Why file a tax return?
Posted 25 November 2015
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?
Posted 24 November 2015
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?
Posted 24 November 2015
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?
Posted 23 November 2015
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?
Posted 23 November 2015
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?
Posted 22 November 2015
Is Occupational Interest received declared as interest or as rental income on your tax return?
Late submission of previous expenses in new next year
Posted 20 November 2015
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
Posted 20 November 2015
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?
Posted 19 November 2015
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?
Posted 19 November 2015
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?
Posted 19 November 2015
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?
Posted 19 November 2015
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?
Posted 19 November 2015
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
Posted 19 November 2015
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?
Posted 17 November 2015
If I have an outstanding amount to pay, will it affect the new year tax returns?
Salaried and Provisional Tax deadline
Posted 17 November 2015
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
Posted 17 November 2015
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
Posted 16 November 2015
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?
Posted 16 November 2015
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
Posted 12 November 2015
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?
Posted 11 November 2015
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
Posted 9 November 2015
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)
Posted 9 November 2015
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?
Posted 4 November 2015
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
Posted 4 November 2015
Examples of income of a that can be classified under IRP5 code 3602
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