Latest Posts in Tax Q&A

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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Getting paid in dollars

Hi, I am working for an overseas startup. I get paid in dollars. For the last six months I have been getting $500 a month. Starting this month I will be getting incentives as well. It is below the salary for tax but I'm not sure how it works with an overseas company?

Rental expenses claim during the next tax year

If I spent more on maintenance of my rented granny flat than I earned in rent can I offset it over several years?

Is this allowed by SARS?

Can I contribute 27.5 of my income to a pension even if my employer only allows me to contribute 10% through them to our work pension fund?

Tax on CCMA settlement

I am about to receive a CCMA settlement and was told by my previously employer that I will be taxed on it, is this right as this will be my first income after 8 months of fighting for it?

Sale of rental property

My son works abroad, but he owns a rental property in South Africa which he sold recently. Is he required to pay capital gains tax on the proceeds?

Are foreign students required to pay tax on their earnings for part-time work?

My son is a foreign student studying for his degree at a South African University. He has a valid Study visa and is permitted under this visa to work 20 hours per week. His employer wants to pay him a salary of R10,000 per month. Firstly does my son have to pay tax on this and if so, how does he register with SARS without a SA Identity document?

Do I need to file old returns to obtain refund, even if I fell below the tax filing threshold?

SARS want to me file all my previous tax returns in order to receive my refund for this year. In 2011 I tutored at a university and earned below the tax filing threshold and therefore did not file my tax return. How do I file my tax return now for 2012 or how do I show SARS that I didn't need to?

Can I apply for a tax clearance certificate?

My ITR12 for 2016 is still outstanding as my bookkeeper is still compiling my invoices, can I still apply for a tax clearance certificate?
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