Depreciation / Wear and Tear Posts in Tax Q&A

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



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.

Can claim depreciation for my personal car?



Is it possible for me to claim depreciation for using my personal car to go to work? I do not receive any car allowance.

How do I calculate the depreciation on my office equipment?



I have completed my 2016 tax return via TaxTim. On the depreciation of office equipment I indicated that I am depreciating my laptop which was bought for R20 000. The amount I came up with was R3 333. 33. SARS requires me to indicate to them how I got to the figure. Can you please assist so I can explain myself to SARS?

Freelance & Full time job tax submission, can I complete this on one form?



I have a full time job, but do freelance on the side. I would like to submit for my job as well as my freelance, including the mac I bought, my Fiber line rental and anything I purchased to run my freelance job. Is this possible? Which option should I apply for?

Can I claim for depreciation on my vehicle?



Can I claim for wear and tear on my personal vehicle and how do I do it? I kept a logbook because I am getting a non taxable allowance for the km driven for business purposes.

Freelancer and full time employee, how does my tax work?



I am full time employee and I have already submitted this current year's tax return.
I am a freelancer in my spare time as I started doing online work and earning dollars.
What is the tax implications and how do I go about it? Could I claim back on the use of my computer etc.?

Travel Expenses Code 4015



I did my SARS eFilling tax return through TaxTim and I completed the Travel Expenses Section, 4015, as R72902. I am being audited and I am not quite sure anymore what that amount includes, they only thing I can think of to get to such a high figure would be my car payments per month? Please advise what deductions are allowed under this code and what proof I need to send SARS to support this?

Tax paid for small business owner, PAYE and or Individuals tax?



Hi Tim, I am a small business owner, my company is registered, I have no other employees at the moment. Should I pay myself a salary so as to avoid withdrawing from the business account for personal use. Should I register for PAYE? Do I have to pay individuals tax too if I am registerd for PAYE? The business income is my only source of income?

No IRP5's



I worked for a company. They were liquidated and did not give me IRP5's or upload them to SARS. I don't have salary slips either. How do I submit my tax returns?

Verification/Audit Outcome



Hi. I am in a bit of a panic. My personal tax return was selected for verification/audit. SARS requested that I provide documentation for my depreciation deduction. I've submitted what I have, but don't know whether the docs would be sufficient. What would the outcome be if the depreciation deduction is not deemed valid? Would they just disallow the deduction or am I going to get fined? Do I need professional assistance or should I just wait it out?

What expenses can I deduct on my Forex earnings?



I am a full time employee, earning a salary every month. I recently started trading Forex and understand that the profits will be added onto my existing income for the year and taxed accordingly. I would like to know what kind of expenses can be deducted from tax that is paid on the profits for that year. Can I deduct my "office space", adsl / fibre internet (full monthly subscription), % of municipal bill, interest on bond, etc as all of these items are used to generate or assist in gen...

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Will my refund be issued if I have old returns outstanding?



I have completed my income tax, and there is a refund owed to me. Will this be paid out if I have not done the assessments for the years 2011 and 2012. But I do not have any documentation from those years

Type of supporting Documents to provide SARS for Laptop Depreciation?



Hi

i submitted my 2014/2015 Tax tax returns and included depreciation of my personal laptop I used for work from February 2014 to June 2015. My company did allow me to use my laptop. SARS wants proof of usage. (I said Work: 80%-Personal:20%) Not sure I even understood it correctly. What exactly should I provide to them?

What are the allowable deductions for a consultant?



What expenses can I claim for as a consultant

Assets in the form of Cellphones, Laptops, Cameras - Are these tax deductible as I use it for work



I bought a new Personal Computer (Laptop) for both work and personal use in November 2014 as the 2nd hand ones were always breaking down or crashing. Also bought a new Photographic Camera in 2014 for both uses as well. I also invested in a new Cellular Phone last year as the one I had was 2nd hand and very unreliable. This I done just before embarking on an arduous film shoot in KZN where I would be very dependant on it for communication purposes as to the ever changing schedule. Long story short. . . I have never claimed for wear and tear and as I use it for work purposes too I would like to find out whether its possible as a tax deductible and how I should go about it...

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Can you claim for travel (log book) as well as depreciation on the car?



I receive a travel allowance and keep a logbook accordingly. Am I able to claim for the travel as well as depreciation on the car?

Allowable tax deductions for a company?



I work for myself running a trading business. I purchase a cell phone for my business for 10k and a coffee machine for my office for 12k. Are these fully deductible in the current tax year they were purchased?

Fringe benefits for sale proprietors?



Does a Sole trader who uses his vehicle for personal and business use have to pay a fringe benefit tax himself as he is not classified as an employee.

How to calculate travel expenses?



I will be claiming tax back on travel for business use for the first time. I have maintained a logbook since starting my new job in the middle of the current tax year 2015/16. Please advise what the "fixed cost" is, and how I can calculate what tax rebate I should expect to receive from SARS in July.

Tax deductibility of vehicle lease payments for independent contractors



I am an independent contractor. I do not earn any salary. I currently have a vehicle on which I claim a travel deduction. My vehicle requires replacement. I would like to know if I can claim lease payments as a tax deductible expense should I lease a new car. I have not come across any prohibition on the SARS website. This surely is in the production of income as without a car I would not be able to carry out any work at all.

What allowable deductions does a Pilates instructor qualify for?



I am a Pilates instructor and earn a commission from the studios I work at and I do my own invoicing for clients I see outside of the studio. The later I am self employed as I understand it. I only started working in South Africa in Aug 2014. My 2015 tax return was done by an accountant. I understand that being self employed and a commission earner I can deduct expenses directly related to earning an income such as:

- Vehicle expenses
- Phone expenses
- Education and training...

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what expenses can i claim if I own a taxi?



If I own a second vehicle and use that second vehicle 100% as a Taxi. Would the tax be payable on only the income or payable on income - (minus) expenses?

For example, monthly costs breakdown as follows:

Expenses: Vehicle Repayment Costs - R1500 / Vehicle Insurance: R1100 / Vehicle Tracking Costs: R100 // Total: R 2,700. 00

Income: R 8,000. 00

Income (R 8,000. 00) - Expenses (R 2,700. 00) = R 5,300. 00

My question is. Would I pay tax on the income of R 8000 before deducting expenses...

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Wear and tear on coffee machines?



What is the wear and tear rate for coffee machines

Sequestration and Business Vehicles



If I have been declared insolvent, can I still make claims against the business use of a vehicle if not registered in my name? For example, I make use of a vehicle registered in someone else's name, but I still make the payments as I am the driver of the vehicle for business purposes. Also, what if exemption was granted and I kept my vehicle, will I then still be allowed to claim against the use of my vehicle used for business even if I am sequestrated?

Independant Contractor - deductions



Can I, as an independant contractor, pay my unemployed spouse a minimum wage salary and deduct this from my monthly taxable income? I do have a payrol service provider and get issued a payslip with my income, travel allowence, UIF, medical aid and Tax after the deductions from them on a monthly basis.
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