Why do I owe SARS money?

Posted 11 July 2013

Good day, I have a very straight forward tax return: I have an income, I receive a monthly reimbursement towards medical expenses (my husbands company pays for my medical aid) This is added to my monthly income and taxed. I pay PAYE and UIF and my RA is deducted from my salary. I have never owed SARS money until this year. I cannot understand why I would owe SARS money now? It's a very small amount that SARS say I owe them, however I am sure there is a problem and would like to get to the bottom...

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Using your Credit Card as an "income"

Posted 10 July 2013

Hi Tim

I was retrenched a while back, well actually left due to the fact I was not paid for 6 months none the less, I had no other choice but to use my credit card to pay my bills for a while. So I would draw money and do a cash deposit in my account for my debit orders to go off. Would this be seen as a income? and would this money be taxed? Further to that, failing to find a full time job I worked casual labour to get by, but I had help from family and friends depositing monies in ...

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I have started working in July 2011 and tax is deducted in my salary. Will I get my tax money back?

Posted 10 July 2013

As I was not supplied with the IRP5 and just got it this month. Will I get all my money back as this is the third year without claiming the money?

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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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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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?

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?

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?

Why do I have an amount on my IRP5 under code 3698?

Posted 8 July 2013

I just received my IRP5 today from my former employer and I have an amount under code 3698 which I believe is reserved for Gross Non-Retirement Funding Income.
Last Tax Year I was working outside the borders of South Africa and was in the local payroll only because I was in the local Medical Aid (I left my dependents in South Africa while working abroad), I did not receive any other income in South Africa.

I have been retrenched in Feb 2012 and don't know how to do my tax?

Posted 7 July 2013

Will I be able to claim back on taxed amounts on my retrenchment package. What documentation do I need to submit to show my retrenchment in 2012.

Medical Aid & Retirement Annuity for pensioners?

Posted 5 July 2013

I am a pensioner so I filled in my medical aid under Code 4040 R16 446.00.

I also filled in Code 4006 for a small Annuity I have R198 per year.

When I run the calculation I have to pay in an enormous amount for a Pensioner. Have I inserted the above under the right Codes?

I'm on a commission only based income - my income varies substantially monthly what should I be taxe

Posted 4 July 2013

One month I could earn R20,000.00 and the next month R5,000.00 I get no basic, allowances, pension, medical etc

What is the correct code for tax return completion for a severance package received if retrenched?

Posted 3 July 2013

Should a package offered by an employer to an employee that gets retrenched (un-voluntarily) be recorded in the IRP5 under code 3901 or a different code?

Will TaxTim allow you to add Medical Aid, RA's,Mileage and other investments like ETF's?

Posted 3 July 2013

I am under the impression TaxTim will easily allow you to add Retirement annuities and medical aid but how does the system work with Mileage that needs to be claimed as well as ETF's Like Satrix top 40 when you have to add it under Gross income and then taking it back under s10(1)(k).

Or have I lost the plot completely?

Regards
Edwin

Provident fund transfers to Retirement Annuity - are there tax implications?

Posted 2 July 2013

I had a Provident Fund with my previous employer, I changed jobs in November 2012 and transferred the funds from the Provident Fund into a Retirement Annuity. I contributed towards the Retirement Annuity in my own capacity from November 2012 - February 2013. When asked to enter a Retirement Annuity contribution for the 2013 tax year, do I only need to enter the amount contributed from November 2012 - Feb 2013 or does the RA contribution amount also need to include the funds transferred from the ...

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Medical Aid Monthly Contribution VS Tax Credit on Medical Aid?? How to deduct?

Posted 2 July 2013

Hi Tax Tim
Great website, very helpful over the last couple of months.
I am busy filling in my ITR12, and I have a lot of deductions, ie depreciation etc, but when I enter my medical aid contributions, (paid by myself, R 1900 per month), and I calculate my tax return, it shows in the 4008 field R0.00. Please advise how to make this amount come in to account and how does the new tax credit work in my case? Lastly, re-imbursive travel expenses, how do I deduct this? I travel some times f...

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Do I have to submit income tax forms if I have been retrenched in November 2012?

Posted 2 July 2013

I have been retrenched in November 2012 and sill have not found a job. All my debit orders until now have been paid with the money I received from my retrenchment package. These include Retirement Annuity Funds. I currently receive UIF payment into my bank account. I have paid tax when I was employed all these years. Do I still have to submit income tax forms and if I should, is the chance there that I will owe money to SARS? I have not received an IRP5 form when I left the company.

Unemployed with Medical Aid RA?

Posted 2 July 2013

I am unemployed but pay every month my medical aid have medical expenses not covered by medical aid. Also have a RA. This was all covered by my Provident Fund money.

Where do I put my pension fund payout?

Posted 28 June 2013

When I left my previous employer I cashed out my pension fund. I was taxed on this, where do I show this on my tax return?

Source Code 4002 on my ITR12 - Income Tax Return?

Posted 28 June 2013

May you please explain to me clearly what the question below states: 'were any payments made to a pension fund during this tax year for the tax years prior to 2013. Is information needed for code 4001 same as the one for code 4002?

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?

If I want to withdraw all my pension capital, what will the tax rate be?

Posted 25 June 2013

I have about R9 mil. pension capital that I want to withdraw, what are the tax rates?

Didn't include my pension fund on code 4006?

Posted 23 June 2013

Last year when I filed my 2012 tax return I didn't put in my pension fund on code 4006 but have put only my retirement annuity from old mutual. And I was given a refund amount of R1900. I therefore would like to know if its possible for me to do an objection and resubmit the return even though I was paid.

When a certain amount was deducted from my UIF can I go for a tax return on the money that was deduc

Posted 22 June 2013

I resigned an the company paid out my UIF an there was an amount deducted so I just want to knw if I get a tax return on the money that was deducted.
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