Deductions Posts in Tax Q&A

Is life insurance to secure a bond tax deductable?



Are bond insurance premiums tax deductible? This is in relation to rental properties where banks or financial institutions require bond insurance to cover the bond. Is this amount tax deductible as an expense to generating the rental income?

Estimated refund before T-Filling



Can I see an estimate of my return before submitting through T-Filling

I need to know my tax refund



Calculate my tax refund plz

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



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



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?



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?



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

Health saver deductable?



I have medical aid with momentum. I received my medical aid tax information sheet from momentum. But I also have the voluntary health saver plan of which I pay monthly. I received a separate tax information sheet from my health saver too. Do I combine these two figures together when submitting to SARS (for expenses not covered by medical aid)?

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



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



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

Why is my refund a lot less than the calculator



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?

Does Taxtim file on my behalf?



Do you actually do the tax returns on behalf of me? so I just have to submit the correct documents to you?

Admin penalty due



I am really worried about an sms I got from SARS saying I have an admin penalty!- I have not submitted a return since 2013 because I didn't think I needed to and had no deductions. What can I do and how much will it cost for you to get all of it in order soon?

Can you claim back a monthly contribution paid towards health insurance?



I pay R1900 monthly for me and 3 dependants on a health insurance. Can I claim these contributions back on my tax return as a out of pocket expense?

Is TaxTim costs tax deductable?



Is the price I pay for TaxTim for a single assessment or is it renewable yearly? Secondly, can I claim the price back as a deduction, as I would if I used a tax consultant (whose fees are deductable)?

Can we claim for our Rates Account?



Our bond is in my name and so is our municipal rates account. Am I allowed to claim for the Rates payments from SARS? I am a normal individual tax payer

Can I fole if I am unemployed?



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?

Tax return submission 2014/2015 finalised without disability declared



My son has been moderate to severe disability and met the criteria since September 2014. Submitted al extra medical expenses on my tax return but never declared the disability. Can this be reviewed?

Is there a limit on refreshments for a sole proprietor?



What am I allowed to deduct as a sole proprietor for refreshments? Is there a limit per day or per month I can deduct for lunches, breakfast and dinner?

3805 calculation



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?



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



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



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



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?



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