Penalties Posts in Tax Q&A

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?

Which section does capital gains tax fall under?

During the past tax year, my husband and I (married out of community of property) bought a property together to rent out. We fixed it, but subsequently sold it for various reasons. Which section does this capital gains tax fall under? It's not under interest/investments and the questions under "business" confuse me... Thanks,

Can I resubmit incorrectly done tax returns from previous years?

If I have incorrectly filled out a tax return from a previous year and this has resulted in penalties. Can I resubmit that year using TaxTim?

How do I rectify outstanding RA amounts, without the documentation?

SARS says there is an outstanding amount from a RA in a 2012 Tax Return, because of this I have a very high penalty to pay. I can not find this documentation, even after I've requested it from my RA at the time. What do I do if the numbers don't add up, and I can't find this document.

What is the limit on taxable interest from investments per year?

What is the maximum amount of interest I can receive on my investments for a year, before I begin to be taxed? I am not married. I have a Fixed Deposit and I receive rental income.

How to declare other income, if when combined with interest income is still below the threshhold

I resigned my job to study. I have an income on an investment of - R7000 pa and I did some adhoc consulting for a company for which I earned R30000. My wife's tax adviser told me that I still need to submit a tax return as I have income from two different sources. He also said that I don't need to register as a provisional tax payer as I am not actively generating an income that will exceed the tax threshold. (I understand that should I consistently do more freelance work and if my income increases that in future I may have to register as a provisional tax payer. )...

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How will the last year tax returns affect the new year if its not paid?

If I have an outstanding amount to pay, will it affect the new year tax returns?

Salaried and Provisional Tax deadline

As a salaried individual who also makes some money n the side and am registered as a Provisional taxpayer, does the 27 November deadline affect me or do I have until the end of Jan 2016?

How to do SARS Tax Returns

I am not sure how to do my tax returns and though I have the SARS eFiling log in credentials I do not want to update my ITR12 form and end up having to pay back thousands of money that I do not have. I am afraid that I will have penalties involved and not sure how to go about it?

Source codes 4201 & 4250

Which section do you enter income source code 4201 & 4250? I have investments at RSA Retails Bonds and Satrix. I didn't see anywhere to enter it.

Is it better to buy or lease a vehicle for a commission earner?

I am a real estate agent and require a vehicle to travel to appointments, etc. Would it be better to buy a vehicle (new or used) or lease a vehicle? My understanding is there are greater tax benefits in leasing (claim 100%) while buying a vehicle there is only a portion of the vehicle and interest you can claim. Is this correct? Which would you recommend?

How to calculate deductions for a director who does not draw a salary every month

I am doing basic bookkeeping functions for a company. The director has never drawn a salary but intends to do so for the next 2 months at R50000 per month. How do I calculate the deductions and pay UIF etc. over to SARS?

How do I account for various line items in IT3b Discovery investment certificate?

I receive two tax certificates from Discovery for the same investment product. One is an IT3b, the other an IT3c. While the IT3c shows a source code of 4250, the IT3b does not show source codes. It shows "Gross foreign dividends", "Local interest voluntary", "Gross foreign interest" & "Local dividends (exempt)". It also shows withholding tax on 3 of them, and a "Net total".

When declaring my local interest earned, should I add just the "Local interest voluntary" amount from Discovery...

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Tax and handling donation from non SA resident

Dear Tim,
Are there any taxes due in South Africa, if my daughter (non SA resident, living in Australia and having Australian passport) donates money (more than ZAR100K) to her parents, and we do not transfer the money to SA and keep them within a bank outside SA (UK or other place) and in different currency?
1. Do we have to declare such a donation on our tax returns and what are the tax complications here?
2. Do we have to declare this account/amount every year in our tax returns and pay some taxes like capital gain tax as a result of Rand depreciation?...

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Must I submit returns for previous years when I earned very little? (single income, no claims)

After phoning SARS about an eFiling problem (presently 2015), I was told by the consultant that my tax return for 2013 was overdue. I responded that I hadn't been making anywhere near the tax threshold that year, and that various SARS website material, tax-consultants & SARS consultants over the years had confirmed as much (single source income, no med-aid, no R/A, no travel, no NPO-PBO donations, etc). He responded that everyone had to submit a tax return every year, regardless of how much they...

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Where do I declare the bond amount on rental income?

I'm stuck in the section where I declare the rental income for a house I was renting out. I don't see where I put total I spent on the bond to justify that it was a loss against the rental income and the expenses incurred. Where do I do that?

What examples of income which falls under IRP5 code 3602

Examples of income of a that can be classified under IRP5 code 3602

Where does the IT/IB 3(c) &(b) forms go on tax return?

I have 2 satrix investment plans, how and where do I input the IT3(c) and IT3(B) Income Tax forms received from Satrix?

Havent submitted tax returns

I havent submitted a tax return for last 3 years. I have my IRP5's. Help what must I do and are there penalties. I also have just opened a sole prop and need to apply for a tax clearance.

SARS wants me to submut income tax documents from 1991 to 2003. I dont have these. What can I do?

I filed my tax return on Friday 30 October 2015 and SARS said they are now using a new system and said the they need me to file tax returns from 1991-2003. I can not get these IRP's or medical certificates. What must I do? When I went to file my tax return in 2013 they asked me to get the documents from 2006-2013 and file for each year. I got that documents and filed and paid a R500. 00 penalty. They did not ask for anything else and said I was up to date. This year they ask for 1991-2003. Pleas...

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How to obtain additional information regarding the the reassessment of your ITA34

After I have submitted my tax return, I received a letter to submit all my documentation. I've done this and now have received a revised ITA34, where the Interest income is double than what I have received and recorded on my tax return. How do I contact SARS to provide me with further information regarding the assessment, and what steps do I take now if their assessment regarding interest income is incorrect?

Medical scheme contributions paid by my deceased husband's employer

My deceased husband's employer still pays my full medical fund contribution. They do not issue an IRP5. My Medical Fund declares my contribution as R34460. My income (as pensioner from a different company) does not declare this medical contributions. How or where do I declare this contribution (income?) from my late husband's company?
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