Earnings of a teacher and tax

  Written by Nicci   Posted 5 June 2019

I would like to find out if I should submit a tax return as a teacher that earns R300 000 per annum. Would this be required of me?

Business travel from home office

  Written by Nicci   Posted 12 March 2019

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?

Underestimated tax paid (IRP6)

  Written by Nicci   Posted 15 February 2019

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?

P2p interest

  Written by Nicci   Posted 19 July 2017

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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Are amounts of separate IT3b documents added together?

  Written by Nicci   Posted 13 July 2017

I have two IT3b documents from different sources. Should I add them together?

This query relates to question 6480 "Please enter the total interest amount earned here. If you don't have an IT3(b) you can also add up the interest amounts appearing on your bank statement. This should appear next to source code 4201 on your certificate. " in the Interest & Investments (IT3b) section.

Penalty for non-submission

  Written by Alicia   Posted 13 July 2017

I received a notification from SARS indicating that I have admin penalties
indicating that ITS outstanding tax returns for 2008, 2009 and 2010.
What does this mean and can you help rectify?

Rental income for a room

  Written by Alicia   Posted 8 July 2017

I have earned rental income from renting out a room in our house. How do I calculate the electricity, rates and taxes (and bond interest) deductible against this income? The room does not have a separate electricity meter, and also keeping in mind that we use prepaid electricity.

Debit interest

  Written by Alicia   Posted 8 July 2017

I receive an IT3(b) Certificate from FNB but there's no credit interest earned only debit interest paid.
Does that get included on the tax return?

Bond repayment tax deductible?

  Written by Alicia   Posted 4 July 2017

Does my monthly bond payment qualify as a expense against my rental property? Currently my rental income is R6500pm and my bond payment, including rates, taxes and levies about R8000pm indicating a loss for tax purposes?

Unit trust and tax

  Written by Nicci   Posted 24 April 2017

Do I need to declare interest from unit trusts that is under the threshold of R33000 (e. g. Local interest earned was R15000).

Share trading

  Written by Nicci   Posted 19 April 2017

Do you assist with tax returns where share trading is involved?
I trade in CFDs and equity via my broker for the past 5 years, however,
I've not been making any profit, so I've not been declaring any loss as well.
I don't have any other sources of income except a little interest.

Tax on a deceased's Retirement Annuity

  Written by Nicci   Posted 28 March 2017

I received money from my late dad's Retirement Annuity and I was taxed on this. Does that
matter at all?

Resubmitting A Tax Return

  Written by Nicci   Posted 24 March 2017

On my 2016 tax return SARS says that I owe them money. I think that this isn't accurate as I was with a full time employer and I'm sure that they took care of all my tax issues. Is it too late to resubmit a tax return for 2016 via TaxTim?

Provisional Tax and REIT Income

  Written by Nicci   Posted 24 March 2017

I'm a stay at home mom. The only income I get is from interest ( - R10000.00), dividends (-R15000)and REIT Income ( -R25000). I file only 1 tax return per year. Should I be registered for provisional tax due to the REIT income?

Penalty Fees

  Written by Nicci   Posted 17 March 2017

I've recently had the misfortune of getting a tax penalty of over R16500.00 It was deducted from my provident fund without my knowledge. A further R7000.00 was deducted from the same provident fund pay out. Please advise me if I can dispute this after it has been deducted; if not I'm fine with it. However, I got a statement from SARS more than two weeks later referring to these penalties. I'm not sure what this statement means.

How to get a Tax Clearance Certificate

  Written by Nicci   Posted 16 March 2017

How do I get a tax clearance certificate for an individual?

What happens if I haven't submitted a tax return?

  Written by Nicci   Posted 13 March 2017

Since voluntary sequestration and rehabilitation about 10 years ago I have not submitted a tax return, what will the effects be of this?

What's the exact deadline for annual Retirement Annuity (RA) contributions?

  Written by Nicci   Posted 28 February 2017

I make annual lump sum contributions to my RA. In order for my annual lump sum contribution to qualify for tax deductions for the current year, do I only need to make the payment for my RA before the end of February, or does my financial advisor need to have allocated the funds to my RA before the deadline? i.e. Can I still make a contribution at 23:59:59 on 28 February 2017 which will count towards the 2016/2017 tax year?

Inclusion of rental expenses in CGT calculation

  Written by Alicia   Posted 24 February 2017

If I earned no income from a rental property (which I rented out for about 7 years) and sold it in the same year, can I still deduct the expenses (levies, interest, rates) normally incurred from income, or should I add these costs to the Selling cost or Base cost to reduce capital gains tax?

Do I need to file a tax return with R260 000

  Written by Alicia   Posted 24 February 2017

I am unemployed but earn interest income ( approximately R260 000 annually)from fixed term deposits
I am under 65 and contribute to medical aid and retirement annuity
Do I need to file a tax return

How will tax work on my bank account with other peoples money in it?

  Written by Alicia   Posted 21 February 2017

Me and five members of my family want to start investing. Before the profits will be paid out the company that does the investments does the tax part on it and then pay us the profits. What I want to know is, if they pay the family members profit into my bank account with my profit will there be any problems with tax on my side because all the money is going to my account. The company will send each of us an IRP5 at the end of the season so that each of us can fill in our tax return.

Paying double tax on pension

  Written by Alicia   Posted 16 February 2017

I get paid a monthly pension from my late husband's employee benefits, on which PAYE is deducted. On the annual tax statement and the details that get sent directly to SARS, it will show the full gross pension for the year, less the PAYE paid. Why then, does the net pension amount (after PAYE) still get included in taxable income for the year? Surely I am then paying PAYE as well as another layer of income tax on the remainder, i. e. On the net income? My tax assessment shows the taxable pension...

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How do you perform tax calculations for property and interest while married in Community of Property

  Written by Alicia   Posted 16 February 2017

My husband and I own property, receive interest income and are married in Community of Property. What percentage of the property income, property expenses and interest income should we each include on our Provisional tax under the total turnover and estimated taxable income respectively?

Payment of income tax on Fixed Deposit investments

  Written by Alicia   Posted 15 February 2017

If I dont receive the interest I earn as my investment is over a 36 month period, do I still have to declare the interest earned during the year?

Payment of income tax on rental income and interest earned.

  Written by Alicia   Posted 14 February 2017

I have some rental income that I would like to invest monthly in my fixed deposit. I know I must pay tax on both the rental income and the interest earned but when? I have to fill in a tax return twice yearly as a provisional tax payer. If the rental income and interest is fixed into the deposit account and I am not allowed to withdraw money, how would I go about paying the interest? Should I keep funds separate specifically for this in another account.
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