MEDICAL TAX CREDIT CALCULATION

  Written by Marc   Posted 24 June 2015

SARS Website quotes the following as an explanation for Medical Tax Credits in 2015 : "An individual who is 65 and older, or if that person, his or her spouse or child is a person with a disability, 33. 3% of qualifying medical expenses paid and borne by the individual and an amount by which medical scheme contributions paid by the individual exceed 3 times the medical scheme fees tax credits for the tax year" My annual medical aid contribution is R11 684 My Tax Credit is for myself and my wif...

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Medical tax credits?

  Written by Marc   Posted 24 June 2015

I am aged 70 retired but working again,, earn less than R11K a month, pay my own medical aid for myself and spouse. . Have no company perks. . Have always got my full paye refunded to me each year. However. I do not understand how the medical credit will affect the situation as from this year? I do not have the tax deduction of R257 for myself and the same amount for my wife as I pay our contributions by debit order each month. Would I still be refunded by SARS, or how does the medical tax credi...

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Can I claim my housing alowance if I pay rent?

  Written by Marc   Posted 24 June 2015

If I receive a housing allowance of R5000, and I pay tax on the R5000, can I claim it back if I pay rent of R9500

Does paying bond, cars, etc fall under investment certificates?

  Written by Marc   Posted 23 June 2015

Hi

I would like clarity on the information available on your website pasted below

• Get your Interest and Investment certificates from the bank and financial houses (IT3b and IT3c) These should have been sent already. Does paying bond, cars, etc fall under the above bullet point?

Is there any claim from your office or any submission of documents ?

  Written by Marc   Posted 23 June 2015

About my deceased husband,do I submit anything to your office after they send me his tax certificate and paying his death lump sum from provident fund?

Is IVF treatment tax deductible since Medical Aids do not cover this?

  Written by Marc   Posted 23 June 2015

Medical Aids do not pay for Fertilisation clinics. If one has paid large amounts to a fertilisation clinic can this be included in amounts not paid for by your medical scheme?

Remote Working Tax Deductions?

  Written by Marc   Posted 23 June 2015

I work remotely from home in South Africa for a South African registered company, what deductions can I make from my tax returns? Like I may hire a desk at another office, or the cost of setting up my home office, use of my computer for doing my work etc? What of those can be deducted?

Can I claim tax on Co vehicle and fuel where I do not have a travel allowance?

  Written by Marc   Posted 23 June 2015

Hi TaxTim, I work as a vehicle sales executive, which means I have a company vehicle which I use for both business and personal use. I did keep a log book. On my payslip it is reflected under "taxable perks". "I also paid Vat on Co car" which is showed on my payslip under deductions. I also had a fuel allowance but that is not reflected on my payslip because the company I worked for owns a fuel station and we had "fuel tags". The vehicle was not maintained by me, but I just want to find out if I...

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Tax back on buying property cash?

  Written by Marc   Posted 23 June 2015

Hi I got a pension payout when being divorced, it was taxed before payout, I bought a house cash, will I be able to get something back, I am not working.

Fyling tax for working on comission only

  Written by Marc   Posted 23 June 2015

I am a locum at a private occupational therapy practice!! I am 28 years old and only working for commission!!!! My employee did not register me for tax so I will not receice an IRP5 form but will have to work out my tax on my own!! I have kept all the devices from income for. Each patient that I saw as. Well as. The proof of. Payment into my bank account that was made as the clients made the payments!! It. Is difficult to. Determine a set. Montly income as sometimes the clients will pay a month ...

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Loan account with employer - how does the tax work?

  Written by Marc   Posted 23 June 2015

I have a loan with my employer, every month I pay them what I can afford so it differs from month to month, example I earned R20000. 00 this month I allowed them to take a deduction of R7000. 00, therefore they paid me R13000. 00 yet they taxed me on the R20 000. 00. My question is should I be taxed on the R13000. 00 or the R20000. 00 and should my IRP5 reflect the money paid into my bank account (the R13000. 00) or should it reflect the R20000. 00, I am just wondering because I am being taxed o...

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Depreciation on Vehicle?

