Do your Tax with TaxTim and WIN R10,000  More info   T&C's apply

Depreciation / Wear and Tear Posts in Tax Q&A

Can a commission earning employee without a travel allowance claim depreciation on a vehicle - 4027

  Written by Marc  

I am a commission earning employee without a travel allowance - am I able to claim depreciation on my vehicle due to the fact that I use my vehicle daily for work purposes ( driving to and from clients ) under section 4027 ?

Commission only and use my car for work, what are the income tax implications?

  Written by Marc  

I earn commission only and I use my car to do business, how do I submit my ITR12 return to SARS?

Schedule of depreciation

  Written by Marc  

I am a 100% commission earner and was requested by SARS to to forward a schedule of depreciation for my vehicle depreciation claim, I forwarded my calculation formula : purchase price/5 years * 10 months, I only bought the vehicle in May 2013. The schedule was however not accepted due to insufficient info, please advise what other information needs to be on the schedule of depreciation.

Do I need 2 tax numbers 1 for my business and 1 for myself?

  Written by Marc  

I am unemployed and would like to start a small business.
I am planing to open a business bank account under (CT Plumbing). Sole Priority.
1.) Do I have to get a new tax number from SARS for this business or can I use my tax number when I was still working for a company?
2.) If so how many tax numbers should I have? for example one for my business and one for me?

Where is the link to do the calculation of depreciation of the lapto, motorcar etc?

  Written by Marc  

There is more than one place that you said " use the computation machine worked out" But there is no link. How am I suppose to do it?

Earning a salary and having a sole prop on the side, how does the tax work?

  Written by Marc  

I am employed and earn a regular salary from my employer. BUT I also run a small business (just me as Sole Prop) on the side. (I help people with Web development and design work)How does tax work in my case? Do I need to put away a percentage of each transanction and pay it manually each year or how does it work? I don't want to get into any trouble with the tax man :-)

Codes needed for TAX return

  Written by Marc  

I need to claim for home office expenses and wear and tear on my own cellphone that I use for work ( I check and I qualify for the home office). Which codes to I use on my return for eFiling?

Why do get audited every year?

  Written by Marc  

Why do I get audited and asked for supporting docs every year from SARS?

Logbook for tax purposes, must one be kept?

  Written by Marc  

As a commission earner do I have to have a travel logbook?

I work in sales, can I claim for my laptop and tablet which is used for work purposes?

  Written by Marc  

I work in sales, can I claim for my laptop and tablet which is used for work purposes?

Academic books - deductible?

  Written by Marc  

Can I claim deduction for academic books I buy? I am an academic employed by an institution. I need the books to do my job but my institution does not pay for books.

Holiday Homes - what can I claim and what will be the tax implications when I sell my property?

  Written by Marc  

I have a holiday home... what expenses can I claim? Can I for instance claim depreciation and finance charges? What is the TAX implications if I sell my holiday home, say after 10 years? If I took money from an existing bond and other financial investments, can I claim the finance cost and lost interest?

Tax reliefstructure salary for tax purposes?

  Written by Marc  

I pay medical aid for myself and 2 dependents

What deduction can I take monthly from my salary in this regards

The medical aid payment if R7000 a month as one of the dependents is over 21

What other benefitdeductions can I make on my salary to save tax ??

Depreciation calculation of earth moving equipment?

  Written by Marc  

I need to calculate the depreciation on the following items: (all of the items is earth moving equipment)

- a bucket (which forms part of a machine)
- a TLB
- a Tandem Roller

I don't know over how many years I should write of these equipment.

Which is the best way to maximise your return using the travel allowance?

  Written by Marc  

There are two ways to calculate travel allowance that is deductible. One is where you keep actual expenses and the other is where there is a table of fixed costs, maintenance etc depending on the value of the car. Which can maximise your refund? And can the capital value of the vehicle be deducted or considered besides for the purposes of determining running costs?

Can you deduct travel expenses to & from coaching as an independent contractor if you keep a logbook

  Written by Marc  

If you work 2 jobs - 1 part time with a salary (office job) and the other ad-hoc coaching of sports. Can you deduct travel expenses for the travel to and from the ad-hoc coaching? [I know you can't to and from the work place for the salaried job.]

And what other deductions can you make besides the medical tax credit?

Vehicle depreciation?

  Written by Marc  

I recently started my own business and I use my vehicle to collect stock/supplies and also to deliver to my clients. Can I claim the cost of my yearly vehicle renewal from tax?

Deductions on rental income - what is allowed?

  Written by Marc  

When doing deductions from rental income, for tax purposes, please advise which of these are deductible:
1) Monthly service fee charged on the bond;
2) Special levies raised for: Water meters (each unit is to have its own water meter, as per municipality); carports (I doubt it, as this is of a capital nature, but please confirm); garden tools.

What is the depreciation limit?

  Written by Marc  

What is the maximum amount you can write off against depreciation in general?

WEAR-AND-TEAR OR DEPRECIATION ALLOWANCE of INCOME TAX ACT NO. 58 OF 1962?

  Written by Marc  

WEAR-AND-TEAR OR DEPRECIATION ALLOWANCE of INCOME TAX ACT NO. 58 OF 1962
is it still valid - can I use this list of depreciation in 2014 or has there been changes made?

Leasehold improvement - how is this taxed?

  Written by Marc  

Our company has to make improvements to our offices that we lease. I know we should account for these as leasehold improvements and amortize it over the lease period, but will this amortization be a tax deductible expense? (will the accounting and tax treatment be the same?) The total improvement will be less than R7 000 can I rather treat this as a "small items" deduction?

SARS not reviewing third efilling correction, requesting documents for something I corrected.

  Written by Marc  

Great website

I submitted my tax return, via eFiling, and made two corrections (Re-filed) the one was a medical expense correction where I was a few rand off, and the second was depreciation of an iPad for business use (Calculated for 50 percent business and 50 percent personal) - On the initial return I depreciated the full amount (R2033) and on the third correction on my return I depreciated over three years (R190)

I submitted documents for review and audit, and today I received a SARS letter request to submit documents review for the R2033 amount. For some reason SARS is not picking up my third e-filling correction....



Read more →

Contractor Claims - source code 3616

  Written by Marc  

I am an independent contractor code 3616. I use my vehicle for for business purposes and have an RA.

1) Must I have an RA to claim the max 15% RA deduction or can I claim irrespective having one or not ?
2) My vehicle is paid up, can I still claim the monthly ISA installment I used to pay ?
3) What are the entertainment expenses I can claim ?

Where on on the ITR12 do purchases like PC's under R7000 get filled in? And Internet Expenses?

  Written by Marc  

For Home office outlays where on the ITR12 form would I put R1400 spent on a new Hard Drive for my business computer and R4500 for a Laptop - do they go under capital expenditure?

And are 3G or ADSL Internet expenses added to telephone costs and put under the Telephone heading?

What deduction can be claimed under a 3717 housing subsidy allowance?

  Written by Marc  

What deduction can be claimed if I received a 3713 allowance and the allowance was for a housing subsidy and under what source code will I complete the deductible amount?
Older posts →← Newer posts    2  3  4  5  6  7  8  9  10  11  12  13  14  15

Submit your tax return right here!

TaxTim will help you:

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund

Tim uses your answers to complete your income tax return instantly and professionally, with everything filled in in the right place.

Let Tim submit your tax return direct to SARS in just a few clicks!

Get started

Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk

Get SARS Tax Deadlines in your Inbox
We'll tell you when you need to file, along with tax tips and updates.