Temporary break in rental income

  Written by Evan   Posted 2 July 2015

I have a property that I rent out. Every year on my tax return, I declare the income I received, and also include related expenses (ie, interest on loan, levies, rates, etc)

I would like to know the following - there were 2 months when the property was not let out (I was finding new tenants at the time). Can I include the expenses for those 2 months thereby reducing my profit, or can I only include expenses for the months when the property had tenants and I was receiving an income?

Medical aid tax rebates - Employer pays half directly into my account

  Written by Evan   Posted 2 July 2015

My company offers to pay 50% of my medical aid contribution. This money is paid directly to me (included in my salary into my bank acc). The amount is indicated separately as "MEDICAL AID" on my payslip. I therefore pay the full amount of the monthly cost to my medical aid every month from my bank account. On my IRP5, my employer indicates their 50% contribution under Deduction code "4005" even though they do not pay the Medical aid provider directly.

My question is:

A) Should this amount be listed under "4005" (According to SARS there should be no amount under 4005 if the employee pays the medical aid personally) ...

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Allocation of PPS on the tax return

  Written by Evan   Posted 2 July 2015

Where do you allocate PPS Loss of income on the tax return?

Freelance income on top of salaried employment

  Written by Evan   Posted 2 July 2015

My fiancé has full time employment and receives a monthly salary. He did a small freelance job last year which earned him R2000. How do we go about declaring this amount via efiling?

Will I be charged tax on pounds transferred to SA?

  Written by Evan   Posted 2 July 2015

I am a South African resident working in the UK. I am currently being paid in pounds into a British bank account. I am self employed and will be paying taxes in the UK. I understand that I am liable to pay SARS the difference in taxes between UK and SA. What I would like to know is how it works with me sending money back to SA? Will I be taxed extra on this money or will it all just be calculated in the tax return on earnings?

Travelling expenses independent contractor

  Written by Evan   Posted 2 July 2015

I work as a independent contractor through a agency contracted to Nedbank, I am an IT Solutions Architect , my cost to company is R75,000 pm. Can I claim my travel on SARS efiling? It's not set out on my IRP5 with a code for travelling expenses.

Says I don't have to submit a tax return because I earn under R350 000

  Written by Evan   Posted 2 July 2015

Says I don't have to submit a tax return because I earn under R350 000. Is this true? Why has SARS changed their mind?

Supporting docs turn around time for approval

  Written by Evan   Posted 2 July 2015

Hi,

I submitted my Tax return for 2015 and my SARS calculation showed that I am owed a refund. However I was asked for supporting documents which I submitted. Does SARS give you a confirmation once all documents have been verified? How long does the verification process take?

How to declare Taxable Local Dividends (code 4238) on tax return

  Written by Evan   Posted 2 July 2015

I would like to know where on my tax return (ITR12) should I declare the taxable local dividends (4238). It is from the income tax certificate I received for my unit trusts. The code wasn't on last year's certificate. Both the relevant questions are ticked yes (i. E. 'Did you receive income from interest (local and foreign) and / or taxable foreign dividends?' and 'Did you receive exempt local / and or foreign dividend income?') There is, however, no code 4238 on the inco...

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Bursary repayment deduction

  Written by Evan   Posted 2 July 2015

I'm am repaying a bursary on a monthly basis. Can I use it as an deduction on my personal income?

Thank you

Documents required for tax returns at SARS

  Written by Evan   Posted 2 July 2015

What do I carry along when I am going to SARS?

Logbook too big to upload?

  Written by Evan   Posted 2 July 2015

Hi Tim,
I've been asked by SARS to provide supporting doc's, problem is my logbook is 120 pages via "the Little Logbook" GPS logbook. I know we are limited to 20 pages and 2MB for uploads. Can I submit the 1st and last page showing opening and closing, or should drop all the pages with a SARS office. Thanks!

Rental income at a loss

  Written by Evan   Posted 1 July 2015

Hi,

I have a apartment that I rent out. The rental income is R5000 which is R350 less that the total expenses
Levies R680
Rates & Taxes R270
Agent Commision R400
Home Loan Interest R4000

Can this loss be deducted from my annual salaried income, and how do I do this ?

