Provisional Taxpayer status
Posted 25 November 2015
I receive a bonus from my boss every year, but this bonus is not guaranteed, we only receive it if we reach our targets. For the past couple of years we have reached our target and have received the bonus and SARS has now made me a provisional tax payer. I have also just submitted my tax return and I received my statement of account and SARS has charged me a huge amount as penalty for under estimation of provisional tax. Why would this be?
How are personal assets to be valued? Personal assets given or donated to you?
Posted 25 November 2015
Am I correct in understanding that the valuation of personal assets is at cost price? What about personal assets that you have received as personal gifts/donations over say 10 yrs which in each year was under the annual exclusion rate. These assets have value yet cost is zero as they were given freely & gratis. How will/would SARs see this in an event of an Audit and a Home inspection?
What will TaxTim cost?
Posted 25 November 2015
Hi Tim, I am 68 years old, and employed full time. I receive a salary of R 20,000 per month before tax. I receive an annuity payment of ±R 650 per month and also receive dividends and interest (way below the allowable). I have been paying my bookkeeper ±R 1400 per year in fees for submitting my tax returns. With your system, I do it myself with e-filing?
What does this cost (i. E. How much do I pay you)?
Why file a tax return?
Posted 25 November 2015
If you advise filing a tax return why do SARS say you shouldn't? I have been told by them not to.. I make minimal money at a very part time job. I do earn interest. I do have quite a few investments in my name too.
Can I add bond & registration fees to a rental
Posted 25 November 2015
Rental - can I claim or declare bond registration fees and transfer fees on a rental
How do I calculate Rental Income?
Posted 24 November 2015
How do I calculate rental income? Is this calculated as follows or is it different? Rental Income = Bond Repayments - Rental income. If it is positive it will be a profit, if negative it will be a loss?
Do we need to submit a tax return
Posted 24 November 2015
I get about R2000 /month from my living anuity and R900 / month from an investment. I no longer own property and my medical aid is about R1200/ month. I sometimes get about R2000 / month doing odd jobs and I supplement my income with the proceeds of the sale of my house. Do I have to submit a tax return
My mother is 92 and gets R8000/ month from one investment also has medical aid. Does she have to submit a tax return. Thank you
Primary residence definition
Posted 24 November 2015
I was letting out my property and was renting in another suburb for 3 years before selling my property. Is that property still seen as my primary residence?
Any tax on inheritance of a house
Posted 24 November 2015
My daughter will inherit my primary residence. Are there any tax implications for her and/or for my estate? Like CGT for example.
Completing Statement of Assets & Liabilities being married in community of property-what do I do?
Posted 24 November 2015
1. With respect to completing the Statement of Assets & Liabilities: I am married in community of property. Do I declare the value of joint assets/liabilities & SARS does the 50/50 split or do I declare 50% & my wife the same?
2. We receive income from our profession taxed in our own hands so how does this work re the completion of the Statement of Assets & Liabilities with respect to business assets, income & profit etc?
Can you assist with complicated tax return, involving extra income, provisional tax etc?
Posted 23 November 2015
My situation is pretty complicated. I am a provisional tax payer. I earn extra income for 3 properties, but also from a side business. All goes through my own personal bank account, so it is personal tax all of it. I am fully employed, however I was retrenched in 2014 June. I have an income protector and claimed from it for 2 months, until I started work again in September 2014. I have retirement annuities, medical aid etc.
Am I able to use your services effectively and accurately in...
Read more →
Nedbank IT3(b) - which figure do I use?
Posted 23 November 2015
Hi, on my Nedbank IT3(b) certificate they have 3 figures for interest (Interest, Net Amount Paid and Net Amount Accrued). Which one must I declare to SARS ?
Business Expenses - categorisation
Posted 23 November 2015
When declaring tax for my business I'm finding it hard to fit my business expenses into one of the SARS categories.
My expenses for the web hosting business mostly revolve around renting servers and software. What category would that fall under?
Is Occupational Interest received declared as interest or as rental income on your tax return?
Posted 22 November 2015
Is Occupational Interest received declared as interest or as rental income on your tax return?
Married couple rental income
Posted 22 November 2015
Regarding rental income as a married couple married outside of communion, do I list it as a partnership with 50 percent share or do I enter only half of the income and expenses and then don't list it as a partnership?
Can I offset my rent paid against my rental income derived?
Posted 22 November 2015
I own an apartment that I let out. However I also rent an apartment for me to live in. Can I offset my rental expense against my rental income on my primary residence?
Provisional tax payer - yes or no?
Posted 22 November 2015
I'm submitting tax as a normal tax payer (not provisional) as I am a salaried employee and I don't believe my business rental income exceeds R30k. Must I register as a provisional taxpayer?
Source code for admin fee on rental
Posted 20 November 2015
What is the source code for rental administration income as a third party?
CGT on jointly disposed asset
Posted 20 November 2015
How to complete a tax return when you have jointly disposed of a asset that attracts CGT. Do you load it on both's tax returns or only one - married ANC with accrual
Where on my SARS form do I submit info for a Unit Trust Investment if I get a IT3(b) Portfolio incom
Posted 20 November 2015
Where on my SARS form do I submit info for a Unit Trust Investment if I get a IT3(b) Portfolio income summary?
Is capital gain only for the period that a property is rented if it was a primary residence?
Posted 20 November 2015
I would like to sell a rental property which was my primary residence from 1 September 2007 -30 June 2012. It has been rented out from 1 July 2012 till the date of sale? December 2015. This means it was my primary residence for 5 out of 8 years. Is the capital gains calculated for the 3/8 years ie: 37,5%?
where do I put medical aid savings interest earned INCOME TAX - IT3(b) in the tax returns?
Posted 19 November 2015
This year I received R400 from an INCOME TAX - IT3(b) from the medical aid as interest earned, this is the first time I receive it with an amount previously it will just be R0. 00. Do I need to include this amount in my tax return and if I do where do I put in?
Which section does capital gains tax fall under?
Posted 19 November 2015
During the past tax year, my husband and I (married out of community of property) bought a property together to rent out. We fixed it, but subsequently sold it for various reasons. Which section does this capital gains tax fall under? It's not under interest/investments and the questions under "business" confuse me... Thanks,
Home office
Posted 19 November 2015
What evidence do I need to claim expenses for a home office?
What expenses can I claim besides rental?
What is the limit on taxable interest from investments per year?
Posted 19 November 2015
What is the maximum amount of interest I can receive on my investments for a year, before I begin to be taxed? I am not married. I have a Fixed Deposit and I receive rental income.
Older posts →← Newer posts
3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23