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Audit / Verification Posts in Tax Q&A

Deductions against rental income

I have moved from CPT to JHB. I own a house in CPT which is now being rented out to tenants. In JHB I am currently renting. From a SARS perspective, do I need to declare the rental income as I only own one property and its not a second property bringing in an extra income? What I receive as rental income in CPT immediately covers my rent here. So I do not gain anything. In face what I am asking as a rental is the same as what I pay for my rent here.

How does ringfencing for rental income work?

I have a question, regarding if you make a loss from rental income i. E What if the expenses exceed the rental income? How exactly does this work? please provide an example of how and when it is offset against other income and what does the ring fencing mean? Its difficult to understand the document. Please explain in lay mans terms. What is the best way to make this work for you?

"Should the expenses exceed the rental income, the loss should be available to be off-set against other i...

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Can a business in the turnover tax system register for VAT.

A business is registered for Turnover Tax. To procure more work, he wants to register for VAT. Is he allowed to do so. Is there an official document to confirm this

May I deduct medical aid contributions as a non-principal member

I am listed am listed as a dependent on Discovery health with my wife as the principal member. However I pay the contributions for my wife, my son and myself. She doesn't earn an income and is therefore not liable to pay tax. The tax certificate from Discovery is in her name, can I claim the medical expenses and premiums as medical deductions on my IT12. I reference these articles and would like to know if the information in these is still valid as at June 2016

1) South African Institute of Accounting Professionals article from 2012:...

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Is loan repayments taxable?

I own a business where I borrowed money to buy the business. Will I pay tax on the capital portion of the loan repayment.

Tax number needed for unemployed person

I wanted to to make a international payment to fund my international forex account, but at the bank they told me I need a tax number in order to make the transfer. So is it possible to get a tax number even though I'm unemployed?

Fringe benefits for sale proprietors?

Does a Sole trader who uses his vehicle for personal and business use have to pay a fringe benefit tax himself as he is not classified as an employee.

Am I able get a tax refund?

How do I know if I qualify for my tax return

Tax season preparation

Hi, I have started receiving my tax documents from my bank and medical aid etc. I am still waiting for the one form my RA provider. Must I wait for all of them and then once all are received, how do I go about completing my tax return?

How to apply for a Tax Clearance Certificate

Do you need to be audited first in order to get a tax clearance certificate? What is the quickest way and process to obtain a TCC?

How to confirm foreign banking details with SARS

Hi, Could you please let me know the procedure to confirm my Indian Bank Details. I am an Indian Citizen and working in South Africa in Work Permit. I would like to register my Indian Bank Details for tax refund. Please guide me on the 1. Fees, 2. Documents Required

And also, I would like to know the pricing for tax filing for this year.

Tax refund on a contract position

I worked for a company from end of May 2015 to end of September 2015 on a maternity leave contract basis. The gross of this contract was over R33 000. Can I claim tax return on this and if so, do I get a payout?

Tax deductibility of vehicle lease payments for independent contractors

I am an independent contractor. I do not earn any salary. I currently have a vehicle on which I claim a travel deduction. My vehicle requires replacement. I would like to know if I can claim lease payments as a tax deductible expense should I lease a new car. I have not come across any prohibition on the SARS website. This surely is in the production of income as without a car I would not be able to carry out any work at all.

I am married in community of property, how will I be taxed on an investment?

How will I be taxed as I am now retired an have invested the money and draw monthly interest we are married COP monthly 13k

Late Objection

My 2015 tax return was finalised in Feb 2016. I did not object to the assessment within 21 days. Can I do object at this late stage?

Tax practitioner fees

Is a tax practitioner allowed to ask a fee based on a percentage of the refund I get or should they give me a quotation before the work commence?

Submission of old tax forms

How do I go about submitting a tax return that was for the 2014 year of assessment?

Can I claim medical aid payments if my husband is the primary member?

Can I claim on my medical aid payments as a deduction being self employed when my husband is the primary member? The payments cover both of us. Lastly we have a life insurance policy which includes disability and dreaded disease. Can I deduct this payment or a portion of it?

Employed by a foreign company, and need to pay over my own tax, how much will it be?

I've recently become a contractor to an overseas company, I've been informed, that I have to pay my own income tax. I send them invoices. My monthly invoice fluctuates between 22000 and 30000 as I get paid on a daily basis. I don't get an IRP5, and I pay my own medical and recently setup my own RA contribution. I need to pay my tax. When and how much do I need to pay. I've been a contractor for them from January 2015 to now May 2016

Am I tax liable if I did not earn an income in South Africa?

I relocated to the Netherlands in 2003 for work on a 2 year contract. When I left South Africa I completed a form to state that I will be out of the country for this time. After the 2 years I tax returned for 6 months but did not work. I tax returned to the Netherlands and have been working here ever since. I have been paying income tax since I have been working here.. I also own a property in South Africa which I purchased in 2006. My question:we (my husband is also South African) is considerin...

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what expenses can i claim if I own a taxi?

If I own a second vehicle and use that second vehicle 100% as a Taxi. Would the tax be payable on only the income or payable on income - (minus) expenses?

For example, monthly costs breakdown as follows:

Expenses: Vehicle Repayment Costs - R1500 / Vehicle Insurance: R1100 / Vehicle Tracking Costs: R100 // Total: R 2,700. 00

Income: R 8,000. 00

Income (R 8,000. 00) - Expenses (R 2,700. 00) = R 5,300. 00

My question is. Would I pay tax on the income of R 8000 before deducting expenses...

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Can I claim for travel expenses without any records?

I am a freelancer which I started in June 2015
I did not keep a log book
am I still able to do any sort of travel claim as I spent most of my time driving out to clients

Increasing rental property loan to reduce home loan?

Is it possible to take some equity out of our rental property by increasing our loan on that property to put against our home loan and would the increase in interest on our rental property loan still all be tax deductible?

Return completion?

What are this code for 3696, 3697 & 3698?
where should we put the amount from certificate for income tax purposes from SANLAM?

SARS Penalty for late tax return submission 2015

I haven't done my taxes for 2015. Will I get a fine?
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