I was medical boarded for 11 months and survived with disability grant

  Written by Evan   Posted 1 July 2015

I was medical boarded for 11 months. Do I need pay tax whilst depending on grant? Will taxman compensate me during this difficult time?

RA contribution refunds

  Written by Evan   Posted 1 July 2015

I have done a calculation of my assessment. I was under the impression I will get all my RA contributions back as a refund but I did not. Is this correct? And my extra medical expenses, where do they go?

Will it be better to pay my own medical aid contributions?

  Written by Marc   Posted 1 July 2015

Currently my employer pays for medical aid contribution. Will it be more tax beneficial for me to move from the group and pay it individually? I noticed SARS pays a monthly fee per dependant. Please advise, thank you.

What if the employer keep delaying this matter hence I have a penality impossed?

  Written by Marc   Posted 1 July 2015

I have two IRP5s for 2008 that are showing at SARS so SARS asked me to contact my previous employer urgently because I'm owing lot of money already. So the employer is saying that they don't have the records to remove it because that information is on the old software that they don't have anymore. But the will issue a letter that I must take to SARS. I went with that information to SARS but the feedback that I received was it wont help because that record stays on my records and has long it stay...

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I was unemployed for 3 months last tax year, how does that effect my tax?

  Written by Marc   Posted 1 July 2015

I was unemployed for 3 months last tax year, how does that effect my tax? In short I only recieved a salary for 9 months. Will I be liable to pay in any additional tax? Are there forms that I need to fill in, because I never claimed unemployment.

Unpaid Provident Fund pay out, how to add to Tax return?

  Written by Marc   Posted 1 July 2015

I received an unpaid outstanding provident fund pay out from my previous employer in the last financial year. However, I left this employer 5 years ago. I have received a tax certificate. Do I include this in my current tax return and add the amount to my current non retirement income as per the income code?

Tax on Medical Aid

  Written by Marc   Posted 1 July 2015

I currently work for a company where the medical aid is paid in full by the business, however my tax is killing my net. I work on a gross of R29 537. 08 PM but only net R20 042. 21 which means I am paying almost R10000 a month in tax. According to my company, they say nothing can be done to reduce the monthly tax as it would be unlawful. I want to find out if that is true or if anything can be done to help the situation?

We want to sell our property in our CC? What are the tax implications?

  Written by Marc   Posted 1 July 2015

Our CC has a property under its name which we currently reviewing a OTP for it. The CC has been dormant for the pass 10 or so years. What will be the tax implication on this Disposal And how can it be worked out?

If earning money privately, from what value must you declare to SARS?

  Written by Marc   Posted 1 July 2015

I am thinking of doing some management consulting, after my normal working hours. I am hoping to earn approx R 10 000 per month. When do I need to declare this to SARS / or at what value? Do I have to register my company, as i'm not sure if this will be a permanent thing.

Do I need to apply for a tax directive for my earnings received (private company)?

  Written by Marc   Posted 1 July 2015

Is a tax directive necessary for my consulting firm - I have a private company with 1 employee (myself). I provide consulting services through another IT firm to their clients. I provide the firm with a Sales invoice for hours worked etc at the end of every month. They in turn pay the full invoice amount. I pay myself a fixed salary (PAYE & UIF deductions included) through my business. The remaining amount is profit to the business where we're liable to pay company tax (usually around 7% turnove...

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Should I have a tax number first in order to register for turnover tax?

  Written by Marc   Posted 1 July 2015

We registered a CC a few years back, but we never traded on it. We would now like to get the business up and running, although our turnover will be very small during the first year. I understand that we may qualify for turnover tax, but my question is, should we first have to register for normal tax (i. E. Get a tax number) before we can then register for turnover tax, or can we just register for turnover tax from the start? We never got a tax number after we registered the business originally...

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Changing jobs for taxes?

  Written by Marc   Posted 1 July 2015

How will SARS know that I changed jobs? Apparently you get a return if you changed jobs but it's not formed part of the calculation? How does this work?
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