Tax Return - when I must I submit?
Posted 14 July 2013
I'm getting confused with regard of submiting tax return. If you earn more then R63556 you to submit your return and on the other side if your remuneration is R250000 you may not subtmit a income tax return. Can you clarify that for me please?
Maunual intervention on assessment?
Posted 14 July 2013
What does it mean when sars says that the assessment needs manual intervention (2007) and how long does this take?
Also I have to pay a penalty, do I pay after intervention? Or will they deduct penalty from my return?
Income in SA and paid overseas by SA company
Posted 13 July 2013
Hi Tim
Your service is very helpful thank you!
I am an SA permanent resident spending 3-4 months per year in SA.
I have rental income from property in SA paid into my SA bank account.
I am also paid as an independent contractor by an SA company directly into my overseas bank account.
On my tax return:
I will claim the SA rental income and expenses.
Do I also declare the other income as foreign income with the associated overseas tax paid on it?...
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Where on my return do I fill information in with regard to my IT3b?
Posted 11 July 2013
I have an IT3b and do not know how to file this info on eFiling?
What to hand in?
Posted 11 July 2013
What else should I hand in to accompany my IRP5?
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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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"
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.
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.
Disclosure (Forex, shares, unit trusts)
Posted 8 July 2013
Is there a need to disclose that I trade forex online even though I am sitting on a loss?
Is there a need to disclose for this assessment period that I had share investments and unit trusts, I disposed all shares and part of the unit trusts end of March i.e. outside the current assessment yr. after holding them for less than a year (wedding expenses over budget)?
Can I deduct car finance payments for tax purposes against a travel allowance?
Posted 5 July 2013
I do not lease a car, but I receive a car allowance. Can I deduct my car finance payments or the interest?
Is the R3 700 exemption for foreign dividends and interest still available for 2013 tax year?
Posted 5 July 2013
Over 65's have an exemption of R33000 on local interest earned. A portion of this exemption (R3 700) was allowed for foreign dividends and foreign interest in 2012 tax year. I am not sure if this still available in the 2013 tax year?
IRP5 query
Posted 5 July 2013
I have filled my IRP5 and pressed file, it generated a calculation and it says -R5 049
Does it mean SARS will pay me R5 049 or do I have to pay SARS this money ? I pay a lot of taxes through the company that I work for it seems pretty weird to me and after filing the details it appears on red -R5 049 and under it dispute.
in the end it says
Information declared that impacts this assessment:
Married in community of property
But I am single, could you please cl...
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What must I do or what is the next step after receiving a letter(completion letter) from SARS?
Posted 4 July 2013
I filed my taxes and documents were requested by SARS which I sent through. I received a letter called a completion letter. THis is what the letter says " Dear Taxpayer
VERIFICATION OF ASSESSMENT
We refer to the verification of your assessment for the 2013 tax period. Please note that no adjustment has been made to this assessment. However, in terms of the Tax Administration Act the South African Revenue Service reserves the right to conduct further reviews in future if required....
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Should the loss incurred be excluded (ring-fenced) for the calculation of your tax liability?
Posted 3 July 2013
After declaring my rental income and expenses on the ITR12, I'm presented with this question after specifying the source code (which I assume is 2533). Which should I choose and what is the effect of the two answers?
SARS tax codes?
Posted 3 July 2013
I have a rental property and still pay the bond and levies. There is no profit. When I complete my Tax return what is the code for a rental loss?
What is the source code for rental income?
Posted 2 July 2013
What is the source code to use for a loss or gain of income for a rental property when I use eFiling?
What does "ring-fencing" mean especially in relation to property claims?
Posted 1 July 2013
When earning rental income there is a big section on your tax form to fill out. At the end of this section you specify whether it was a profit or loss (4210 and 4211). For a loss (4211) you get the option of ring-fencing with the text "Should the loss incurred be excluded (ring-fenced) for the calculation of your tax liability?"
What does this option mean? Everything I've read about it is incredibly confusing and full of legal jargon I don't understand. Under what circumstances should...
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I want to find out if we can claim expense from winding up an estate & bond transfer costs from SARS
Posted 1 July 2013
My wife passed away last year and the estate has now been wound by Old mutual Trust. The fees that I paid was -R52 000-00. OMT gave me a statement which I was said to keep for tax purposes. Can any cost be recovered from SARS? Our Property was on both our names. The property was transferred to my name and the bond was paid up. Can the transfer cost be recovered from SARS?
Does my wife have to submit a return if we receive rental income?
Posted 1 July 2013
My wife earns under the threshold even with the rental income, the property is in both our names
Does she have to submit a return or can I alone submit it on my return?
We are married in COP.
What supporting documents must l add to my personal tax return?
Posted 27 June 2013
I'm busy doing my personal income tax and don't know what documents I must submit example medical just know about my IRP5/ I'm in a medical fund so what must I declare will you please help me Tim?
What documentation do you have to carry with you when you go to SARS to do your tax returns?
Posted 26 June 2013
What documentation do you need to submit your tax returns claim to SARS?
What is the limit for tax free donations?
Posted 26 June 2013
Hi Tim
My girlfriend sold a house she inherited from her deceased mother and would like to split the income with her sister. The amount is approx R500 000, is there a way to transfer the money as a lump sum to her sister tax free?
An accountant advised us to "loan" her sister the whole amount and then to pay off the loan in lumps of R100 000 per year to avoid the 20% donations tax, but every year she needs to complete a declaration together with her tax form submission. Is ...
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Tax on leased property?
Posted 25 June 2013
I rent out my property but still pay a bond. This is not my primary residence. Do I still need to pay tax?
Study expenses for my son?
Posted 17 June 2013
My son studies away from home and I pay all his expenses. He has a study loan. I pay the interest on his study loan amounts to R 1000 per month. Can I claim any of his expenses back?
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