Vacation Home - What do I submit/declare in my Personal Tax Return?

  Written by Alicia   Posted 17 July 2024

I bought a house December 2023, which are rented out as a vacation home. This is my first house that I bought and do not know what I need to submit/declare in my Personal Tax Return for 2024. Can you please assist?

Cannot access refund due to a special stopper

  Written by Alicia   Posted 13 June 2024

SARS owes me a refund but according to the call centre they placed a stopper on my tax account and now need to see proof of the payment I made that caused the refund. I did make this payment, but the bank account I used to pay it to SARS has since closed.
How else can I prove that I did in fact make this payment?

Can I claim home office expenses I incurred in 2020 a few years later?

  Written by Alicia   Posted 12 June 2024

Good day,

I am writing to ask if it would be possible to make corrections to 2020 tax return assessment. I would like to include the home office expenses claim as I did work from home during the covid 19 lock down period.

Looking forward to your response.

Depreciation on furniture bought for rental property

  Written by Alicia   Posted 12 June 2024

I bought furniture for R 172 000 back in 2018 for my rental property. This was bought through the developer as part of a rental pool offering. Rental pool contract stating furniture costs, e-mail clarifications and proof of payment for this is in my possession but not the actual receipts or individual pricing for the items. According to the TaxTim depreciation calculator, I can claim around R 28 600 in 2022 tax year. My question is, can I claim this with the documentation in my possession and ca...

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Update Banking Details for a refund from SARS

  Written by Alicia   Updated 5 June 2024

Good morning,

I am no longer banking with the bank I used during 2023 and am trying to update my details on SARS eFiling. So far, I have successfully added my new bank and this has been verified by SARS. However, I am unable to remove my old banking details, and select my new bank as the primary transaction account for payments from SARS. Do I need to wait to file my 2024 tax return to effect this change?

Is rental expense a tax deductible expense for Airbnb subletting?

  Written by Alicia   Posted 23 May 2024

I know that the interest on a bond is tax deductible in the case of an Airbnb.
I was wondering if the rental of a property is also tax deductible if you use the arbitrage Airbnb method, i.e. subletting a fixed-term rental as an Airbnb?

Another question, what if the property is not my own, I am renting it from someone and subletting it. Is the rental expense that I pay, a deductible expense of operating the Airbnb business?

I know you have tiers of packages. How much do you charge to do the income tax of individuals that include the rental income? ...

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How would SARS tax you if you win the Powerball?

  Written by Alicia   Posted 21 May 2024

If I win the Powerball and decide to put all my winnings into a savings account and live off the interest, will I have to pay tax on my interest earned only, or am I supposed to pay tax on the total amount of winnings in the account?

How do I obtain my ITA34 documents?

  Written by Alicia   Posted 21 May 2024

I have lived abroad for six years and have not paid my taxes in South Africa.
I have now returned and am living in South Africa. I need to obtain my ITA34 documents for the past three years for the bank.

How do I do my taxes as a freelancer?

  Written by Alicia   Posted 16 May 2024

I'm a freelancer  - how do I do my taxes? Do I register as provisional taxpayer or can I still pay PAYE monthly?

One time pin (OTP) is sent to the wrong cell number and email

  Written by Alicia   Posted 16 May 2024

 
I am trying to authorise TaxTim to share access to my SARS profile. When I click on the Manage Tax Types request, the one time pin is sent to the incorrect cell number. What can I do?

Should I trade as a SBC or Sole Proprietor?

  Written by Alicia   Updated 14 May 2024

I've secured a contract of R3. 1m for two years which is going to be invoiced at R130k per month. Whats the best way to go about this? Should I set-up my business as an SBC or sole proprietor?

I'm a remote worker who needs help with their tax

  Written by Alicia   Updated 14 May 2024


I'm an independent contractor working remotely for an international company. The company is not obligated to pay my tax, therefore I need to do it myself.  However,  I'm not sure what the process entails.  Please can you offer help?

Is there tax on interest earned on money in savings accounts?