  Written by Marc   Posted 23 June 2015

I am using my private vehicle for company business. The company is paying me a travel allowance and the fuel for the business part. About 55% of travel is business related. Can I claim depreciation of my vehicle from SARS? What is claimable from SARS for the use of my private vehicle?

May I claim for medical services paid for in cash when I have a medical aid?

  Written by Marc   Posted 23 June 2015

Hello - please advise? I am being informed that because I now have a medical aid which is paid for in our own private capacity and not through employers - I am not allowed to further claim for medical expenses paid in cash due to medical aid funds being depleted? Is this correct?

Rebate for prepaid electricity

  Written by Marc   Posted 23 June 2015

I am a tenant and I prepaid electrictity can I claim

Tax on income property mortgage restructuring

  Written by Marc   Posted 23 June 2015

I have an income property with a bond of R600k outstanding. I want to switch it to another bank to access R200k equity. I will then have a bond of R800k. This will cost me R30k in legal fees. How do I calculate the interest and fees cost deduction on my next return? Do I use the entire R800k's interest or am I only allowed to deduct 75% (R600/R800k) or should I do a manual sum in excel? Can I deduct the fees or do I keep that for the capital gains sum when I sell? Also do I need to pay income ta...

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Rental income, less deductions less than cap, must I register for Provisional Tax

  Written by Marc   Posted 23 June 2015

I receive a salary and I recently started renting out my flat (which I resided in as primary residence, until September 2014, rented out since October 2014). I received a Rental income of R40000 for the 2014-15 tax year, the property is still under bond and there was maintenance costs etc. . Which means im still making a "loss" . (i. E. Rental Income of R40000, deductions of R50000, nett -R10000)

1. Must I still register for Provisional Tax?
2. If 1, am I late for Feb, Aug Provisional tax payment deadlines?...

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Disability Income taxable?

  Written by Marc   Posted 23 June 2015

Disability income was received from medical boarding from work for a few months in the tax year ending 2015. This income was taxed and the amount on the IRP5 shows only one income source code. 1. Is the disability income tax exempt or is it only from 2 March 2015 and 2. Is there a separate tax code for disability income earned.

Am I due for a refund for the tax deducted from income less than the tax threshold?

  Written by Marc   Posted 23 June 2015

My annual income was R65 500 and total tax was roughly R4900. Am I due for a refund?

Will I get a tax refund or am I paying the correct amount?

  Written by Marc   Posted 23 June 2015

I basically earn R6500 p/m. Usually my PAYE is 220 a month. I don't how it is calculated. Is it the correct amount that is deducted. Will I get a tax refund?

How does SARS tax earnings from abroad, earned here in South Africa online?

  Written by Marc   Posted 23 June 2015

Hi Tim

Hope you're well and that you can assist me. I get taxed on my monthly salary of R31300, however, I'm also an online part time language consultant getting paid in USD from abroad into my paypal account. The employer from abroad currently taxes me 6% of my earnings as I make under 920USD. Paypal then charges me a further 3. 5% for the transfer. My account is linked with FNB, who take a further 1. 5% commission when converting to Rands and transferring the funds to my acc...

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Waiting for tax refund from SARS?

  Written by Marc   Posted 23 June 2015

I am still waiting on my tax refund my statement shows amount refundable after allowable tax credit is -R2113,78 that was the last statement I received on the 5th September 2014

How do I calculate Taxable Income in a Company (SME)

  Written by Marc   Posted 23 June 2015

How do I calculate Taxable Income in a Company (SME)

Extra income

  Written by Marc   Posted 23 June 2015

I own a one bedroom place, wirth about R700 000 in a retirement place. Besides my own home. My main income is salary and tax covered there, IRP5. I get rent of about R36000?
must I register as a provisional tax payer?
is there an amount of extra income for which one does not have to register as a provisional tax payer?
can that income be placed under a general category as extra income?

Claiming medical money from SARS?

  Written by Marc   Posted 23 June 2015

My medical certificate says I have 12000 to claim will I get this money from SARS when I claim.

Tax refund - do I qualify?

  Written by Marc   Posted 23 June 2015

I worked for one company and changed to another in January. My income from 3/2014 to 12/2014 was R69500 and 1/2015-2/2015 R37440. How much tax should I have paid?
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