Deductions: 10 most popular posts
Travel deduction for an on older car
Posted 13 September 2024
I'm a commission earner and I can claim travel expenses. When I complete TaxTim 'Travel Deduction Optimiser' it will only let me choose the date of the purchase of my car from 2017 onwards. My car was purchased in 2007. Does this mean that I can't use the 'deemed cost' method and can only use the 'actual cost method' - or is there another way to enter the correct year of purchase as 2007?
Vacation Home - What do I submit/declare in my Personal Tax Return?
Posted 17 July 2024
I bought a house December 2023, which are rented out as a vacation home. This is my first house that I bought and do not know what I need to submit/declare in my Personal Tax Return for 2024. Can you please assist?
Cannot access refund due to a special stopper
Posted 13 June 2024
SARS owes me a refund but according to the call centre they placed a stopper on my tax account and now need to see proof of the payment I made that caused the refund. I did make this payment, but the bank account I used to pay it to SARS has since closed.
How else can I prove that I did in fact make this payment?
Can I claim home office expenses I incurred in 2020 a few years later?
Posted 12 June 2024
Good day,
I am writing to ask if it would be possible to make corrections to 2020 tax return assessment. I would like to include the home office expenses claim as I did work from home during the covid 19 lock down period.
Looking forward to your response.
Depreciation on furniture bought for rental property
Posted 12 June 2024
I bought furniture for R 172 000 back in 2018 for my rental property. This was bought through the developer as part of a rental pool offering. Rental pool contract stating furniture costs, e-mail clarifications and proof of payment for this is in my possession but not the actual receipts or individual pricing for the items. According to the TaxTim depreciation calculator, I can claim around R 28 600 in 2022 tax year. My question is, can I claim this with the documentation in my possession and ca...
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Is rental expense a tax deductible expense for Airbnb subletting?
Posted 23 May 2024
I know that the interest on a bond is tax deductible in the case of an Airbnb.
I was wondering if the rental of a property is also tax deductible if you use the arbitrage Airbnb method, i.e. subletting a fixed-term rental as an Airbnb?
Another question, what if the property is not my own, I am renting it from someone and subletting it. Is the rental expense that I pay, a deductible expense of operating the Airbnb business?
I know you have tiers of packages. How much do you charge to do the income tax of individuals that include the rental income? ...
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How do I do my taxes as a freelancer?
Posted 16 May 2024
I'm a freelancer - how do I do my taxes? Do I register as provisional taxpayer or can I still pay PAYE monthly?
I'm a remote worker who needs help with their tax
Updated 14 May 2024
I'm an independent contractor working remotely for an international company. The company is not obligated to pay my tax, therefore I need to do it myself. However, I'm not sure what the process entails. Please can you offer help?
Claiming 12B tax deduction on IRP6?
Posted 8 May 2024
I made a contribution towards a solar investment fund. My question does not relate to a rebate for my home installation.
I have contributed to a large fund that raised capital for a 12B solar energy project. The administrator of that fund indicated that I can include this under "deductions" when I file. There doesn't seem to be a field to enter it on the IRP6.
Can construction workers claim a tax refund?
Posted 30 April 2024
I work as a bricklayer on a building site. Do I need to submit a tax return and are construction employees allowed to claim a tax refund?
How do I calculate tax on my overtime?
Posted 26 April 2024
I worked some overtime in the past few months. I am wondering how to calculate the tax on it. What tax bracket does overtime fall under?
Is my Company a SBC or does it qualify for turnover tax?
Posted 24 April 2024
Hi there, I would like to find out if I should be applying for turnover tax or small business tax, and if I would be considered a micro business. I have just completed my provisional tax return for 2024-01 on Tax Tim and the tax rate is 27%, which seems so high! This is my first tax return for my business, please help.
Tax on my travel allowance
Posted 24 April 2024
My employer is satisfied that only 60% of my travel allowance will be for business purpose, do I only include the 60% in my monthly payslip for PAYE purposes or do I revert back to the 80/20 rule?
Donations to minors
Posted 23 April 2024
If I donate R50 000 to each of my minor children (directly to their bank accounts) will R100 000 be tax deductible in my income tax return?
What percentage tax does a person as a consultant pay?
Posted 23 April 2024
I have been offered a job as a part time consultant. The company says that I must pay tax directly to SARS. How much tax will I have to pay directly to SARS?
I work two jobs - can I claim internet for both?
Posted 23 April 2024
I work two jobs as an independent contractor in addition to my full-time salary. I use the same fibre internet connection for both these jobs which is debited on a monthly basis. Am I correct in saying I can only claim for it once on my tax return, and not twice for both jobs?
Then I also want to know if my TaxTim payment is deductible?
My seafarer exemption was rejected. What do I do now?
Posted 30 January 2024
I received a SARS assessment after submitting my tax return via TaxTim. During the submission, there was no payment to SARS expected. However I then received an assessment for a large (R2m) balance owed. At the time I assumed it was a mistake or a premature assessment before my documents had been processed, but I've now received an email from SARS stating Outstanding Debt. Please could you assist me with understanding the significant discrepancy between the TaxTim calculation and the SARS assess...
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When can I submit my tax return?
Updated 9 May 2022
When can I submit my tax return for the 2022 tax season? Are the filing dates still the same as those of the previous year?
Overseas income
Updated 9 May 2022
I have been working overseas and will be doing so for the whole of 2022 tax year making me provisional:
a. What average exchange rate will I use?
b. When is the first Provisional tax return due and, if necessary payable?
c. Can I deduct my overseas pension and medical from my gross income or is this only if I have a pension/RA and medical in South Africa?
d. I know that R1. 25 mil is exempt so how would I work out the tax on that as I know that I cannot claim all overseas tax...
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Will I get a tax refund if I accept the SARS auto-assessment?
Updated 9 May 2022
My auto-assessment shows that I am due a tax refund. Can this be correct? Do you think I will receive the refund if I accept it, or should I rather reject it and file a tax return?
Claimable medical expenses
Updated 4 May 2022
I would like to find out whether I can claim antenatal multivitamins and non-script items as part of medical expenses not covered by medical aid? I have been buying these since the beginning of the year and I was just wondering if since I use them for medical purposes would I be able to claim them. Kindly assist as I am very much confused. I heard somewhere that one is able to claim medical expenses from SARS, but I am not sure which expenses can be claimed. I tried looking for the list of medic...
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Accepted auto assess forgot my travel logbook
Updated 3 May 2022
What will happen if I already accepted my auto assessment, but I have done so without submitting my travel logbook, am I able to fix this myself, what should I do? Am I correct in saying that I would need to request some sort of correction on eFiling and how would I go about doing this? How and where on the eFiling system should I go to get the request for correction?
What must I do with the auto-assessment from SARS?
Updated 3 May 2022
I received an SMS from SARS which says something about an auto-assessment. When I login to eFiling I see there is an option to accept or edit it. Are there any risks involved with accepting it? What should I look out for? Please help, I know nothing about this new SARS process.
Why am I getting auto-assessed? Where is my tax return?
Updated 3 May 2022
I received an auto-assessment from SARS but I am confused what this means. Why have I been selected by SARS and how did SARS get my data? Can I still submit a tax return if I want to?
I received an auto assessment sms from SARS
Updated 28 April 2022
SARS has sent me an SMS saying they have calculated my assessment tax and I can accept or edit this. I have done an early tax return with TaxTim and I'm not sure what to do now as I cannot submit that tax return until 1 Sep 2022
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