Changing of banking details-SARS Tax practitioners unit

  Written by Alicia   Posted 4 May 2016

I want to change a clients banking details at a SARS tax practitioners unit. I understand that only the tax practitioner himself can change the banking details of a client on behalf of the client with a letter of power of attorney. I want to know whether an employee of the tax practitioner, with a mandate to act on behalf of the tax practitioner, can change the banking details of a client if the client himself also attends the SARS appointment with the employee of the tax practitioner?

Delay of payment of tax refund for 2015

  Written by Nicci   Posted 4 May 2016

I submitted my tax return to SARS via SARS eFiling for 2015 on time. The Tax Calculator indicated that the amount of R7584. 18 was due to me. This was confirmed by the SARS Notice of Assessment dated 2 February 2016. I quote from the correspondence as part of the Notice of Assessment: Your assessment has been concluded and reflects an amount refundable to you of R -7584. 18. Please note that this amount only reflects your income tax assessment and does not reflect tax payable under any previous assessment or any other balances on your account. The current balance on your assessed account is R -7729. 80. ((I am unsure of the full meaning of this))...

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How much will my tax refund be?

  Written by Alicia   Posted 3 May 2016

Joe turned 65 in June 2015. He earned R240 000. 00 during tax year, and there was no other deductions from salary. He contributed R6 000. 00 during the year to private medical aid. And R30 000. 00 of other medical expenses. What is the amount he can claim on his tax return.?

How to treat NHS contributions made in UK on my SA tax return

  Written by Nicci   Posted 2 May 2016

I was employed in the UK for 3 months during the 2016 tax year and had to tax return to SA for personal reasons. I do meet the physical presence tests for purposes of being taxed in SA on my income received in the UK. But, my question is whether I can take the NHS contributions made in the UK as an additional foreign tax credit against my taxable income when doing my 2016 SARS tax return? Both tax and NHS amounts were deducted from my UK salary but I haven't been able to claim back anything from...

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Tax on initial lump sum payment upon early retirement

  Written by Nicci   Posted 2 May 2016

How much of R220 000. 00 is paid as lump sum on retirement at the age of 55?
Is the lump sum tax deductable?

Does SARS pay interest on refunds due?

  Written by Nicci   Posted 2 May 2016

Interest payable on refunds:

I objected against admin penalties incorrectly charged and I am due a refund of R18,000
I objected against a incorrect tax assessment medical expenses not allowed refund of R9,261
I overpaid assessed tax by R7,000

Will SARS pay interest on these amounts owing to me? The admin penalties was initially taken from a refund due to me so they had already been paid.

Tax on a sole proprietor

  Written by Alicia   Posted 29 April 2016

I have just opened a sole proprietor in my name. My questions is probably one of the most common ones but I would love to receive a clear answer. I would like to know:
~How much Tax would I pay on my sole proprietor income?
~Is it Tier related?
~Or is it the same Tax doesn't matter how little or much my sole proprietor earns?
~Can I claim this tax back?
~And final question How does my own income apart from the sole proprietor effect the taxes?

Supporting documents for capital gains tax deduction

  Written by Alicia   Posted 28 April 2016

I have sold my primary residence which was bought in 2002 and there will be a profit of more than
R2 000 000 subjected to Capital Gains Tax. There were a few small improvements (not maintenance) done over the years which I believe can be included in the base cost for example Paving, Blinds, Towel and curtain rails, cornices and garden landscaping. However, I do not have documentary proof for some of the older improvements anymore. (Improvements still form part of property)
My question...

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No IRP5 due to retrenchment

  Written by Alicia   Posted 26 April 2016

We got retrenched in Sept 2015 after not being paid two months salaries. Employer claimed liquidation, but no details up to now. We do not have IRP5 because the sub-contracted audit/payroll company has not been paid for such service, and they are refusing to provide us with IRP5 due to non-payment by the employer that retrenched us. How do we go about solving this problem? We need IRP5 for the 2015/2016 tax season submission.

