Deductions Posts in Tax Q&A

Do I still need to file an ITR12?



As a provisional Taxpayer I have submitted Period 1 & 2 for IRP6 for 2016 but need to know if ITR12 should also be completed and also be submitted to SARS, please advise what this is for?

Would I be able to get my tax refund?



Good day,I was employed for 3 years,and I was dismissed last year february. So would I be able to get my tax fund? And I was supposed to get 40 000 from pension fund but I got 33 000 so I would like to know if I would be able to get my refund?

How do I declare the income earned from a group savings?



We have a group savings; we have received a tax certificate for it. How do we claim for it? As there are 3 signatories and in total there are 6 people contributing towards it?

Can i split the amount on the medical tax certificate?



My dad is retired, in November his medical aid stopped coming off his payslip, and he has to pay it out of his bank account. So my question is,On his IRP5 there is an amount under 4005 for medical aid deduction. But this is only till end October. So I want to know, do I put the rest of the medical aid amount that he paid out of his back account under 4040?

Can I get refunds on my bond repayments?



Can I get refunds on my bond repayments?

Bond repayments on a rental property



Rental income which I have declared. The bond repayments, is that part of expenses? What about the extra R1000 which I put towards the bond repayment? Where does this fall? I did not enter it at all. Please help

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?

Both employed and have a business run from home



Can I claim home office expenses if I run a business from home (at night) but I also work a regular 9-5. Also in this case can I claim Internet, cellphone, cleaning equipment?

Tax deduction for insurance on rental property



Can the excess I paid on an insurance claim be claimed as an expense on my rental property and are the proceeds from the insurance claim taxable?

How should joint rental income and expenses be split and declared?



My wife and I (married outside of community of property) jointly own a property (50/50). We rent this property out, and receive a rental income in doing so. The lease agreement with our tenant lists both myself and my wife as the lessors. The rental payment from the tenant is made into my own bank account, from where it is balanced into my wife and I's joint monthly household budget. There are also monthly expenses associated with leasing our property, such as maintenance, services, and bond int...

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How much tax must I pay annually if I'm a pensioner earning investment income only?



I am 70 years old. IEarn R180,000 interest lumpsum annualy. I have a wife without any income.

I've already filed a return can I resubmit through you?



I've already submitted my tax return for 2016, but have just discovered your website. Can I resubmit my tax return through you now for the same tax year?

Can i claim back the tax I paid while earning commission income?



I earned R50 000 commission for the year and paid R6000 tax, can I claim perhaps?

I then started a new job November last year, for which I have my IRP5.

Rental property - Repairs and maintenance/capital expenditure



An individual moves out of their primary residence on eg 12 March 2015 to rent it out and purchases (and pays) for a new oven on 17 March to replace the existing oven which is not working properly. The oven is purchased so that there is a working oven in the property when a tenant moves in. A tenant starts renting the property from 1 July 2015 (only from July 2015 and not sooner due to not being able to find a tenant sooner). The oven is installed on July 2015 when the tenant is renting the property...

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Income calculator if work 4 months in tax year



I worked 4 months in tax year and was given severance package will I get a refund or must I pay in as the sars directive indicates no tax payable

Do you get a refund on extra provident savings done at work



If you pay an extra amount on your provident fund at work,do u get money back like you would with an RA

Medical claim for dependent



If the wife pays medical aid and he is a dependent can she claim on her tax return the out of pocket expenses for him

Rental expenses but not receiving rental income



I have another property where my father lives. I still pay the bond, levies electricity and water etc.... Can I claim those expenses without receiving any rental income?

If not, would you advise that I ask rent from him in future for that to be possible?

Do I have to submit my IT3 a 2016.



Do I need to submit my IT3(a) and will I get any 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?

Is my bond installment, tax deductable?



Hello Tim. I am a home owner and currently staying in the house where do I have to put in the amounts that the bank send me via a tax invoice? The invoice states that its for tax purposes.

Can I claim my monthly expenses, can I get a refund on monthly regular day-to-day expenses?



I have properties jointly with my wife (Community of Property) and getting rents which covers all my payments towards my bonds, Rates & Taxes, Levies and Refuse accounts. Little extra amount is surplus. My question is: Should I need to pay Tax on my monthly Rental Income?

I pay for my Groceries, Fruit & Veg, Rents, Electricity, Gas, Domestic Maid, School Fees, Kids Sports Fees, Transportation, Petrol, Bank Charges, Personal Loan (Absa) Credit Card Fees & Financial Charges, Telkom & Vo...

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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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According to SARS criteria, I dont need to sumit ITR12. But do I still submit IRP6 twice yearly?



I'm a provisional taxpayer. According to recent communications from SARS, I no longer need to submit ITR12 any more as I match all their criteria. My question is: Do I still need to submit the IRP6 twice yearly?

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
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