What are the tax implications for Voluntary Severence Package?

  Written by Marc   Posted 13 August 2015

What is the tax implication for Voluntary severence packages? Does it qualify for any severence benefits. According to general opinion, the first R500 000 is tax exempt?

AP34 Penalty and Refund Due

  Written by Marc   Posted 13 August 2015

I have a AP34 penalty. I am also due a refund. Do I first have to pay the penalty before I receive my refund?

Support for cell phone depreciation at SARS?

  Written by Marc   Posted 13 August 2015

What supporting documentation does SARS usually look for when assessing if depreciation/wear and tear on your cell phone is an allowable deduction. Please note that my cellphone is paid via a monthly contract fee. These contracts usually don't stipulate the base price of the phone. Furthermore, what support do you need to give them for the allocation of business use versus private use. I have tried to search and ask what they need as they wanted to verify this deduction, however, I cannot seem t...

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Tax payment on pension payout?

  Written by Marc   Posted 13 August 2015

I want to know how much I will pay if I receive 195000 pension fund

Pension payout problem?

  Written by Marc   Posted 13 August 2015

Please assist me, I received a pension pay-out in March this year that will fall under the 2016 tax year. But when I do my 2015 tax return the amount comes that I was taxed on comes up in the calculation
'' Retirement fund lump sum withdrawal benefit tax liability'' I owe SARS over R300 000. 00. How can this be am I doing something wrong

PERSONAL TAX NUMBER from SARS?

  Written by Marc   Posted 13 August 2015

HOW TO GET MY PERSONAL TAX NUMBER

My refund is very low and my medical aid costs is high why is this?

  Written by Marc   Posted 13 August 2015

I have submitted my tax return on SARS eFiling but the refund is way less then I expected as my medical aid cost was very high. Could Tax Tim help me to submit my tax again to see if the calculation is correct? Also SARS is auditing every one in my office who submitted their tax returns and no one has been paid yet is there a problem at SARS this year?

After confirmation of audit from SARS?

  Written by Marc   Posted 12 August 2015

Tim what happens after sars send u a letter saying they are making no adjustments to the filed returns

Need a form for declaration of personal details when registering for eFiling for the first time

  Written by Marc   Posted 12 August 2015

I registered for SARS eFiling for the first time and when I tried to submit my tax returns I got a message saying that SARS is still verifiying myregistration I must try again after 24hours,I waited and tried after 48hrs but same message came up,I called the 0800 number the consulted said SARS needs to verify my personal detail so I must download a form called Declaration of SARS eFiling registration and fax it on a 011 fax number with the copy of my ID,I am struggling to get the form the name d...

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Reconciling interest per S24J

  Written by Evan   Posted 12 August 2015

An IT3(b) form for interest from a bank, when added to the opening balance of a fixed deposit investment, does not agree with the closing balance due (I think) to the accrual provisions of Section 24J of the ITA. I have to "fudge" the entries I have made for interest received each month so that I can get the balances correct for SARS tax returns. Is there any way round this other than to make no bookkeeping entries until IT3(b) are issued after the end of the tax year. This is for a family trust...

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Is the Provisional Tax threshold inclusive of Normal Salary + My company paying me out (Dividend)?

  Written by Marc   Posted 12 August 2015

I registered a company and It was registered for income tax. I am the sole Director and shareholder. When it makes money and I pay some of this to myself am I liable for provisional tax? I know there is a threshold but does that threshold amount include my Normal Salary that I get from my employer?

I'm haven't received my refund from SARS

  Written by Marc   Posted 12 August 2015

Hi I have sent in my tax return last month and I was told by the consaltant that I was not to bring anything because everything ws scanned but now is past 21 business days nd still haven't heared anything from SARS what do I do?

Claiming back tax on a bonus you had to pay back to a company

  Written by Marc   Posted 12 August 2015

How do I claim back tax on a retention bonus I received from my previous company. I was advised to fill it in under the section that states "Amounts Refunded i. T. O. Section 11(nA) and 11(nB)" and code 4042. What evidence will SARS need. I called their call centre but they were of no help.

Passive investment and unit trust income - do I submit a tax return?

  Written by Evan   Posted 12 August 2015

I am an independent contractor and my earnings is below R200 000 per year. Over the past two years, I have managed to save and have invested R100 000 in listed shares and R50 000 in investment funds such as unit trusts. I am not sure whether I need to submit a tax return?

Foreign Capital Gains

  Written by Marc   Posted 12 August 2015

Is the capital gains R30 000 exclusion also applicable to foreign capital gains of an SA resident?

Tax on endowments

  Written by Evan   Posted 12 August 2015

What percentage of tax do you pay on endowments upon a husband's death, and his wife is the beneficiary?

How long audit take what can I do to make it go faster?

  Written by Marc   Posted 12 August 2015

I was selected for a audit am I going to get money and how long does it take and what can I do to make it faster? thx

Taxable Benefits

  Written by Marc   Posted 12 August 2015

Our company provides a contribution towards provident fund based on 15% of basic salary. Does this form part of your taxable income. Were should it be recorded on the IRP5

I have a question regarding renouncing U.S. citizenship and filing U.S. taxes.

  Written by Marc   Posted 12 August 2015

I have a question regarding renouncing U. S. Citizenship and filing U. S. Taxes. I have used Person A and B for this example. June 4, 2014 â%u20AC%u201C Person A and B renounced their U. S. Citizenship at the U. S. Consulate General. March 12, 2015 â%u20AC%u201C Person Aâ%u20AC%u2122s Certificate of Loss of Nationality was approved by the Department of State in Washington, DC. Person Bâ%u20AC%u2122s Certificate of Loss of Nationality was (according to a document dated May 12, 2015) approved on December 23, 2014. Would either person be required to file a U. S. Tax tax return for 2015 for the months before the renunciation was complete?...

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Is there income tax payable on interest received from SARS?

  Written by Marc   Posted 12 August 2015

Is there income tax payable on interest received from SARS?
Which section in the tax act does this come from?

Refund delay from SARS for 2015?

  Written by Marc   Posted 12 August 2015

I received an assessment stating that, amount due is -R4968,33. How long does it take to process payment after submission?

Should I do a tax return if my business revenue was less than R 350,000.00 for the year?

  Written by Marc   Posted 12 August 2015

Hi guys,

I've got a sideline business (CC), and our revenue was WAY less than R 350,000. 00. Should I still process a tax return?

Have not received my money from SARS yet?

  Written by Marc   Posted 12 August 2015

I submitted my documents to SARS and I already know my amount that I will receive back from SARS via sms the lady told me that I will have my money in my bank account in 2 days but still after 2 weeks now haven't received any payment from SARS

Explain to me how does provisional tax work or who should submit and how often ?

  Written by Marc   Posted 12 August 2015

Explain to me who qualifies to submit provisional tax and how often? If you are sole trader, pty, cc, trust account.

Tax on living annuity?

  Written by Marc   Posted 12 August 2015

I currently contribute to a provident fund as well as my employer. My portion is taxable and the employer's not. When I retire I plan on investing in a living annuity, will the income from the living annuity be taxable?
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