  Written by Alicia   Posted 13 May 2024

I think my tax return for 2023 was incorrect.
The amount in my ABSA back account pulled through and according to me, I am not supposed to pay tax on interest earned on money in my  savings bank account.

If I am correct, what are the next steps to correct this?

Claiming 12B tax deduction on IRP6?

  Written by Nicci   Posted 8 May 2024

I made a contribution towards a solar investment fund. My question does not relate to a rebate for my home installation.

I have contributed to a large fund that raised capital for a 12B solar energy project. The administrator of that fund indicated that I can include this under "deductions" when I file. There doesn't seem to be a field to enter it on the IRP6.

Why are my SARS attachments blank when I open them?

  Written by Nicci   Posted 7 May 2024

I just filed my provisional tax return (IRP6) using your platform. I received an email from TaxTim with the following instructions: "To view the contents of your Provisional Tax Statement of Account, please login to TaxTim, click on My Tax Docs and view the PDF there."

However, when I follow these instructions and attempt to open the document from SARS on my My Tax Docs page, it is blank. It does not seem to be pulling through the information. I checked on my SARS eFiling profile and I am able to open and view the Provisional Tax Statement of account there. ...

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Can construction workers claim a tax refund?

  Written by Nicci   Posted 30 April 2024

I work as a bricklayer on a building site. Do I need to submit a tax return and are construction employees allowed to claim a tax refund?

How do I calculate tax on my overtime?

  Written by Nicci   Posted 26 April 2024

I worked some overtime in the past few months. I am wondering how to calculate the tax on it. What tax bracket does overtime fall under?

Do I file a provisional return for a sole proprietor that I started in January?

  Written by Nicci   Posted 26 April 2024

I started as sole proprietor in January this year. Do I still need to file a Period 2 provisional tax return (IRP6) this February? The questions on Tax Tim are asking for the whole financial year (i.e from March last year until the end of February this year). Do I then just calculate the income and expenses for January and February of this year?

Trading Loss on IRP6

  Written by Nicci   Posted 26 April 2024

I registered a company in May 2023 and did not make a profit during the tax year up to 29 February 2024. I understand that I still need to file a provisional tax return with SARS, but it does not look like I can enter a negative figure in "Taxable Income" in the IRP6 form. Do I need to enter zero - as in there was no taxable income? In that case, does that mean that I cannot carry the loss forward to next year?

Is my Company a SBC or does it qualify for turnover tax?

  Written by Nicci   Posted 24 April 2024

Hi there, I would like to find out if I should be applying for turnover tax or small business tax, and if I would be considered a micro business. I have just completed my provisional tax return for 2024-01 on Tax Tim and the tax rate is 27%, which seems so high! This is my first tax return for my business, please help.

Tax on my travel allowance

  Written by Nicci   Posted 24 April 2024

My employer is satisfied that only 60% of my travel allowance will be for business purpose, do I only include the 60% in my monthly payslip for PAYE purposes or do I revert back to the 80/20 rule?

Donations to minors

  Written by Nicci   Posted 23 April 2024

If I donate R50 000 to each of my minor children (directly to their bank accounts) will R100 000 be tax deductible in my income tax return?

How are foreign dividends from an unlisted company treated?

  Written by Nicci   Posted 23 April 2024

Are dividends from foreign shares (not listed on any exchange) bought privately from a foreign business tax exempt?  If not, how would the dividend paid be treated for tax purposes?

What percentage tax does a person as a consultant pay?

  Written by Nicci   Posted 23 April 2024

I have been offered a job as a part time consultant. The company says that I must pay tax directly to SARS. How much tax will I have to pay directly to SARS?

I work two jobs - can I claim internet for both?

  Written by Nicci   Posted 23 April 2024

I work two jobs as an independent contractor in addition to my full-time salary. I use the same fibre internet connection for both these jobs which is debited on a monthly basis. Am I correct in saying I can only claim for it once on my tax return, and not twice for both jobs?

Then I also want to know if my TaxTim payment is deductible? 
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