Latest Posts in Tax Q&A

How's Tax calculated on a monthly bonus?



I'm entitled to a monthly bonus. Our salary is split into salary (75%) and monthly bonus (25%). So my salary advice states salary and monthly bonus. How is tax calculated on a monthly bonus? How does it affect the tax calculation on the additional yearly bonus?

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



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?

How to enter a severance payment in my provisional tax return?



I'm doing my provisional tax return and received a severance payments during the year as part of a voluntary retrenchment. My employer applied for a tax directive which was successful and I received the lump sum pay-out with the tax benefits associated on the sliding scale. How do I deal with this in my provisional tax return? If I enter the severance payment gross amount, the SARS eFiling system calculates taxes on it using the normal tax tables (it gets calculated at the highest marginal rate...

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Hospital Plan Rebates



Can I claim medical rebates if I'm on a hospital plan only and not a full medical aid? SARS directly advised me that I cannot.

Can my company add rental car fuel to my car allowance?



If I have a car allowance and on occasion I am required to use a rental for business travel after flying to a far destination, can my company add this fuel cost to my car allowance and withhold taxes on fuel used in the rental vehicle

I repair appliances and also repair my own vehicles.Do I have to do 2 returns?



I'm repairing appliances and my own vehicles. Do I have to do 2 tax returns?I also recently repaired another vehicle. Do I have to show it in 2 tax returns-1 for appliances and 1 for vehicles?I have to repair my own vehicles because I cannot afford to pay for repairs to be done.

Inclusion of rental expenses in CGT calculation



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?

Tax on income from internship



Do I have to pay tax earning R3200 a month?

Will the reason given on a tax directive affect SARS's decision?



Will the reason given on a tax directive affect SARS's decision; if the severance benefit is being paid out as a result of a voluntary settlement between employee and employer, is SARS less likely to grant the directive?

Is occupation rent an allowable deduction against rental income?



Is occupational rent paid to a developer, of a new-build property, an allowable expense to deduct from taxable rental income? The property in question was rented out in the same tax year as occupational rent was paid.

What is your fee for retired farmers?



I am a retired farmer with only rental income which I earn from renting out my farm. My income is R500000 per year. What will TaxTim cost?

Retirement annuity, refund or not?



I'm currently unemployed, but submitted a tax return for my retirement annuity which was R3400 in the last tax year. I was surprised that I did not get anything back? Can you explain?

Can I resubmit 2016



Submitted 2016 tax return but i need to know if I can still resubmit the return even after an assessment was issued?

Which base cost to use when calculating CGT?



I bought some Satrix Divi through the Satrix Investment Plan in Aug 2007. All dividends were reinvested by Satrix, ie every quarter more shares were bought. In July 2011, I transferred all of my "units" to an online broker and made no further purchases. For the first few months, my statements from that broker show a base cost per share of 0. Suddenly, in the March 2012 statement, it lists a cost per share, which appears to be the share price on March 16 2012. I have just sold these share...

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Do I need to file a tax return with R260 000



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

Procedure for replacing present accountant with TaxTim



I have an accountant doing my tax return at present, what would be the procedure for taking my present accountant off my tax account, and replacing him with you?

Company Assets



I own a small business and sold a company vehicle for more than I owed the bank is this profit on sale of assets?

Do second-hand purchases count towards expenditure?



Can I purchase 2nd hand equipment as an asset for my business and then add that full amount to my business costs? The item will come in under R7000, so I believe I can write the depreciation off within one tax year.

Why 2 returns in one month?



I have just filed a tax return in February 2017 and have to pay in an amount by end March 2017. Why am I asked to file ANOTHER tax return for provisional tax before the 28th February 2017?

Should he pay tax?



My husband is a South African citizen and he is only earning R5500 a month does he have to pay tax?

SARS wont refund me



I was a contract employee for 3 months after graduating and was taxed an amount of R4500 on a total income of R18000 for the 3 months. When I submitted my tax return, SARS said that I need to come and verify my banking details, but they dont have my banking details, what can I do to get my refund?

We earn little so should we be taxed?



I work for a small company and all of us earn salaries ranging from R3 000 to R4 500 and only the owner earns R25 000. So now the company wants to register for PAYE and UIF. So after reading through most of your articles and many other ones online I discovered there is a minimum amount per year that you have to earn and none of us reach that amount except for the owner. So does this means that the company can register for all those but not deduct anything from the rest of us but himself?

Refunded tax-invoice does not include the tax portion only the service fee before tax.



I pay Eskom directly for electricity. Every few months they overcharge and I have get them to refund and rebill. The issue here is that they only refund the service fees, never the tax portion. For example, last month they charged me R 1223. 22 Inc vat. This was incorrect. They refunded me R 1073. 00. And then charged me the correct amount + vat. How do I claim for the money paid in vat, if I even can?

I'm not sure if this is the correct forum for my query but I have no idea wher...

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



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.

SARS refund document verifiction



Hi, I have filed tax returns with SARS through a practitioner in 2016 for the period (Aug 2015 - Jan 2016) when I was working in SA but I have been notified by SARS to verify bank account and address. As I am not staying in South Africa any more and currently in USA, can not go personally to SARS branch. There are some additional things to this now. I sent scanned copied of the documents like address proof and FNB bank account confirmation along with employment proof and passport to practitione...

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