Medical Aid claims and Dependents

Updated 25 April 2022

I was the principal member of my medical aid plan for part of the tax year end Feb 2022 and my husband was an adult dependent. My husband incurred several medical expenses, which were not reimbursed by the medical scheme while he was a dependent on the medical plan. What I would like to find out is, that if a person does not contribute to a medical scheme, like my husband (who was a dependent), he/she is therefore not able to claim a deduction for any medical expenses incurred, correct? And if t...

Read more →

Retrenchment tax

Updated 25 April 2022

I have been retrenched because of the company cutting back on staff. My severance package is R107000 including R14000 leave pay. I am 57 years old female. I have been paid out R87000, is that correct?
I thought I did not have to pay tax if my lump sum was under R500 000? Please could you assist me with this as I am very much confused?

Living, working and paying tax abroad

Updated 25 April 2022

I have been living and working abroad in Australia for Australian companies since 2017. All the while I have been paying income tax, social security tax etc. in Australia. Naturally, I do not have an IRP5 from the Australian employer. As far as I understand SARS still requires me to declare my income? If so where and how do I declare this on the tax return?

Transfers from spouse & car sales

Updated 21 April 2022

I have 2 questions

Question 1: My wife sometimes transfers some money into my account to pay a certain bill. The amounts total less than R100,000, it is never anything above that. Do I need to declare this under the TaxTim section question "Did you earn or receive any other money that you think should NOT be taxed?"? Will I be taxed on that amount?

Question 2: I sold my car and bought another car. Do I need to declare the amount I received after settling the remaining insta...

Read more →

Are Share Options taxed on date of them vesting (eligible but not exercised) or only when exercised?

Updated 21 April 2022

I have the option to participate in an employee share option scheme, but I'm a little unclear on the tax implications. I high-level view is as follows:

Options will be granted at an agreed price (e.g. R1)
The options will vest over a four year period (annually)
Once vested, I would be able to exercise the right to purchase and retain shares or sell to a willing buyer because the company is private, it may not always be easy to find a willing buyer (e.g. At the end of each year), and I may also not have funds available to purchase the shares myself. My main question is around when would I become liable for tax?...

Read more →

Changing banking details

Updated 21 April 2022

I would like to find out the following information regarding my banking details. I have recently changed my banking details from Capitec bank to Nedbank. My salary is paid into my Nedbank and debit orders are also connected to this bank. I still use my Capitec bank account and intend to keep it active. I would like to enquire if I need to notify SARS of the change in banking detail and would I also need to go into the SARS branch to make this happen?

Takehome salary?

Posted 20 April 2022

If my take home is R34000 What will my salary be before?

What does 'Due to you' mean on my SARS assessment?

Posted 20 April 2022

I just don't understand this "due to you" thing it is been 3 working days since I have been to SARS and I have not received anything. I don't know if I owe them or they owe me, even though my assessment says "due to you"

Married in Community of Property

Updated 20 April 2022

My wife and I got married last year on the 26th of March 2018. We got married in community of property, so when it comes to tax what I would like to understand is whether we will both need to do our tax differently this year and also, I would like to find out what would the implications on our tax returns be like?

Code 3713 Implications?

Posted 20 April 2022

I have been paying PAYE on a site/home allowance which I get because I work on a site away from home. Can I get a tax deduction on this. My employer put it as a code 3713 on my IRP5.

Regards

Calculate salary pro-rata based on a basic salary of R18000 per month - days worked 14

Posted 19 April 2022

Calculate the pro-rata salary based on the basic of R18000 - 14 days worked on VIP payroll. Calculate the PAYE on the pro-rata salary as well. How does VIP calculate PAYE on a pro-rata salary?

What is an ITA34 form and where do I get it for credit card applications at a bank?

Posted 19 April 2022

Hi Tim I applied for a credit card at a certain bank and they want me to submit an ITA34 form because I do not have a payslip as I am self-employed.

Please explain this form to me and where best I can obtain it? Thanks

Severance pay and tax exemption

Updated 17 April 2022

My severance pay was taxed normal tax after I got retrenched even though my employer informed me that they applied for a tax exemption. Is this correct because I am confused about this? It was the first time an exemption was requested on my behalf and it was the first-time I got retrenched too. The amount of my severance pay was R370 000 and it was taxed normally. What recourse do you perhaps have for me regarding this matter please?

Deceased Relative and Savings

Updated 17 April 2022

I have a relative that has unfortunately passed on and I am the dependent that will receive all the savings from this relative- these savings are coming from an international bank account, in Norway. This would be my first time having to claim this and making sure that I do it correctly. What I would like to find out is, what would I need to do on my side to ensure that I am safe and clear with SARS and the laws of the country?

CIT Documents

Posted 12 April 2022

Q: What are CIT documents

How do I change my physical residential and postal address on eFiling.

Posted 12 April 2022

Q: How do I change my address on eFiling

What are CIT documents that SARS requires?

Posted 12 April 2022

Q: What are CIT documents

Divorce payout of approximately R850,000.00. How much would SARS tax?

Updated 11 April 2022

My husband needs to pay me R850 000 maintenance as part of our divorce settlement, seeing as he does not have the funds all at once so he will be paying it to me in as a lump sum of R600 000 and the rest will be monthly payments for 3 years. What will the tax be on it?

TaxTim says:

There should be no tax due on the R600 000 if it's maintenance paid from your husband to you, you are however required to declare this income to SARS under the n...

Read more →

I don't know what is s12e, can you help please?

Updated 8 April 2022

I don't know what is s12e

This query relates to question 4862 "Please enter the S12E accelerated depreciation allowance which the company can claim. Use our handy SBC calculator to help with your workings." in the Income statement section.

What is the difference between Pensionable and non-pensionable salary?

Posted 8 April 2022

Q: Please explain the tax calculation between pensionable and non-pensionable salary

Do I have to add VAT when selling a company car?

Updated 8 April 2022

Hi there :)

My service-based company is VAT registered. When we bought our first car I was very disappointed to find out I may not claim back the VAT we paid on the car back, since we are not a motor dealer. Now a couple of years later we want to sell that same car. My question is do we have to add VAT to our selling price as we do on all our services?

I hope not, because if we sell to a private non-VAT registered individual, then he or she will lose out on the 15% I have ...

Read more →

Obtaining an IRP5 form from an old employer

Posted 8 April 2022

I am having a problem with obtaining my IRP5 form from 2010 from one of my employers.
I was still in school this time and I worked as a waiter back then, so I was clueless when it came to submitting tax and all. I did my 2013 return, and now SARS have asked me to do it from 2010?

Answer:

You will need to contact your employer and ask them to send you a letter explaining why they are unable to provide you with the IRP5.

In most cases, your employer migh...

Read more →

Medical Aid and Pension contributions on IRP5

Updated 7 April 2022

I struggle to understand how the (The total deduction - code 4497 on IRP5) is calculated. I have a medical aid fund, pension fund and retirement annuity. My employer (the church) is contributing to all three of these funds. This question is for the 2021/2022 tax year with the new T-day implications. In the income section, the following IRP5 codes are used. (This I understand)
3810 - Medical aid benefit
3817 - Pension fund fringe benefit
3828 - RA fringe benefit

In the deductions/contribution section. These are the only items Payroll shows. ...

Read more →

VAT103 Certificate

Posted 7 April 2022

Q: VAT103 certificate

Self employed, how do I pay my tax to SARS?

Posted 7 April 2022

Q: Self-employed and tax payable to SARS

Older posts →← Newer posts    1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20