A Earns R60Kpm & pays R7Kpm to medical fund,A is married with 2kids,Wat is his tax credit for 2016

  Written by Marc   Posted 9 November 2015

An individual aged 45, married with two small children, is a member of a medical aid fund. He earns a salary of R60 000 per month. He pays R7 000 each month to the medical aid fund throughout the year of assessment ending 28 February 2016. What is the monthly amount of his the medical scheme fees tax credit for the year of assessment ending 28 February 2016

Refuse and water costs included in rates, taxes and levies for business

  Written by Marc   Posted 9 November 2015

In the TaxTim system in the Business Income and Property Rental section I am asked to enter "electricity or rates/taxes/levies". Does this include refuse removal and water? Basically is this the total from my council bill, apportioned for business obviously?

Are anointed church materials sold in church subject to tax exemption

  Written by Marc   Posted 9 November 2015

Are anointed church materials (e. G anointed oil, wrist bands, t-shirts) sold in church premises subject to tax exemption under SARS Act. If so, what is the relevant law governing such exemption and procedure of securing such exemption

Overtaxed or what?

  Written by Marc   Posted 9 November 2015

Im unemployed I recently got divorced and I received R544 888. 90 as a settlement before tax deductions and after deductions it was R456 000 was I overtaxed or was it alright?

If working Oversees do I still pay tax to SARS

  Written by Marc   Posted 9 November 2015

I'm about to be employed in the World Bank, US based in Washington DC. Being a South African Citizen do I still need to pay tax to SARS for the salary I get over there even though I will reside that side with a work visa. World Bank is known a tax free organisation in US not sure about SARS policy on it.

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

  Written by Marc   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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Forgot username and password

  Written by Marc   Posted 9 November 2015

I forgot my SARS eFiling username and password when I want to reset them they asking me security questions that I also forget so now I cant any tips what can I do when I forgot my security questions

Who qualifies for a tax return

  Written by Marc   Posted 9 November 2015

I am an employee and have never submitted my tax returns. Should I submit if I earn about R108k annually?

2nd property

  Written by Marc   Posted 8 November 2015

I have a 2nd property. Thats not my primary residence. We want to sell it. For R500 000. Bought it for R80 000. Owi g R200 000. What portion will go to tax. Do we pay tax on the resale value or the profit value. Thanks

Rental costs whilst unit is empty before next tenants

  Written by Marc   Posted 8 November 2015

Let's say people rented a property and they left end of June and you sold the property with transfer going through September and it's not your primary residence. Would you account for the costs of levy etc between July Aug and Sep as part of the rental income deductions section?
The property was for rental specifically.

Should pensioners submit a tax teturn?

  Written by Marc   Posted 8 November 2015

My parents are 84 and 78 respectively. They receive a monthly pension income of R140 000 /a and a contribute to a medical aid of R 22 500 /a. They dont have They have limited medical expenses not covered by the medical aid. Do they need to submit a tax return?

Do we get 100% lump sum

  Written by Marc   Posted 8 November 2015

I would like to know if guys pays the all lump sum fairly or u keep some percentage for next payouts or investment

Must I still pay tax if company deducts PAYE?

  Written by Marc   Posted 8 November 2015

Must I still pay tax if my company deducts PAYE?

How can I find out why I'm being audited?

  Written by Evan   Posted 6 November 2015

I've done my tax return Ok. I received an SMS that I am being audited and that I will receive the amount of refund on 1 Dec. Why must I wait so long, and how can I find out why I'm being audited?

Lapses on cancelled policies

  Written by Evan   Posted 6 November 2015

I am at the part on my tax return which asks - Did you receive any money for work that you were taxed on, or money for restraint of trade, which you then had to give back to your employer? These are amounts refunded as per s11(nA) and s11(nB).

I am currently a financial adviser and we incur lapses on policies that were cancelled. This money is taken away from us. Do I use that amount here?

Travel allowance for commission earner

  Written by Evan   Posted 6 November 2015

I am currently at the travel allowance part of my tax return. This question arises. Do you receive a travel allowance from your employer? Click Yes if source codes 3701 or 3702 appear on your IRP5, AND if you kept a vehicle logbook. My answer is no as those source codes do not appear on my IRP5. However I am a full commission earner and keep a logbook. Where will I input those figures/amounts?

Tax for working abroad

  Written by Evan   Posted 6 November 2015

Hi Tim,
Is there a change to the tax exemption for offshore personal that are out the country for more than 183 days a year and have atleast one work trip longer than 60 consecutive days? Some rumors are flying around that these people will soon be taxed at rates of up to 45%.

How much tax will I pay when receiving a provident fund upon leaving my company?

  Written by Evan   Posted 6 November 2015

How much tax will I pay when receiving a R102 000 provident fund upon leaving my company?

Do you get an IRP5 if my employer prepopulates the return on eFiling?

  Written by Evan   Posted 6 November 2015

If I don't have an IRP5 and the employer has pre-populated the tax return on SARS E filing, how can I make use of TaxTim to do the tax return?

Capital gains tax exemption

  Written by Marc   Posted 6 November 2015

I have to calculate capital gain on a rental property ( not a primary residence). It seems we can deduct a R30 000 natural person exemption. Does SARS eFiling automatically take off that R30 000 or am I supposed to put it in somewhere?

What does "auto finalised" mean?

  Written by Evan   Posted 6 November 2015

My son has been audited, then it went to anther department, that department said that it would be auto finalised 28/10/2015, but still no money...

Do I submit returns for the years in between a full-time job where I studied and worked for myself?

  Written by Marc   Posted 6 November 2015

What happens if I started my first full-time job at the beginning of 2012 and submitted my tax return correctly (getting no refund, of course)... But then I quit the job in January 2013 and went back to study for the year of 2013? I assume I didn't have to submit for that year off? (I didn't). I then started freelancing and working for myself throughout 2014. Do I need to submit a tax return for 2014, even though as a freelancer I made less than the threshold?

ITA34 form

  Written by Marc   Posted 6 November 2015

How do I obtain a ITA34 form if I am not registered for tax? Earn below required income to register. For my medical(Boncap) aid say they need it to register me for 2016 membership, although I sent them all the proof of income

Parking expenditure

  Written by Evan   Posted 6 November 2015

As a SARS commission earner, can I claim my parking expenditure charged by my office?

Can use of vehicle be classified as fringe benefit

  Written by Evan   Posted 5 November 2015

Directors purchase 2 luxury motor vehicles on company name. But the installments are being paid off the directors loan account. SARS raises an assessment on the directors personal capacity stating understated PAYE. Can SARS do this? Can an objection be raised?
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