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?

Donations and Tax

  Written by Evan   Posted 5 November 2015

I would like to understand how donations / gifts work. I have read a few things but want to make sure I have it right. Lets say a friend of mine is in need and I donate / gift her R120k in a year. Do I pay tax on that? Does she? Does it form part of taxable income etc?

File for 2 years ago

  Written by Evan   Posted 5 November 2015

I have been out of the country for 2 years when I tax returned I received an SMS that I am fined for 2012-2014 tax returns not filed. Can you please assist me in this regard as I never filed before.

Rental income In Community of Property split not recorded on IT34

  Written by Evan   Posted 5 November 2015

On my IT34 - for my rental income profit - SARS did not perform the 50-50 split for being married in community of property and so the full amount was used to calculate my tax owed. Would I file a dispute claim for this? It seems strange that last year SARS did the 50-50 split and this year they haven't.

Can I claim gap cover on my tax return?

  Written by Evan   Posted 5 November 2015

I had depleted my savings last year on my medical scheme and had a self payment gap to cover and then annual threshold benefits would kick in. Can I claim the self payment gap on my tax return?

Is a UK property sale liable for SA CGT

  Written by Marc   Posted 5 November 2015

I've recently sold a property in the United Kingdom, and transferred the proceeds thereof over to South Africa. I'm a South African citizen, registered with SARS. Am I liable to pay capital gains tax here in SA?

How do you claim entertainment expenses

  Written by Marc   Posted 5 November 2015

How do you claim entertainment expenses. The expenses that are directly related to projects and to a client is reimbursed by the company. Expenses related to business development or non-client related are not reimbursed. I have receipts for these, but canâ%u20AC%u2122t really tie it to a client per se. I may be able to tie it to a specific meeting in my calendar or a log of meetings that I keep.

How would I summit a tax return as a sole proprietor with no payslips?

  Written by Marc   Posted 5 November 2015

I am a sole proprietor. I need to do a tax return for this year. I have no payslips, but I do have an income and expense sheet done by me. How do I go about doing a tax return for SARS?

Do I need to pay tax and why?

  Written by Marc   Posted 5 November 2015

I am a South African university student, currently working at the university library as a library assistant. I get paid not more than R3000 a month. I received a call today from the Human Resource department saying that I must pay tax. I have never paid tax before and I was not informed in my contract that I will be asked to pay tax at the end of the year. This is my 8th month working.
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