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?

Due date for ITR14 for CC's?

  Written by Marc   Posted 26 August 2015

When are Income Tax Returns (ITR14) due for CC's. Is it the same as for Individual Provisional Taxpayers?

What should my take home be (PAYE and UIF)

  Written by Marc   Posted 26 August 2015

My Salary is R12500-00 excluding my travel allowance of R9000-00 which I get taxed 20% as 80% of the time I use my car for business. What should take home be? Please help!!!!

Can you claim back tax paid on a lump sum pension pay out?

  Written by Marc   Posted 26 August 2015

HI, if I stopped working in May last year and got a pension payout, can I claim back the tax paid on it based on my income over the year?

Help me to get my old IRP5 forms

  Written by Marc   Posted 25 August 2015

How do I get my old IRP5 from department of health I was working in government hospital in Boksburg?

Zero provisional tax return

  Written by Marc   Posted 25 August 2015

I am registered as a provisional taxpayer as I earn investment income however due to contributions made to retirement annuity funds I will not owe SARS anything. In fact I expect a refund. Do I still have to complete a zero provisional tax return?

Provisional tax for business and personal

  Written by Marc   Posted 25 August 2015

Last month I registered my company as a Pty Ltd (previously I was a sole proprietor and was being taxed in my personal capacity). I am paying myself a monthly salary from my company, plus charging the company for a portion of the cell phone bill, etc. With respect to provisional tax, are my following understandings correct:
(a) In general, do I need to pay provisional tax both in my private capacity and as a business?
(b) Do I need to pay provisional tax now [August] for my business? (if not, when will I first need to complete my provisional tax return for my business?)...

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Should I correct my IRP5 myself or submit it as received?

  Written by Marc   Posted 25 August 2015

My employer loaded code 4005 as the amount that I contributed, and code 3810 the amount that the employer contributed. I thought code 4005 is supposed to be the total amount that goes to the medical aid or am I wrong?
The sum of the two amounts was then loaded to codes 4116 and 4497. I believe this is another mistake. Should I correct it myself or submit it as received?

TAX BRACKET

  Written by Marc   Posted 25 August 2015

How much should I earn per month to fall into the tax bracket??
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