Can you deduct travel expenses to & from coaching as an independent contractor if you keep a logbook

Posted 27 February 2014

If you work 2 jobs - 1 part time with a salary (office job) and the other ad-hoc coaching of sports. Can you deduct travel expenses for the travel to and from the ad-hoc coaching? [I know you can't to and from the work place for the salaried job.]

And what other deductions can you make besides the medical tax credit?

Provisional Tax

Posted 26 February 2014

Good day

I am 53 years old and retired. I currently received income from 2 pension funds (only source of income). Must I register for provisional tax.

What is the meaning of the term "Rating Percentage" as found on the ITA34?

Posted 25 February 2014

What is the meaning of the term "Rating Percentage" as found on the ITA34?

SARS wants me to submit supporting documents, but the document list is empty

Posted 20 February 2014

I think SARS owes me a refund because my ITA34 reflected a negative number and said "refund due to you". Anyway they are now giving me grief, disputing my refund and demanding I respond in 21 days by sending me a "Final Request to Revise Income Tax Return or Submit Relevant Material". However in this document they say: "In the event that you couldn't find an error, you also had the option of submitting to SARS copies of the following material in support of the declarations made in your income tax return:" This is followed by an empty document list. ...

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Do I pay tax on interest from a fixed deposit?

Posted 19 February 2014

I have a fixed deposit at a bank for 2 years and interest is accrued yearly but paid on maturity, do I pay tax?

How do I "unregister" from the requirement to submit an annual tax return?

Posted 18 February 2014

I have in the past submitted a tax return (ITR12) annually as required but I have now retired and my annuity & pension income is now less than R60 000.00 per annum.

My questions are as follows:
1) Do I still have to submit an income tax return.
2) If not then what process must I follow to get "deregistered"?

What is the PAYE formula?

Posted 17 February 2014

Mr ab is paid a monthly salary of R20 000 as well car allowance of R2 500. He belongs to company pension fund and contribute an amount equal of 7.5% his basic salary. The company does the same. He is also member of medical aid and his total contribution is 2100 of which the company contributes half.

How do you calculate this?

Maximum amount an RA can be, to qualify for a single payment?

Posted 17 February 2014

I seem to remember that the maximum cash single amount (R75,000) that can qualify to be taken on retirement of an RA is to be increased to R150,000.

How can I benefit for tax the most from Retirement Annuities?

Posted 17 February 2014

What is the MAXIMUM amount of tax free benefit I can get in the 14/15 tax-year? I understood that it is R 350 000 or 27.5% of taxable income. What happens if I put R 380 000 into a pension fund on a salary of R 980 000.?

Does medical aid contributions qualify for the calculation of allowable RA deductions?

Posted 14 February 2014

In the cost-to-company pay structure the medical aid contribution does not fall under "pensionable income". Can the full medical aid contribution be included for the calculation of the optimal tax deductible RA contribution (15% of non-pensionable income)?

Limit on medical expenses claimed by an older than 65 taxpayer?

Posted 12 February 2014

Is there a provision in the tax act which limits the amount of medical expenses (not medical aid contributions) that a taxpayer older than 65 may claim, to not more than 50% of their taxable income? I have been told this by a SARS employee in response to a query re a revised assessment disallowing some medical expenses.

Would the tax free portion of a RA be re taxed in the current tax year?

Posted 12 February 2014

I am 55 years and still working, but cashed in 1/3 of my preservation fund and received the sum of app 478 k, 315 K of which was the tax free portion, so I paid 18 % tax on the balance of app 166K. How would this be calculated once this has been taken into the 2013/2014 tax year? Would the tax free portion be exempt from tax or will this amount be re-taxed?

Retirement Annuity Topup

Posted 10 February 2014

I am a Pensioner in my seventies. Have a Retirement/Living Annuity ~ R 750 000 and want to top it up with R 500 000(for various reasons).

What is the Tax implication? From the R 500 000 contribution, what can I deduct in the current and future tax years?

RA contributions - tax benefits?

Posted 10 February 2014

I have a sole prop who earns R3m per annum. To reduce his PAYE I have suggested he takes out an RA.
What is the maximum he can contribute for Feb 2014 so as to maximise his tax position.

Avoid annoyance of IRP6 submission?

Posted 9 February 2014

I am a pensioner and get a pension that is taxed plus RA payments and receive interest on investments that are below taxable.

How do I avoid filling in a IRP6?

Tax for one who has been some unemployed, some working overseas?

Posted 5 February 2014

Ok, so I was retrenched on March 27th 2013. I got a 2 month severance package. From 15th of April up to 30th August I was lucky to get consistent temp jobs. Then from September 1st to October 6th I was unemployed. I left RSA on Oct 7 to come work in Saudi Arabia. Therefore I was unemployed for 50 days and out of SA for 166 days consecutively. I will only be able to come home for 3 weeks between mid September and mid October. I do send about R35,000.00 per month home to pay bills and the bon...

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Is "Basic employment cost" the same as "Gross salary"?

Posted 28 January 2014

What is basic employment cost and is it synonymous with gross salary?

Pension fund deduction claims?

Posted 27 January 2014

I am salaried individual PF deducted @12% , apart from that I am contributing to VPF also(Which is under 80C).

When ask for tax exemption for the VPF amount what I had paid, they say you are not eligible to claim, since already 12% deducted from your basic.

Please any document proof if available

Turning 65 during a tax year; are >65 deductions apportioned?

Posted 23 January 2014

If a taxpayer turns 65 during a tax year, are the >65 benefits applicable for the full tax year or are deductions apportioned?

How will proceeds of shares sold to protect capital from an unstable market be taxed?

Posted 23 January 2014

Over a period of several years I was given about 25000 of my company's shares as performance awards and options. Usually I had to wait 3 years before I could take delivery of them but when I retired in 2012 the last of them became available to me immediately and I took delivery by the end of May 2012, planning to keep them indefinitely for their dividend income. In December 2012 I was worried about the US fiscal cliff situation and decided to sell them and have since kept the proceeds in a Money...

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Tax on pension gratuity - what is the amount?

Posted 13 January 2014

Is the gratuity from a government retirement pension taxable and if so what %

The company I worked for retired me at the end of October 2013. Can I get an IRP5 form from them now

Posted 10 January 2014

The company I worked for retired me at the end of October 2013. Can I get an RIP5 form from them now. instead of having to wait until March 2014

Can an employer who is not giving you benefits allowed to break down your salary, reducing basic sal

Posted 7 January 2014

My. Basic salary is R33943.06
My employer break it down as my basic salary is R28169.48 medical aid R3698.00 , vitality R39.00, provident fund R2063.58 rate per hour R192.20 then deduction is tax R6203.69 and UIFR148.72
Is this legal ? My employer does not give me any benefits from all the deductions.

Confused about a tax audit?

Posted 26 December 2013

Hi Tim

I made a mistake on my tax return and included my employer contribution plus my own contribution to the company pension as well as my RA contribution under the RA section of the ITR12 as I was confused by the note that came up on screen saying the amount should also include the pension amounts appearing on the IRP5. I was uncertain but erred by putting down the full pension and RA contribution amounts.

However, I think this flagged me for an audit (never happened bef...

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Tax on Sale of Personal Website?

Posted 22 December 2013

I own a website that I started as a Hobby (showcasing information about various sports teams and tournaments). The novelty has since worn off and I now want to sell the website. I have never earned or attempted to earn revenue from the website. Would I have to pay tax on the sale price? If so, what type of tax would I have to pay? (I am currently below the age of 65 and unemployed).

The website was given to me as a gift quite a number of years ago. I have since purchased domain names ...

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