Can I deduct financial support for my parents from my tax?

  Written by Marc   Posted 28 August 2015

May I deduct contributions made to support my parents expenses to pay for the old age home. His pension is about half the amount of his medical aid. We are three siblings and all pay in R3,500 per month to support their stay in a one bedroom full board stay in an old age home. He contributes what he can.

Taxation on UK pension lump sum payout (Aged 55 and now reside in SA since 1 Jan 2014)

  Written by Marc   Posted 28 August 2015

I have decided to cash in my Pension Pot in the UK (I was 55 years old in 2014 and therefore can retire) - I have been paid out UK Pound amount 47843 of which tax of UK Pound 19977 was deducted. I now need to recover this tax from the UK and then submit same to SARS. My query is therefore:
1. I need to complete UK/SA double taxation form to apply for relief of income tax at source ie UK and claim back my tax
2. I need to submit??? to SARS for them to calculate tax owed by me - I would however need help with this so as to understand how much tax will be owed (would be interested to know what conversion rate will be used by SARS in the calculation)...

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What to do when one hasn't filed for the last 4 tax periods?

  Written by Marc   Posted 28 August 2015

What to do when one hasn't filed for the last 4 tax periods?

What deductions can I as a homeowner claim for ?

  Written by Marc   Posted 28 August 2015

As a home owner can I claim for insurance, armed response,renovations?
There's no business on premises.

Request for vehicle purchase agreement

  Written by Marc   Posted 28 August 2015

I submitted my tax returns via eFiling, I also claimed for travel expenses refunds on 2 vehicles my tax returns were selected for verification by auditors who are now requesting for copies of purchase agreement for both vehicles. I have contacted the bank to request for the copy of my old vehicle as I no longer have one, they told me the document has been archived and promised to send it through as soon as they have access to the file. I have waited without receiving the document is there an al...

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Freelancer with multiple sources of income, what sort of tax do I register for and how do I sumbit?

  Written by Marc   Posted 27 August 2015

I am a freelancer working in the film industry. As such I have have periods of consistent work with a production company for a number of months, but also gain smaller amounts of income from private work on the side. Giving short courses and doing small corporate or private videos and edits. I am not registred as company and do all work as a private individual. How do I divide up my income, to sumbit for my tax return?
And what type of tax-payer would I register as?

This is my fir...

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What can I do now?

  Written by Marc   Posted 27 August 2015

I never received my IRP5 from my employer

Forgotten IT3 submission

  Written by Marc   Posted 27 August 2015

I've already submitted my IRP5 but I just found IT3 for an investment policy from last year and this year. Is it possible to still submit these or should I wait for the next tax window next year? What are the implications of this cause I don't want to discover that I own the tax man anything by failing this submission.

Query on SARS eFiling?

  Written by Marc   Posted 27 August 2015

Hi Tim

I have submitted my tax return, and was asked for supporting docs as I was selected for audit. I have since submitted all supporting docs, and on my SARS eFiling profile it shows that my tax return has been assessed. I have not received any letters or notifications from SARS yet. Also, there is a notification on my profile that I will receive a notification of my assessment on my SARS eFiling profile in the next 2 weeks, does this mean that my refund will only be paid out after...

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Taxation of rental income within a business

  Written by Marc   Posted 27 August 2015

I own properties in a business with 2 partners, can the monthly bond repayments be deducted from the income generated from the rentals?

JUST FOR ARGUMENT SAKE.

  Written by Marc   Posted 27 August 2015

If you are retrenched and your provident fund is standing on an amount of R501200. 00. WHAT AMOUNT TAX WILL BE DEDUCTED?

Tax payable on savings?

  Written by Marc   Posted 27 August 2015

What % tax do you pay on interest earned on savings and or fixed deposit.

Worked for 2 companies within tax year so I need to know how to fill in my tax form now on eFiling.

  Written by Marc   Posted 27 August 2015

I worked for 2 companies with in the tax period. (one for 6 months and one for 5 months) - do I click 2 tax certificates received? how does SARS eFiling pick up the information?

Purchasing a home for a relative

  Written by Marc   Posted 27 August 2015

I am considering purchasing a residential property for a family relative, who would stay there and contribute towards the bond repayments. However, I would not live on the premises. From a tax perspective, what is the correct approach to avoid my relative's contributions being viewed as rental income?

Completion letter from SARS

  Written by Marc   Posted 27 August 2015

I received a Completion letter from SARS as below, what should I do next?
-------------------------------------------------------------------------------------------
VERIFICATION OF ASSESSMENT

We refer to the verification of your assessment for the 2015 tax period. Please note that no adjustment has been made to this assessment. However, in terms of the Tax Administration Act the South African Revenue Service reserves the right to conduct further reviews in future if required...

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How long does it take SARS to issue a return?

  Written by Marc   Posted 27 August 2015

I submitted my tax return in early July, the notice of assessment declared that I was owed a tax return. I still havn't received my tax return, and no audit appears on my profile. Is SARS just taking their time? I have heard about other people also not receiving their tax returns this tax year.

Will an outstanding tax 2011 influence my tax clearance? My pension is being paid out.

  Written by Marc   Posted 27 August 2015

My pension is being paid out. The pension fund will do a tax clearance before paying my pension. I have a 2011 tax payment outstanding, will this influence my tax clearance?

Do you deduct incurred expenditures against business income or paid expenditure?

  Written by Marc   Posted 26 August 2015

When seeking to deduct expenditure against my business income in the 'business income" section, I apply the general rule right - only deduct what I actually incurred to date, not what I paid?

12 mth estimate or actual 6 mth figures for medical cr and expenses calc- period 1 2016 Prov Tax?

  Written by Marc   Posted 26 August 2015

For Provisional tax that's due now, do I enter medical credit for the year as per SARS instructions and then half it or not? Same question for medical expenses, do I add up medical expenses for 6 months (March to August 2015) and then multiply by 2 for estimate for one year or not to multiply and submit actual?

How long does it take to get my refund? since I am not being audited

  Written by Marc   Posted 26 August 2015

How long does it take to get my refund? since I am not being audited

Tax on Sole Trader

  Written by Marc   Posted 26 August 2015

Hi all, I'm considering starting a Sole Proprietor business. I'm not exactly sure regarding the tax implications. Let say for example I receive R10,000 per month (independent contractor I receive this from 3 different sources)... All this income goes into my personal bank account... Should I now pay personal tax on the whole amount of R10,000 or do I just pay personal tax on the net amount after my deductions for bringing forth the income?And if I hire one employee and I get R5k and he gets 5K p...

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Percentage of Telkom and Mweb for business?

  Written by Marc   Posted 26 August 2015

My Monthly MWeb and Telkom accounts, what percentage of those can I claim as a business expense, if I use them to generate income and for private use. Is it just a case of estimating what percentage of time gets used for business?

No idea what Qualifying medical expenditure means

  Written by Marc   Posted 26 August 2015

In the calculations output, look for the amount next to "Qualifying medical expenditure (section 6B)". Enter that amount now.

Bank Account Fees for tax purposes?

  Written by Marc   Posted 26 August 2015

Concerning Bank Charges as a Business Deduction, does the monthly Bank Account Fee count as a Bank Charge or just the Service Fees?

Can my employer claim my tax returns without my consent?

  Written by Marc   Posted 26 August 2015

Can my employer claim my tax returns without my knowledge and consent?
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