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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...
I work for myself running a trading business. I purchase a cell phone for my business for 10k and a coffee machine for my office for 12k. Are these fully deductible in the current tax year they were purchased?
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...
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...
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:...
We a South African company providing a service in Botswana for South Africans. When invoicing our customers do I invoice with vat? Can I claim input vat for expenses incurred in Botswana? Botswana vat is at 15%..
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?
I am 53. Recently divorced. While married we contributed to a provident fund which was handed over to Investec for management after my first husband stopped working. But he did not implement retirement He took a sum of 570 000 from his provident and paid 18 percent tax on that. Now that he has implemented retirement we both wanted to claim the 500 000 lump sum tax free that we were promised by our financial advisors. I cannot get my bit because I am under age and he cannot get his 500 000 tax f...
I work from home 3 days a week, I converted one of my bedrooms in a study, put a telephone line in with extra internet. I use my printer etc for work but I'm not compensated by my work for this. Can I claim some of my costs on my tax return?
I will be claiming tax back on travel for business use for the first time. I have maintained a logbook since starting my new job in the middle of the current tax year 2015/16. Please advise what the "fixed cost" is, and how I can calculate what tax rebate I should expect to receive from SARS in July.
I received two IRP5. The second is for the Lump Sum I received after retrenchment, however no tax was deducted. I tax directive number was provided. Should I enter the information as well when submitting my tax?
We travel for work purposes, and are considering getting a daily allowance paid instead of submitting our expenses. What is the amount allowed per day / other amounts subsistence amounts, and are there tax repercussions on this method.
Hi, Could you please let me know the procedure to confirm my Indian Bank Details. I am an Indian Citizen and working in South Africa in Work Permit. I would like to register my Indian Bank Details for tax refund. Please guide me on the 1. Fees, 2. Documents Required
And also, I would like to know the pricing for tax filing for this year.
I worked for a company from end of May 2015 to end of September 2015 on a maternity leave contract basis. The gross of this contract was over R33 000. Can I claim tax return on this and if so, do I get a payout?
I am an independent contractor. I do not earn any salary. I currently have a vehicle on which I claim a travel deduction. My vehicle requires replacement. I would like to know if I can claim lease payments as a tax deductible expense should I lease a new car. I have not come across any prohibition on the SARS website. This surely is in the production of income as without a car I would not be able to carry out any work at all. Older posts →← Newer posts34567891011121314151617181920212223