Can I claim a lump sum financial lease installment settlement as a deduction for tax purposes.

  Written by Marc   Posted 21 September 2015

If I am currently paying a finance lease for a vehicle and then subsequently decide to request a settlement figure from the bank and pay the remainder of the finance debt off to the bank can I claim the lump sum settlement as a deduction for tax purposes?

Can I used the deemed cost option for vehicle expenses

  Written by Marc   Posted 21 September 2015

Does the option Deemed cost for vehicle expenses apply for the 2015 tax year?

Efilling status says correction filed during audit

  Written by Marc   Posted 21 September 2015

Hi Tim,

I have submitted my tax return through SARS eFiling in the first week of July and was asked for supporting documents which I then took to SARS and my SARS eFiling reflected that they had been received, I heard nothing from SARS and then got a letter in early august saying ive been selected for audit. I heard nothing again and called SARS about 3 weeks back and was told my car value was lower than the estimated value and they require proof of purchase (which I originally gave...

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Calculation of Transfer duty as a deemed VAT input

  Written by Evan   Posted 20 September 2015

How am I supposed to calculate the VAT input claim on a fixed property bought for R850 000?

The purchaser paid R3000 transfer duty to the seller. According to the articles I read online, the purchaser may claim the transfer duty as a VAT input. But now I'm confused as to what exactly the amount should be. May he claim R104 385.96 (R850 000 x 14/114) AND R3000 as a VAT input, or only R3000 as a input?

Why is depreciation and goodwill amortization added back to Tax Computation.

  Written by Marc   Posted 20 September 2015

Please can you help me understand why is depreciation and goodwill amortization added back to my income tax calculation?

What are the tax implications & obligations to SARS of a doner and donee when a Donation is made?

  Written by Marc   Posted 20 September 2015

If I donate R90 000 to my wife and R10 000 to my nephew, I have to submit and IT144 form. Is this in any way tax deductible, and what are the tax implications & responsibility to SARS on myself, my wife (say she earns R260k p/a) and nephew (under 18)?

Do donations to a Section 18A PBO count against the R100K pa amount that is exempt from donations Ta

  Written by Marc   Posted 20 September 2015

Do donations to a Section 18A PBO count against the R100K pa amount that is exempt from donations Tax?
eg: say I donate R50k to a section 18A PBO (assuming my salary is more than R500k so R50K is within the 10% allowed tax free) then does this reduce my allowance from R100k to R50k left pa for tax free donations to say a trust?

Do you deduct the interest exemption plus tax threshold from interest income to get the total income

  Written by Marc   Posted 20 September 2015

Only income earned is investment income thus interest on savings in bank account. Do you deduct the interest exemption of R23800 plus R70700 from the total to establish income e. G R96000 interest income - R23800 - R70700 = R1500 multiply by 18 % taxes due R270

Write offs for computer equipment?

  Written by Marc   Posted 20 September 2015

I would like to clarify wear and tear and write offs for personal items. I am a filmmaker, I was employed for half the tax year but require the equipment in order to be self employed. I purchased computer equipment & camera equipment. I also bought a hard drive for R2000. Can I claim the entire R2000 for the hard drive? Am I only able to claim wear and tear for the computer?

How do you correct an under deduction of PAYE?

  Written by Marc   Posted 17 September 2015

If an employer has under deducted PAYE in the 2015 tax year, can they account for the under deduction in the 2016 tax year?

Is it safe to register for a tax number after 3/6 months of working?

  Written by Marc   Posted 17 September 2015

I have been working for almost two month and my employer has been deducting PAYE Tax, is it safe to register for a tax number after 3/6 months of working, because I hardly find time to go to the closest SARS for registration?

How do you know you are paying tax:

  Written by Marc   Posted 17 September 2015

How do you know you are paying tax? Especially if you under an agency?

An ITA34 query on Sars.

  Written by Marc   Posted 17 September 2015

At first there is an negative amount in RED on my ITA34.... What does that imply? Then I would like to know how long it takes for SARS to ma a deposit/refund. Please.

What is the % of the profit payable by a natural person

  Written by Marc   Posted 17 September 2015

I used the tax calculator, and according to the calculations, tax is only payable on 33. 3% of the profit. However, in the SARS guide to capital gains tax, it states that a the portion which a natural person would be taxed on, is 25%. (this is concerning fixed asset sold, not a primary residence. ) Is the 33. 3% correct?

Options or rules for claim on depreciation and travelling allowance claim.

  Written by Marc   Posted 16 September 2015

When I complete my tax return can I complete the Travel claim against allowance and the depreciation (4027) section. The form allows me to complete both sections but when my claim was submitted and once audited the removed the depreciation amount(4027). How do I calculate the best method to claim if I am only allowed to complete one section.

SARS wont refund my medical?

  Written by Marc   Posted 16 September 2015

I have taken out medical aid for my wife and kids, wife being the principal member. All premiums were debit from my bank account as my wife is unemployed. SARS wont refund me because the medical aid certificate is in my wife's name. Never had this problem with previous tax returns, audited this year. What can I do, SARS told me to submit 12months of banking statements for prove (march2014-feb2015) at my nearest branch???

Are assets donated to charities tax deductible and what is the process?

  Written by Marc   Posted 16 September 2015

Hi there. I am a photographer and I have been approached by a charity to donate one of my camera bodies to a student that they sponsor. Will I be able to claim back the current value of the camera body that I donate from tax? They are registered and will write a letter to confirm.

Medical aid and tax?

  Written by Marc   Posted 16 September 2015

Medical aid credits, does it get deducted monthly from your payslip? Is there any tax benefit to the company by offering a medical aid and contributing towards the premium? Should the company's contribution be added onto your salary as a taxable fringe benefit?

Are accounting fees paid tax deductible?

  Written by Marc   Posted 16 September 2015

I am a salaried employee and I run a small business, are the fees I pay my accountant tax deductible?

Still awaiting my refund from SARS

  Written by Marc   Posted 16 September 2015

I've been on the phone with SARS every week since I have submitted my 2015 tax return via SARS eFiling on the 31st July, that same day I was asked to submit supporting documents. All of my documents were submitted and on the 24th August I received a letter of completion and that SARS was happy. I then phoned SARS the next day asking when can I expect to receive my refund and a lady told me not soon at all due to an old tax return that needs to be resubmitted and so I did on the same day. Two wee...

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Can you get a refund on that money that you pay to the dentist?

  Written by Marc   Posted 16 September 2015

What if you were at the dentist and you send you're medical the code of the dentist and they say they will pay the cost and after a few weeks you have to pay additional money that you have to pay it out of your own pocket

SARS Tax Calculator - Is medical rebate taken into account for PAYE or must it still be deducted?

  Written by Marc   Posted 16 September 2015

If I use your (SARS) tax calculator must I still deduct the medical rebate of R257. 00 per month from the PAYE amount or has a medical rebate already been taken into account when the calculation was done. There is no question about medical contributions in your calculation?

Alternate refund claim procedure

  Written by Marc   Posted 15 September 2015

How to get income tax refund if I don't have bank account?

Balance on assessed amount from SARS, what does it mean?

  Written by Marc   Posted 15 September 2015

What does in mean balance on your assessed amount is R224. 567. 90?

How do would you interpret paragraph 5, subparagraph 2(b), of the 7th Schedule?

  Written by Marc   Posted 15 September 2015

In the 7th Schedule, paragraph 5, subparagraph 2(b), the reduction R5000 reduction in lieu of a long service award; is it interpreted as R5000 per long service award, or R5000 per long service?
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