome

Posted 15 July 2016

Hi. I am in a bit of a panic. My personal tax return was selected for verification/audit. SARS requested that I provide documentation for my depreciation deduction. I've submitted what I have, but don't know whether the docs would be sufficient. What would the outcome be if the depreciation deduction is not deemed valid? Would they just disallow the deduction or am I going to get fined? Do I need professional assistance or should I just wait it out?

According to SARS criteria, I dont need to sumit ITR12. But do I still submit IRP6 twice yearly?

Posted 12 July 2016

I'm a provisional taxpayer. According to recent communications from SARS, I no longer need to submit ITR12 any more as I match all their criteria. My question is: Do I still need to submit the IRP6 twice yearly?

Log book app

Posted 12 July 2016

I would like to use your services. If I send you an ABSA fleet sheet report do you build a logbook?

What if you used someone else's vehicle to travel to work?

Posted 5 July 2016

All vehicles show on my petrol statements and IRP5. What supporting documents would I need if SARS Audits me because some of the vehicles I used over the years are on my fathers name but my company knew this.

IRP5 not showing Code 3701

Posted 4 July 2016

I receive Travel Allowance monthly and on my IRP5 it does not show as Code 3701 but rather showing as 3703. How does one go about with this issue as this Allowance shows on my payslip and added to gross earnings and thus taxed.

Code 3713 and 3703

Posted 2 July 2016

I get my Car Payment Private Petrol and Car Payment Insurance from my Employer under source code 3713. Can I claim against this on my Tax return? and if so under what?

Why is my refund a lot less than the calculator

Posted 1 July 2016

Have submitted my tax with TaxTim, but just want to check if it is better to submit including expenses (Fuel, oil, etc) as I left it blank?
Why is my travel allowance tax return on Taxtim calculator very high, but when I did the calculation on SARS it works out a lot less?

3805 calculation

Posted 27 June 2016

Is the renumeration factor referred to in the formula to calculate free or cheap accomodation as a fringe benefit equal to pensionable salary, or does it include other remuneration as well?

Can you claim for travel (log book) as well as depreciation on the car?

Posted 24 June 2016

I receive a travel allowance and keep a logbook accordingly. Am I able to claim for the travel as well as depreciation on the car?

Tax on standby allowance

Posted 23 June 2016

I receive a standby allowance every month that is being taxed on. It is a fixed amount of 14% of my salary to basically be on standby for any breakdowns. Can I claim tax back?

Source codes 3701 and 3702

Posted 23 June 2016

I am busy with my 2017 salary structure. My HR department is offering me both codes 3701 and 3702. Will that be allowed in 2017 tax year. Somewhere I read that your cannot do this anymore and must take either the one or the other.

Tax deductions on rental property

Posted 16 June 2016

I have a rental property that's in a different town from the one in which I live. Is the fuel that I use traveling the property to make improvements tax-deductible? Also, what incurred on a rental property are tax deductible?

Where is my logbook?

Posted 14 June 2016

Hi! This might sound silly, but I have your logbook, I just want to know where is that information stored and how do I access it? I might just be looking in the wrong place but I cant find it!

CGT on transfer of shares

Posted 10 June 2016

Hi
My client started 2 companies and was the 100% shareholder
He now wants to transfer the shares to his holding company
With regards to the cgt calculation can a simple valuation be performed for the deemed proceeds or does SARS require to have it done by a professional
Also - what can we add to the base cost
Can we add the legal costs to create the agreements for the transfer of shares?

How do i claim travel expenses if I used 2 cars

Posted 10 June 2016

I moved from one employer last year at the end of November. I used a company car, on which I attracted fringe benefit tax. In December 2015 I started with another company, and received a car allowance. I am able to claim business km's for which I am reimbursed at a rate of R3. 29 p/km (subject to monthly logbook submissions). What are my likely tax implications for this filing season based on this, and will I able to file in way to accommodate both scenarios?

Fringe benefits for sale proprietors?

Posted 9 June 2016

Does a Sole trader who uses his vehicle for personal and business use have to pay a fringe benefit tax himself as he is not classified as an employee.

How to calculate travel expenses?

Posted 7 June 2016

I will be claiming tax back on travel for business use for the first time. I have maintained a logbook since starting my new job in the middle of the current tax year 2015/16. Please advise what the "fixed cost" is, and how I can calculate what tax rebate I should expect to receive from SARS in July.

Tax implications if one receive a subsistence allowance

Posted 7 June 2016

We travel for work purposes, and are considering getting a daily allowance paid instead of submitting our expenses. What is the amount allowed per day / other amounts subsistence amounts, and are there tax repercussions on this method.

Tax exemption for Offshore workers

Posted 5 June 2016

I read a previous post about "Offshore workers" and tax exemption. I fit the profile with my work situation, but do I still need to stay out of the country for 60 consecutive days?
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