Assist please?

  Written by Marc   Posted 22 September 2015

What if the company you work gets sold and in that tax year you get 2 IRP5 but you never knew that you need to submit both and you only submit 1 and after all then you get told that you now need to go to SARS Y.

Clarify how to enter rollover of CGT/loss.

  Written by Marc   Posted 22 September 2015

What amount must I enter for the rollover from last years CGT loss. During the 2014 tax year I dis-invested a foreign investment. The original base cost was R1,540,000. 00. The amount in rand that I received back was R1,080,318. 00. This was easy to enter into that year's ITR12. But the current year, I do not know what amount to enter as a roll over or which code to use.

Home Office property business expense calculations?

  Written by Marc   Posted 22 September 2015

We run a small hair salon from home for my wife, she does business as a sole-proprietor and the salon is her sole income source. I understand that we can deduct for ease of explanation 10% (amount of space occupied by the salon in relation to the whole property) from all rates and taxes, electricity etc. I am unsure about the interest/rent piece. Can the salon pay "rent" or can you just subtract 10% of the interest on the bond as business expense (bond is in my name). I've also read that deducting this piece as a business expense now can influence your Capital Gains Tax waiver amount when selling the property later on, is this the case?...

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Should my employer paye on my behalve?

  Written by Marc   Posted 22 September 2015

If I earn a salary of R2112. 17 weekly, should my employer pay tax on my behalf (PAYE) how much would it be? And how much UIF?

Why would SARS disallow my Retirement Annuity Code 4006?

  Written by Marc   Posted 22 September 2015

I was advised by my HR department to fill in the amount from code 4001 next to code 4006 as well for my retirement annuity. SARS has however disallowed code 4006. Why would it be disallowed?
I currently have a Pension and Provident fund. Thank you

Rental income into another individual bank account

  Written by Marc   Posted 21 September 2015

Do I have to declare rental income if the property is in my name but the rental income goes to another family members bank account?

Submitting a return for the previous tax period for the current year.

  Written by Marc   Posted 21 September 2015

Dear sir/madam. During March-June 2013 I was employed on a fixed term contact while I was studying. I had no other employment for that year. My cost to company was R12000, without any benefits. I did pay PAYE for that period. Can I still submit a tax return for that tax period in the present day? Will there be any fees or fines for this?

Does my Statement of Account indicate that I am being audited?

  Written by Marc   Posted 21 September 2015

I started with a new employer on 1 March 2014 and a full company vehicle is included in my package. Previously I neither had a company car, nor did I receive a travel allowance. My refund this year, as per my ITA34, is much more than in previous years. It seems that the company I work for also deducted almost R1000 per month too much fringe benefit tax from my salary if one compares the SARS calculation to the actual tax paid. I also did not log many private kilometres, since I am not office bound, as a sales rep, and often work from home...

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SMS from SARS

  Written by Marc   Posted 21 September 2015

Dear sir/madam. SARS comes in at my workplace to help us submit tax returns. After submission, I receive a SMS indicating whether I am owed money or if I owe SARS money. If I submit my IRP5 at a SARS branch as opposed to submitting it to them when they come to my workplace, do they process it immediately? Will they immediately send me a SMS informing me if I have monies due to me or due to SARS as well?

WHEN WILL I RECIVE AMOUNT DUE TO ME

  Written by Marc   Posted 21 September 2015

hi tim i did get a sms what say:tax ref no...... date of assessment 2015/09/18 type of assessment:original then a amount due to me and selected for audit(n)
now i want to know when will i recieve it

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?

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?

Could you tell me what Withholding Tax Status means and how do I tell if I am exempt or not?

  Written by Marc   Posted 20 September 2015

Hi there,

I'm planning on investing in exchange traded funds, and on the application form a field requires me to mention my Withholding Tax Status (exempt or not exempt). Could you tell me what this means and how do I tell if I am exempt or not?

Regards
Jarryd

Additional tax on leave pay

  Written by Marc   Posted 20 September 2015

How to calculate additional tax on leave pay on death of an employee

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)?

No IRP5 form

  Written by Marc   Posted 20 September 2015

Hi have not been employed for the tax season of 2015 so therefore do not have an IRP5 form. How do I go about submitting my individual tax form without an IRP5 form?

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?

I want to know if im registered

  Written by Marc   Posted 20 September 2015

I'm working for Dusi Electrical so I want to know if I'm registered

How much will my PAYE be?

  Written by Marc   Posted 17 September 2015

My new annual package is R257600. 00

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?
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