Interest on bond payments

  Written by Marc   Posted 28 October 2015

Can I claim interest paid on a bond as an expense for an investment property where I receive rent. Will that differ for the interest paid on a bond for an empty stand (also investment) where no rent is received yet?

If I get car allowance as part of my total guaranteed package. Can I still claim travel?

  Written by Marc   Posted 28 October 2015

My job requires a lot of travelling, I do have a car allowance that is part of my total guaranteed package. I do get reimbursed for the km's traveled and toll fees. Do I still have to complete km as per log book to SARS. Do I further qualify for a tax return in this regard?

Donations tax to my family?

  Written by Marc   Posted 28 October 2015

My daughter supports me financially. Must she pay donations, or any other, tax?

Tax when earning R6000

  Written by Marc   Posted 28 October 2015

How much in Rands tax do I pay for earning R6000

Haven't worked a full year, tax return?

  Written by Marc   Posted 28 October 2015

I have only begun being employed this year June 2015. Do I need to file a tax return?

Capital Gain Tax on Sale of Shares by a Non Resident ?

  Written by Marc   Posted 28 October 2015

I am a non resident having Investment in Shares of a closely held company in south africa. Now I want to sell my shares to a Registered South African Company. Will this sale of shares attract Capital Gain Tax?

Assistance needed to fill bank details

  Written by Marc   Posted 28 October 2015

In the last year from May 2014 to Jul 2015, I was deputed to Johannesburg, South Africa with Intra Company Transfer Visa. While tax returning back to India I closed my Nedbank South African bank account. I have received IRP5/IT3(a) from my employer. Now while registering for Income Tax Returns Filing on https://www. Taxtim. Com website asking for banking details. Que 1. As I already closed my NedBank account, can I mention my Indian bank account details?
Que 2. What should I choose for "I d...

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Bank account verification

  Written by Marc   Posted 27 October 2015

Good Morning. My wife and I have moved to Namibia in March. I have closed my Standard Bank account, and are trying to get my wifes FNB account verified with SARS. They need a representative in South Africa to go in and do this. Can you assist. I asked my son in Cape Town to do it and he has all the paperwork etc. Kind regards,

Time limit for submission of returns?

  Written by Marc   Posted 27 October 2015

When must 2014 to 2015 IRP5/IT3(a) tax returns be in by?

Small Business - Administrative service

  Written by Marc   Posted 26 October 2015

I started a small business where I provide administrative services to one company at a cost of R10 000 per month. What will the tax implications be? Will I be able to register for turnover tax or what would be the best option?

Structuring of ctc package

  Written by Marc   Posted 26 October 2015

My question is how to structure your ctc package for tax purposes, for example my employers has only the following guidelines
Ctc=657 918 per annum. 70% must be taken as salary , the remaining 30% may be structured in a tax efficient manner. I'd like to add a car allowance, as well as a bonus 13th cheque to the value of +- 25 000, and I'd like the company to contribute 12% of package as pension. What should I also consider for tax purposes

SARS Threshold

  Written by Marc   Posted 26 October 2015

Hi Tim,

I have just received a notice of assessment from SARS yet again. What is the threshold before SARS actually audits you? I've heard its anything above R30k. Is this true?

4 months contract... Will I be taxed?

  Written by Marc   Posted 25 October 2015

I have been unemployed for a year, and will start a 4 month contract on Dec 2015 to end March 2016. Salary will be R11 000 gross. And intend to not work the rest of 2016. Will I have to pay tax if I am employed temporarily?

Dispute last season's tax return

  Written by Marc   Posted 25 October 2015

Can I still dispute last season's tax return, as I feel that it was not correctly handled.

Got ITA34 but not received anything further

  Written by Marc   Posted 25 October 2015

I submitted my tax return through SARS eFiling about 2 months ago. And I got an ITA34 about an hour afterwards. And on it says I owe a negative value which I assume means that they need to pay me, and it says that I've not been selected for an audit, and there hasn't been any request for supporting documents. But it's been 2 months and I've heard nothing, nor have I received any payment?

Will I be taxed on reimbursive travel allowance code 3703 or audited if no log book?

  Written by Marc   Posted 25 October 2015

I did not have a travel allowance however we were reimbursed by our employer for travel (under 8000). My IRP5 states that I received R17909 for code 3703 (reimbursive travel allowance). This is a substantial figure & I am sure it also then includes funds that were paid to my company diner's card for airfare. Will I be taxed on this amount, or is it non-taxable income? As I was not receiving a travel allowance I did not keep a log book. Was I supposed to?

PROVIDENT FUNDS

  Written by Marc   Posted 25 October 2015

Why are 4003 deductions showing at zero FOR THE 2015 YOA?

Car Deductions

  Written by Marc   Posted 23 October 2015

As a SARS commission earner, I keep a detailed logbook. Do I need my petrol slips for anything?

also where does deemed vs actual cost come in?

Refund on tax paid for shares payout

  Written by Evan   Posted 23 October 2015

Hi,
I was employed by Woolworths and we belonged to a share scheme where we had to stay in the companies employment for 5 to 8 years in order to qualify for the payout. All payouts were taxed. I am now unemployed. Do I have to submit a tax return for the shares payout that we received? Does SARS refund you the tax that you paid on that payout?

SARS source code for Dividend Income/Foreign

  Written by Marc   Posted 23 October 2015

I received an IT 3(b) statement from dbXTrackers with a new (wasn't there last year) entry, under Dividend Income, namely, Foreign. Can you please advise what is the correct SARS source code for:
Dividend Income / Foreign?

Tax number for employee from Zimbabwe

  Written by Marc   Posted 23 October 2015

Hi, I would like to find out how I register an employee from Zimbabwe for tax and how can I get a tax number for this person?

Can PAYE, UIF and Provisional Tax be claimed on Income Tax Return (ITR14)?

  Written by Marc   Posted 22 October 2015

Hi TaxTim

I would like to now, can a Company claim PAYE, UIF and Provisional Tax on a Income Tax Return (ITR14)?

Thanks in advance.

What is my tax number please from SARS?

  Written by Marc   Posted 22 October 2015

How can I get my tax number? I have misplaced it

Do not know how to complete the Local Business, trade and professional income section

  Written by Evan   Posted 22 October 2015

I am struggling to capture my income and expenses generated as a consultant. I do not know which fields to complete having gone into Local Business, trade and professional income.

Wear and tear calculation for the 2015 tax year for a self employed individual

  Written by Marc   Posted 22 October 2015

With respect to self-employed individuals for the 2015 tax year... What is the write off period for a vehicle used for business travel?
Is the cost of the vehicle divided by 4 or 7 years? I'm trying to calculate the wear and tear amount which I can include for the calculation of actual costs. Thanks!
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