Retrenchment pay-out tax code

Posted 1 November 2012

During the 2012 tax year I received a retrenchment pay-out. It is reflected on my IRP5 with tax code 3907. According to the tax code definition I got off the SARS website 3907 is defined as: "Other lump sums (e.g. backdated salaries extended over previous tax years, not approved funds)."

Tax code 3901 is defined as: "Gratuities (retirement / retrenchment)."

Does it matter that the code seems to be incorrect on my IRP5, is there a tax implication?

How do I register for tax after employer's bookkeeper told me I can't and that she must register me!

Posted 31 October 2012

I started working for a company 4 years ago,and last year only became an employee,as previously I was a contractor.

Last year they started deducting tax,and when we had a meeting about it,I asked the bookkeeper for my tax number as I have no idea how tax work,and she yelled at me and said I am not allowed to register, especially not for eFiling, as she is the only one that can do this and she is in the process.
I then got my IRP5 form with my tax paid,and then heard I should've r...

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If I have two IRP5's do I add them together?

Posted 31 October 2012

I retired from my company mid last year and the worked for the same company as a contractor for three months, what do I do with my IRP5's?

When receiving a travel allowance, can I claim depreciation the vehicle?

Posted 29 October 2012

I use my own car (which is financed) to do my work (labour law consultant) for a company. Can I claim depreciation against my car for this?

How do I access the page listing documents I need to complete my return?

Posted 29 October 2012

I am busy answering the questions on TaxTim but need to go back to the page containing the source documents e.g IRP5, IT3b etc. How do I do this?

How do I submit income tax? How do I calculate income tax?

Posted 16 October 2012

Hi

I need to submit my income tax for 2012 and how do I calculation my tax and complete the income tax form?
My monthly salary package is R13000 with pension fund incl. (I paid -R890 and company paid -R1210 show on payslip)

Travel allowance (R1000 per month)

So it's R13000 (incl. pension fund) Travel allowance R1000 = R14000 Gross income
And I also paid medical aid by myself ( -R960 for myself , -R1100 for my father and -R1100 for my mother) from my own pocket....

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How should I structure my travel allowance?

Posted 25 September 2012

I have regesterd a small business and are drawing a salary as an employee. I travel a lot for the business. Should I ad a travel Allowence to my salary or have the business deduct it from it's tax and if I could ad a travel allowance what is the maximum and what can be payed from this allowance, eg petrol, maintenance and car payments.

Should I produce a log book at the end of the tax season or every month.

Which way is the most cost effective

Im having problems with claimig my km im a Rep and travelled about 60 000km

Posted 17 September 2012

I seem to be having a problem with claiming mu Km this year as last year I only travelled about 30 000km and apposed to this year I travelled 60 000 and the amount that I seem to be able to get back is less than half of last year?

How much do you have to earn to apply for your tax back?

Posted 17 September 2012

I earn approximately R127K per year and was wondering if I can apply for my tax back.

I have submitted incorrect logbook information to SARS, what does that mean?

Posted 17 September 2012

I did not keep a detailed logbook for the year and made one up from memory when submitting my tax return. I have now been selected for an audit and fear that my supporting documents and logbook wont correspond. What do I do?

Can I claim travel expenses if I haven't kept a logbook?

Posted 17 September 2012

I haven't kept a precise logbook for the year, may i still claim travel expenses as a deduction?

Can I complete my wife's tax return?

Posted 17 September 2012

I would like to join for the purposes of completing my wife's tax which carries a travel allowance? Will you do that if I should join on her behalf?

What can I claim as medical expenses for tax purposes?

Posted 20 August 2012

I incure monthly medical expenses due to my prostate op i had in 2009. I have a 6 month repeat script and check-up once a year. I keep my monthly tax invoice from the pharmacy. Sect 18 of Income tax says I can, but SARS does not entertain this. Can i claim for these expenses?

What response should I expect after submitting IRP5 to SARS?

Posted 20 August 2012

I submitted my IRP5 to sars & they said i'll get an sms, so far I have received nothing so i'd like to know hw long does it take to get their response and what response should I expect?

Are the SARS office calculations always right?

Posted 20 August 2012

I have received a ITA34 which shows the refund, I have now been audited 3 years consecutively 2010,2011 and 2012.I had no other information to submit only medical aid and was employed for 4mths of this 2012 tax year due to retrenchment.

Started freelancing, not paying provisional tax. Can TaxTim help?

Posted 20 August 2012

I have being earning some money on the side as a freelancer during this last tax year and I went fulltime freelancing in a personal capacity at the end of 2011.

Will TaxTim be able to guide me with the expenses I can claim as part of operating as a freelancer? SARS is very strict on when certain expenses can be claimed. They seem to only allow expenses when salary is earned on a commission basis.

Can I claim medical expenses that I paid, but were for my mother?

Posted 30 July 2012

Last year my mother who is 62, and has retired on medical grounds, had to have open heart surgery which i had to pay for. Unfortunately she is not on my medical aid and i had to solely foot the bill of her surgery and all the other medication that she needed thereafter. Do i need to fill this in as part of my medical expenses when filling tax return for the year ended Feb 2012 as these are medical expenses that i incurred and i am the one who paid for this. I do have all the invoices of the expe...

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WHAT AMOUNT CAN I CLAIM BACK ON PERKS TAX FOR A COMPANY VEHICLE

Posted 26 July 2012

I pay perks tax on a company vehicle and do minimum private mileage with the vehicle, what can I claim back?

Tax season open - What can I claim as a deduction to reduce my tax?

Posted 11 July 2012

Salaried employees all over the country are busy filing their tax returns in the hope that perhaps they will be due a refund. For most who earn income from their employer they have already paid their taxes in the form of Pay-As-You-Earn (PAYE), but now what? Although salaried employees are limited, by tax law, as to what they can deduct from their income, there are a few things that can be claimed. Deductions against income reduce ones Taxable Income and thus reduce the amount of tax owing to SARS. The allowable tax deductions are:...

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How do I know if I am a tax resident of South Africa?

Posted 15 March 2012

A burning question people often ask tax professionals is whether or not they are a tax resident in a certain country. The question is important because it distinguishes between tax residents and tax non-residents – both paying tax in South Africa.

• Tax non-residents are people who do not ordinarily reside in South Africa but do business here and thus pay tax to the SA government ONLY on what they earned from South African sources.

...

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What is Provisional Tax?

Posted 6 January 2012

So as we are getting closer to Provisional Tax Season the question on taxpayer’s minds is, do I qualify as a provisional taxpayer? The Income Tax Act sets out specifics as to who qualifies and who doesn’t.

If you are a salaried employee then your employer will deduct a monthly amount and pay it over to SARS on your behalf. You will only have to file one tax return at the end of tax season.

Otherwise you may qualify as a provisional taxpayer and will have to submit a return twice a year...

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