Treatment of a provident fund lump sum payout in a provisional tax return (IRP6)

  Written by Alicia   Posted 3 July 2016

If one is not of retirement age and receives a provident fund lump sum payout in the 2015/16 tax year - net amount after tax is deducted - how is this amount treated in a provisional tax return (IRP6) i.e.
- Is the amount included in a provisional tax return (IRP6)?
The IRP6 provisional tax return only has one block to enter taxable income in. If the provident fund payout is included in the taxable income block (with other taxable income) tax will be calculated on the full amount at t...

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Code 3713 and 3703

  Written by Alicia   Posted 2 July 2016

I get my Car Payment Private Petrol and Car Payment Insurance from my Employer under source code 3713. Can I claim against this on my Tax return? and if so under what?

Why do I have to pay SARS?

  Written by Alicia   Posted 2 July 2016

I have submitted by tax return, but I owe SARS R1200, why do owe I them money? I am a straight salaried employee who has no other income/expenditure, etc.

Can I submit my IRP5?

  Written by Alicia   Posted 2 July 2016

it's my first time, I resign last year can I submit my IRP5?

Should I only complete source code 4020 if my medical aid contributions is already on my IRP5?

  Written by Alicia   Posted 1 July 2016

If my medical aid contributions is already on my IRP5 under source code 4005 and 4474. Should I leave sorce code 4040 and only complete 4020 for expenses not paid via my medical aid?

Explanation of source codes 4040, 4020 and 4022

  Written by Alicia   Posted 1 July 2016

Can you explain source codes 4040, 4020 and 4022 on the tax return.

Why is my refund a lot less than the calculator

  Written by Alicia   Posted 1 July 2016

Have submitted my tax with TaxTim, but just want to check if it is better to submit including expenses (Fuel, oil, etc) as I left it blank?
Why is my travel allowance tax return on Taxtim calculator very high, but when I did the calculation on SARS it works out a lot less?

Can I fole if I am unemployed?

  Written by Alicia   Posted 30 June 2016

Hi I was retrenched last year in August and got another job in November the 1st and resigned in January. I have been unemployed since then, can I claim tax return even if I'm unemployed?

How do I submit my tax return if I have changed jobs within the tax year?

  Written by Alicia   Posted 29 June 2016

How do I submit my tax return if I have changed jobs within the tax year? It gets quite confusing. . . New salary, new employer paying for half of my medical aid contributions whereas my old employer was not. . .

3805 calculation

  Written by Alicia   Posted 27 June 2016

Is the renumeration factor referred to in the formula to calculate free or cheap accomodation as a fringe benefit equal to pensionable salary, or does it include other remuneration as well?

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

  Written by Alicia   Posted 24 June 2016

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?

Employer contributions to provident funds

  Written by Alicia   Posted 24 June 2016

Do I get taxed on my employer contributions to my pension/provident fund?
My Salary is R21400 and I don't contribute directly to the fund. My employer contributes R2140. How much tax should I be paying?

Tax on standby allowance

  Written by Alicia   Posted 23 June 2016

I receive a standby allowance every month that is being taxed on. It is a fixed amount of 14% of my salary to basically be on standby for any breakdowns. Can I claim tax back?

Source codes 3701 and 3702

  Written by Alicia   Posted 23 June 2016

I am busy with my 2017 salary structure. My HR department is offering me both codes 3701 and 3702. Will that be allowed in 2017 tax year. Somewhere I read that your cannot do this anymore and must take either the one or the other.

Do construction workers pay tax?

  Written by Alicia   Posted 22 June 2016

if working in the construction company,do they have to deduct my monthly tax returns from my salary?

Where else can I get my IRP5 from?

  Written by Alicia   Posted 17 June 2016

Need IRP5. Company liquidated

Deductions against rental income

  Written by Alicia   Posted 15 June 2016

I have moved from CPT to JHB. I own a house in CPT which is now being rented out to tenants. In JHB I am currently renting. From a SARS perspective, do I need to declare the rental income as I only own one property and its not a second property bringing in an extra income? What I receive as rental income in CPT immediately covers my rent here. So I do not gain anything. In face what I am asking as a rental is the same as what I pay for my rent here.

Where can I claim tax refund

  Written by Alicia   Posted 15 June 2016

I was paying tax now im unemployed so how can I claim an where?

How does ringfencing for rental income work?

  Written by Alicia   Posted 15 June 2016

I have a question, regarding if you make a loss from rental income i. E What if the expenses exceed the rental income? How exactly does this work? please provide an example of how and when it is offset against other income and what does the ring fencing mean? Its difficult to understand the document. Please explain in lay mans terms. What is the best way to make this work for you?

"Should the expenses exceed the rental income, the loss should be available to be off-set against other i...

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Medical Insurance - Do I put that on my tax return?

  Written by Alicia   Posted 14 June 2016

I have been submitting my tax returns for many years and use to include my Medical (which is a hospital plan with Liberty but not viewed as a medical aid, which I found out in 2015). I contribute to this on a monthly basis and pay my own medical bills i. E. Doctors visits, dentists, optometrists, etc. Only medical procedures in a hospital is covered by my hospital plan. As it is not tax deductible seeing as it is not a medical aid, do I now even bother to mention it on my tax return although the...

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How many "Trade and Professional Income" sections on an ITR12 does a freelancer need?

  Written by Alicia   Posted 14 June 2016

I'm a freelance creative in the television industry. I work with many clients throughout the year, some deduct PAYE and some pay me the full amount on the invoice. The first question is for those clients who don't deduct tax. I've been working on my tax return on the SARS E-Filing. On my ITR12 I've added a "Local Business, Trade and Professional Income" section to the form, do I create a section per client or per job type? As I'm trading different services for different clients, but I may have 3...

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May I deduct medical aid contributions as a non-principal member

  Written by Alicia   Posted 10 June 2016

I am listed am listed as a dependent on Discovery health with my wife as the principal member. However I pay the contributions for my wife, my son and myself. She doesn't earn an income and is therefore not liable to pay tax. The tax certificate from Discovery is in her name, can I claim the medical expenses and premiums as medical deductions on my IT12. I reference these articles and would like to know if the information in these is still valid as at June 2016

1) South African Institute of Accounting Professionals article from 2012:...

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How do i claim travel expenses if I used 2 cars

  Written by Alicia   Posted 10 June 2016

I moved from one employer last year at the end of November. I used a company car, on which I attracted fringe benefit tax. In December 2015 I started with another company, and received a car allowance. I am able to claim business km's for which I am reimbursed at a rate of R3. 29 p/km (subject to monthly logbook submissions). What are my likely tax implications for this filing season based on this, and will I able to file in way to accommodate both scenarios?

Tax on backpay

  Written by Alicia   Posted 10 June 2016

Im supposed to get a back pay at the end of June owed to me from September 2016. The total amount im expecting is 63000 before tax. Exactly how much will I be taxed?

Fringe benefits for sale proprietors?

  Written by Alicia   Posted 9 June 2016

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.
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