Medical deduction

  Written by Alicia   Posted 26 April 2016

I paid for the medical fees when my girlfriend gave birth to our son, I'd like to know if a can claim it back form SARS. She doesnt belong to a medical aid

Medical expenses on chronic medication

  Written by Alicia   Posted 26 April 2016

Are payments by Medical Aid Funds for medical expenses incurred ( eg. Chronic medication) on behalf of a member treated as qualified medical expenses

PAYE deduction from Independent Contractor

  Written by Alicia   Posted 25 April 2016

I am a bookkeeper new to the film production industry and need some clarity on freelance artists. My understanding is that unless they have a registered company the deduction is 25% from their earnings without fail. If they claim they have a company then I am to ask for the company registration certificate for audit purposes and not deduct PAYE

Will SARS refund one amount for 2009 to 2016?

  Written by Nicci   Posted 24 April 2016

Hi Tim, I have an income tax statement but the period is from 2009 to 2016 and I have already received one payment do I still get other payments from SARS or is it only one payment?

May a sole proprietor have travel allowance and must retirement or providend fund be deducted monthl

  Written by Alicia   Posted 21 April 2016

I would like to know if a sole proprietor may allocate a travel allowance to himself?

In regards to a retirement or provident fund may I do payment once a year up to 27. 5% of my earnings or must I do it monthly?

Your help will be greatly appreciated

WS

TaxRefund

  Written by Alicia   Posted 21 April 2016

I wanted to knw if a contract worker is allowed to claim a tax return?or isn't claimed by the people who's bt working

How much will my PAYE be and am I due for a tax refund?

  Written by Alicia   Posted 20 April 2016

I earn 12000 a month which calculates to 124 000 per year. What is my total taxes and what is the amount of my tax return if I am eligible for a tax return pay out and can my employer file my tax tax returns on my behalf

I would like to know how can I get my tax refund

  Written by Nicci   Posted 19 April 2016

I would like to know if it is possible that I can be able to get a tax refund after retrenchment.

Tax refund on retail slips

  Written by Nicci   Posted 19 April 2016

How much tax refund would I get if I submit retail slips amounting to R10 000?

Interest on tax refund

  Written by Nicci   Posted 18 April 2016

My tax assessment SARS did not split my rental income 50% as I am married in community of property as was indicated on my tax return, Lodged an objection, but it took so long that I had to pay the incorrect amount in, it was R126,000. My objection was allowed and SARS paid me back the R126,000. But they had this money for 2 months and did not pay me any interest. Should they not pay me interest?, it was there mistake.

Tax on share options

  Written by Nicci   Posted 14 April 2016

On 1 March 2011 MaxBuild Ltd granted me an option to purchase 10 000 equity shares in the company for R75 each. The conditions attaching to the grant of the option were that I would not be entitled to dispose of the shares for five years or until I resign, whichever occurred first. At 29 February 2016 the shares had a market value of R123 each. This offer was not extended to any other employees at the time it was made and I'm still in the employment of MaxBuild Ltd. How will this transaction be ...

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How can we claim bond interest from rental income when married out of COP?

  Written by Nicci   Posted 14 April 2016

My wife and I are married out of COP (ANC with accrual). My wife owns an unbonded property that she lets. This means she has a lease agreement with the tenants, although they pay their rent into my account. I own the property that we reside in, which is bonded. The nett effect is that we receive rental income and pay bond interest, albeit on different properties. I would like to be able to claim the bond interest from my wife's taxable income. In order to do so, I assume we need to take out ...

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Does a sole trader require signed financial statements?

  Written by Nicci   Posted 14 April 2016

Does a sole trader who is registered for provisional tax need to have annual financials done?

Need help with proof of res ans how to make sure I dobt keep going back and forth to sars / SARS doc

  Written by Alicia   Posted 12 April 2016

I am getting my tax number today and am 22 I need to have a tax number in order for me to start working I have never had any sort of bill on my name to have access to proof of residence, I live with my parents and they have such how do I proof that I live there too? without having any sort of bill payments? help please

Tax for temporary employees

  Written by Nicci   Posted 11 April 2016

I am a temporary employee with three months contract in a municipality. I earn R37. 50 per hour and get paid on monthly basis. Last month my employer taxed me 18% on my salary. I worked for 160 hours. Is this the right percentage they used? please advise me on the applicable tax law for temporary employees.

Capital Gains Tax - costs of selling primary home.

  Written by Nicci   Posted 11 April 2016

When selling one's primary residence, am I correct to assume that closing out of the bond is included in costs of selling the asset when it comes to CGT payments? Does this fall under costs of selling the asset?
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