Latest Posts in Tax Q&A

Tax Free Account transfers



I have a tax free call account with Standard Bank. I would like to know whether it is possible for me to request that Standard Bank transfers the money that is in the call account to a suspense account at ABSA Bank, from where it will be immediately transferred into a tax free fixed deposit account at ABSA Bank? Will my investment then still be tax free at ABSA Bank? Would I have to cancel the call account at Standard Bank, to ensure that the fixed deposit account at ABSA Bank is tax free?

Leave days and tax




Business travel from home office



I work for a multi-national company and I am home based. I would like to find out, when I travel into the office for meetings, can I claim that mileage as business travel? Also, just for interest sake, would it be different if I was a salary earner and I did receive a travel allowance?

Compiling IRP6



I am a first time IRP6 Provisional Taxpayer and I am looking to complete and submit my tax return through TaxTim. Would you be able to assist me with my tax return? I would also like to find out whether Provisional Taxpayers would need to submit documents and other expenses later in tax season again? Also, will I have an opportunity to submit other expenses later if I accidentally leave out something or over estimated on my IRP6 P1. And finally, how accurate does my IRP6 need to be considering t...

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Company has no VAT number




Tax when selling the shares



I previously received an opportunity to invest in shares through my company. I invested a portion of my income every month and every six months shares were purchased on my behalf at a 14% discount. The shares are US based and tax was deducted locally off my payslip. I would now like to sell off my shares, but I don't fully understand how I'd be liable for tax. We were able to sell them as soon as we had them. They were part of an ESPP (Employee Stock Purchase Plan) and were purchased by deduction from salary and taxed (nothing given out-right). On the platform, they do seem to be classified as short/long term but I think this is geared up for US rules of capital gains....

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Underestimated tax paid (IRP6)



I am a provisional taxpayer. I have not yet received my final payslip, but I will be receiving it quite soon. On my IRP6 tax return, I have indicated that the total estimated on the taxable income and actual tax paid is an estimate as of today and not the accurate amount. So, what I would like to find out is, when the final payslips are available and ready for me to use, what will happen if I have underestimated the actual tax paid to date? Will I perhaps still be eligible for any refund?

Relocation expenses




Movement of assets




I still have source code 3697 and 3698 on my IRP5 for 2018



Question: Where can I input source code 3697 or 3698 from my IRP5? I do not see a place for this anywhere?

Answer: Those codes are no longer applicable for 2018 IRP5s, if you have 3697 and 3698, add them together and include that total amount for source code 3699.

Everything you need to know about Pay Periods on your IRP5



What are Pay Periods?

Your IRP5 has two fields on it that relate to Pay Periods:

  1. Periods in year of assessment
  2. No. of periods worked
  3. Period employed from
  4. Period employed to

A Pay Period describes an amount of time within a year that you were employed by your employer.

This can be an amount in:

  • DAYS - maximum 365, or 365.0000
  • WEEKS -  maximum 52, or 52.000 (can show a partial number, e.g...


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Time to lodge a dispute



How long do you have to lodge a dispute on an assessment?

Bitcoin and Tax



Are the earnings from Bitcoin taxable?

No time to go to SARS



I cannot get the time to go to SARS, is there a service that you
offer to get my SARS eFilling account active and then also submitting my IRP5s?

MY TAX RETURNS



Question before I start.  I am at work and would like to file my tax returns with you.Should I be called to attend to customer's or answer the phone and I close the websitecan I then log on again and continue or once I start I must complete the entire process?
Thanking youMaria

Doctor's fees deductible if not on medical aid?



Good Day. During 2016/2017 my wife stayed with me before we got married. We both had doctors visits but I did not have a medical aid yet. Can the doctor's fees be deducted from my tax? She also got pregnant with my child and we had monthly check ups.

P2p interest



I earned interest on a Peer 2 Peer investment in the UK, at https://www. Ratesetter. Com/. As this is a non-SA entity they do not provide IT3(b) statements. It is also not a bank/ institution but independent loans. As such, I am not clear if or were to add this amount in TaxTim. I did get a statement with the amount received of 110. 25GBP. Do I enter this amount at the point of "Did you earn any interest from a foreign bank / institution? On your IT3(b) you will see an amount under foreign interest. " ?...

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SARS does not want to pay me the money it owes me.



Good day, SARS owes me money, had to go through the ombudsman to prove this, successfully did so however, SARS now requires that I prove that I actually did pay an amount I owed 2 years back before they refund me. My question is: is that even legally allowed/required of me or is it foul play from SARS? Thank you for your assistance

Difference between provident fund and retirement annuity?



There is no code 4006 on my IRP5, but I pay into a provident fund via my employer. There is an amount with code 4003/4473 (the same amount). Do I need to enter this amount anywhere?

This query relates to question 6806 "Do you have a %nextpass% Retirement Annuity Fund that you want to enter?" in the Retirement Annuity section.

Full amount of shares paid out or profit?



I had MTN Zakhele shares which reach maturity and were paid out in December 2016. Do I include the amount that was paid into my bank account or the difference between what I paid for the shares vs what I sold them for?

This query relates to question 6431 "Please enter the total amount received from the sale here. This is known as the proceeds." in the Capital Gains section.

FW: Tax season reminder - 1 tax return due




I keep receiving these messages. I have completed everything. Please advise as to how to submit?

Much appreciated.

Thanks and regards,

E-filing query and TaxTim






I am a provisional taxpayer and would like to make use of TaxTim. However I
am not registered with E-filing. Therefore, must I be registered with SARS
E-filing in order to be able to make use of TaxTim's services? Or can
TaxTim submit tax returns directly on my behalf (note I will pay any added
costs if necessary) to SARS?



Thank you,

RAF



Kindly advice me on tax deductions regarding RAF maximum amount that ca be
deducted.

If a person is on Salary range of 280 000 to 300 000 p.a.

The employer and contribute each 7.5 % of the basic salary p.a to pension


The employee currently contribute R405 per month towards retirement
annuity fund per month

The question is how much can be deducted or get refunded from SARS annual
or how much can contributed to RAF to ensure that he/ she is not paying too...

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Old 2009/2010 efiling returns




SARS say they upgraded their system and have now seen i did not file a tax return in 2009,2010 and have fined me for each year. Both years i was under the threshold but they are insisting i file these returns. I do not have the IRP5 anymore and the company no longer exists. They advised that I open the return on efiling and can then submit as it should have all the info, I have done this but there is no earning/medical aid information etc.
How do i resolve this now as both returns are now sitting open on efiling and i am getting fined R250 per month now that i do not resubmit....

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What is accounting fees?



What are accounting fees? This house is in a complex where levies are charged, does this count as accounting fees?
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