Penalties Posts in Tax Q&A

Does Base Cost include interest over time?

I am selling a rental house. Will the interest on my bond over the period of ownership be part of the base cost?

Move from a Tax Consultant

I am at present using a tax consultant. How do I transfer to doing my own tax return with the help of Tax Tim?

They have all my records etc.

Tax on Rental Income

Dear Sir/Madam

I am South African, but living and working in Kuwait. Back in Durban I own 2 properties which are rented out to tenants. Property 1 - rental income is R6200. 00 pm, monthly bond is R3500. 00, rates is R1600, monthly levy is R850. 00. Property 2 - rental income is R4500. 00, bond is R3550. 00 pm, rates is R350. 00, Levy is R700. 00. I have no other source of income in SA. Do I pay tax to SARS?

I was a registered tax payer whilst I worked in SA. But no longer....

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Declaring Income on IB3 (b)

I HAVE A ITB3 (b) document/certificate from Nedbank for Income from Investments, Property Rights and Royalties. Where do I need to declare the interest? What source code?

Can I register now as provincial for 2015.

Can I register now as a provincial tax payer and file now for 2015?

Provisional Tax interest

I am a provisional taxpayer and I am only submitting 2014-2015 now, I am trying to calculate my penalties but I do not have the figure for the provisional tax amount?

How can I claim house hold expenses portion if allowed to work from home?

In reference to claiming house hold expenses as my employment contracted stated I could work from home as well if needed. I do not have an ITR12 form, only an IRP5/IT3(a) form. If I do not have an ITR12 form, does this mean I cannot claim this?

Do two owners need to split rental expenses and income in a tax return?

My wife and I share a rental property and split costs equally. Are we meant to split these on our tax returns or should we populate only what we each pay from our specific bank accounts? Rental income comes into my bank account and the interest expense comes off it as well.

Provisional Tax Payer and not a Individual

I'm about to do my first tax return, I'm registered as Individual tax payer but have been doing freelance work on an invoice basis. I did not realise that in this case I would need to be registered as a provisional tax payer instead. Am I correct in saying that I should be registered as a provisional tax payer?

How do I proceed from here?
- I should have done two IRP6's and made payments. - Then I should also do a ITR12, which is then only due in January 2016
What do I do regarding the outstanding IRP6's?...

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Tax on interest only, no other income

I am a non working wife, married out of community of property. I am not working
I am 55 years old
I have just received R2 000 000. 00 and have invested it in the bank
I receive monthly interest of R10 000 per month, this is my only income. Must I register to pay tax?
What will the monthly tax amount be?

Capital gain from trust split between spouse and myself

I earn a salary and have an IRP5. This year I have received a capital gain distribution from a trust of which I am a beneficiary of. A property was sold in the Trust and it was decided to split the capital gain between myself and my husband in equal shares. I am not sure how to deal with this on my tax return. I assume that I tick the box that says that a capital gain is applicable - it then asks me to put in the proceeds and base cost etc, but as I only received half the gain I am not too sure ...

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Not submitted returns since 2013

I lost my job in August 2013 and I did not submit my tax returns. Can I still submit or are there any penalties imposed or is not necessary?

Provisional tax once off situation?

In the 2015 tax season my employer paid me my full salary and did not subtract PAYE. This was the case for 3 months. I did not get an IRP5 for that period. I know that I need to pay that tax portion How do I declare that to SARS? And avoid becoming a provisional tax payer

Do I still have to submit a tax return having emigrated to Namibia?

My friend lives in Namibia - she recently moved there about 2 years ago. She earns income there and pays medical aid and pension contributions there. She still has a bank account in South Africa together with investments so she is earning interest yearly. Would she still have to submit a tax return? The interest she has earned showing on her IT3b from the bank is just under R900. Would appreciate your help with this? Thank you

Provisional Taxpayer status

I receive a bonus from my boss every year, but this bonus is not guaranteed, we only receive it if we reach our targets. For the past couple of years we have reached our target and have received the bonus and SARS has now made me a provisional tax payer. I have also just submitted my tax return and I received my statement of account and SARS has charged me a huge amount as penalty for under estimation of provisional tax. Why would this be?

What will TaxTim cost?

Hi Tim, I am 68 years old, and employed full time. I receive a salary of R 20,000 per month before tax. I receive an annuity payment of ±R 650 per month and also receive dividends and interest (way below the allowable). I have been paying my bookkeeper ±R 1400 per year in fees for submitting my tax returns. With your system, I do it myself with e-filing?
What does this cost (i. E. How much do I pay you)?

Why file a tax return?

If you advise filing a tax return why do SARS say you shouldn't? I have been told by them not to.. I make minimal money at a very part time job. I do earn interest. I do have quite a few investments in my name too.

How do I calculate Rental Income?

How do I calculate rental income? Is this calculated as follows or is it different? Rental Income = Bond Repayments - Rental income. If it is positive it will be a profit, if negative it will be a loss?

When am I getting the refund for late husband's deceased estate?

In August I submitted my late husband's IRP5 and I was told that I am going to receive R2100 for the year 2015. They told me that its still going for an audit.

What should I do because I am still waiting for that money. And when you call them you keep on holding until the airtime is finished without being helped. What do I need to do?

Independent contractors - which form?

1- If a person is an independent contractor which form do they fill?

2- What happens if they have not been paying provisional tax, are there penalties?

Nedbank IT3(b) - which figure do I use?

Hi, on my Nedbank IT3(b) certificate they have 3 figures for interest (Interest, Net Amount Paid and Net Amount Accrued). Which one must I declare to SARS ?

Is Occupational Interest received declared as interest or as rental income on your tax return?

Is Occupational Interest received declared as interest or as rental income on your tax return?

Late submission of previous expenses in new next year

How does one claim for items not included in previous tax returns which you came upon in the new tax year. Can I submit it along with my new tax returns or is it ever forgotten and lost.

Where on my SARS form do I submit info for a Unit Trust Investment if I get a IT3(b) Portfolio incom

Where on my SARS form do I submit info for a Unit Trust Investment if I get a IT3(b) Portfolio income summary?

where do I put medical aid savings interest earned INCOME TAX - IT3(b) in the tax returns?

This year I received R400 from an INCOME TAX - IT3(b) from the medical aid as interest earned, this is the first time I receive it with an amount previously it will just be R0. 00. Do I need to include this amount in my tax return and if I do where do I put in?
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