Can I deduct the interest I pay my mother from my rental income as part of Interest/Finance Charges?

  Written by Marc   Posted 25 October 2013

On two occasions, my mother has been kind enough to grant me funds from her positive flexi loan balance that I used as a deposit when applying for finance for investment properties. On a monthly basis I pay my mother interest on the funds she granted me. Can I deduct the interest I pay my mother from my rental income as part of Interest/Finance Charges?

How do I know if I am due a tax refund?

  Written by Marc   Posted 24 October 2013

Is there anyway of determining whether I am due a tax refund before filing my ITR12 with SARS?

An elaboration on source codes 4040 and 4020 on the ITR12?

  Written by Marc   Posted 24 October 2013

My wife and I are members of a medical aid. I am the main member and she is a dependent. The cost of the monthly contributions are partly paid by my employer and partly by myself.

My wife however pays me monthly for our portion of the medical aid monthly expense after it has been deducted from my salary because she earns more than me, but doesn't receive a medical aid option from her work.

My wife also had out of pocket medical expenses amounting to R4 100. In assisting her with her tax return, if we insert her out of pocket medical expenses (source code 4020), the return calculator says a return of zero...

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What if I earn different amounts per month, how is the tax calculated?

  Written by Marc   Posted 22 October 2013

What happens if my income varies in different months?Example:Jan-March I earn only R5,000 per monthApril & May I earn R6,500Remainder of the year I earn R5,000I am registered for tax so should I immediately be taxed for the months I earn R6,500?What if it varies even more and I earn a range from R5,000 to R5,990 each month so it goes untaxed but my years payment is over the non-taxed payment collectively for the year, How can I estimate how much I should have in savings if I am requested for...

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Meals fringe benefit for tax purposes?

  Written by Marc   Posted 21 October 2013

I have to travel to clients a lot for work, the company has agreed to pay for my lunch when I am on the road during business hours, will this be a fringe benefit for me?

How much must you earn to qualify for a tax refund?

  Written by Marc   Posted 18 October 2013

How much must you earn to qualify for a tax return?

Working for government. Tax deductions for eg stationary and courses that I have paid for myself?

  Written by Marc   Posted 17 October 2013

I work for Gauteng Department of education. I am a Therapist and from time to time I buy my own stationary, therapy material and incentives for the children. I also do courses at my own expense. Where do I deduct the above mentioned expenses?

Require clarity on tax returns for private individual who also owns a small business?

  Written by Marc   Posted 17 October 2013

1) If you own a CC can you include the income and expenses of the CC with your personal tax return. Is there a cut off on the amount of turnover business?
2) Must I submit 2 tax returns? One for personal tax and one for the CC irrespective of the amount of income derived from either income source?

What is PAYE and how does it work?

  Written by Marc   Posted 15 October 2013

What is PAYE and how does it work?

Earning Oz dollars, living in SA, how do I get taxed?

  Written by Marc   Posted 15 October 2013

Hi, I am an SA citizen, and I hold Australian permanent residency. I will be doing some research for an Australian University next year. I will be paid in Oz dollars into my Oz bank account and this will be my only income. However, I will primarily reside in South African during that year and take 4 or 5 trips over to Oz during the course of the year. What are tax implications?

Previous employer refuses to give IRP5 form, what can I do?

  Written by Marc   Posted 14 October 2013

I requested an IRP5 form from my previous employer but was told that they could not help me as they had only registered at SARS a year after I left the company. But tax was deducted from my salary from the first month to the last month of my employment which was over 2 years. What will happen to the company and how do I go about handling this situation as I need to submit my tax return?

I earn a salary and pay tax as per usual, if I consult and receive other income, what is the tax tha

  Written by Marc   Posted 14 October 2013

I receive a salary per month and pay my usual taxes. I am assisting a friend on a monthly basis with his business in my spare capacity. He pays me per month R4 700.00 consultation fees and would like to be invoiced for that. I am not registered as a business, what are the tax implications for me.

Can I claim MPS as a state doctor if I do extra private work earning me additional income?

  Written by Marc   Posted 13 October 2013

I work as a salaried doctor in the state. I also however do some work in private so I need MPS. Can I deduct this and the laptop I bought to do this work? Unrelated, I pay R3200 per month for my domestic worker. Any possibility of a tax deduction on this?

Signing bonus vs relocation allowance tax implications?

  Written by Marc   Posted 12 October 2013

I just got a job offer in CPT and currently in DBN and the company is giving me a signing bonus R100K. what are the tax implications of signing bonus compare to getting a relocation allowance instead of the bonus.

Are rates paid on property tax deductible?

  Written by Marc   Posted 11 October 2013

How do the municipal Rates affect my tax status?

I own a small flat and I pay Rates to the municipality every month. However, my City of Johannesburg statement does not reflect my VAT number. How does this affect my Tax?

Does the Tax rebate apply to Medical Insurance?

  Written by Marc   Posted 10 October 2013

Will I still get the monthly tax rebate if I join a Medical Insurance and not a Medical Aid?

How soon will I get paid after receiving the second ITA34 assessment?

  Written by Marc   Posted 9 October 2013

How soon will I get my rebate after receiving the second ITA34 assessment?

What goes under capital allowances on the ITR12 - Income Tax Return

  Written by Marc   Posted 8 October 2013

What goes under capital allowances?

Am I owed a refund if my second ITA34 shows an amount of R0 and the statement of account is -R14 000

  Written by Marc   Posted 8 October 2013

What does it mean if my first ITA34 showed an amount of R-14000 and SARS then requested additional documents which I submitted. They then sent a second ITA34 which showed and amount of R0.00. The statement of account still reflects R-14 000. Am I getting a refund or am I not getting anything?

Can I claim travel expenses for unpaid charity work?

  Written by Marc   Posted 8 October 2013

I work for a software company three days a week and on the other two days I provide unpaid help to various charities. Am I able to deduct the travelling expenses to and from the charity projects in my tax return?

Rental income - offsetting expenses for tax purposes?

  Written by Marc   Posted 8 October 2013

We only managed to get our first tenant from 1 October. Do we accrue only the expenses - interest on bond, levies, rates, etc. - from 1 October, or for the entire financial year?

Resubmitting of tax?

  Written by Marc   Posted 8 October 2013

I sub-letted my SARS tax return about 4 weeks ago can I resubmit .

What documentation is required to show income and expenditures from rental income?

  Written by Marc   Posted 8 October 2013

I recieve additional income from rental. I have an agreement with my tenants that they pay a percentage of the electricity and rates bill, the ADSL bill and the domestic staff. If I were to be audited, what documentation would I need to provide in order to prove these expenditures seeing as they are not the total amount invoiced on the ADSL or Electricity Bills?

Personal tax of small business owners?

  Written by Marc   Posted 7 October 2013

Hi Tim. I have a trading business registered as a Pty Ltd that I started this year. The company only makes enough to cover its costs as it is still in its startup phase. I do not pay myself a salary as I do not have much in the way of living expenses. How would I treat my personal tax return?

Can I claim back expenses against PAYE that relate to an income I have not yet received?

  Written by Marc   Posted 7 October 2013

Thank you very much making this forum available to us.
I work as a salaried software developer 160 hours a month, I earn a salary and pay PAYE. I also work at home doing work for a client. I will only be able to collect an income from the client after the system I'm developing is complete, which will probably be in around 8 months, this is simply the nature of the business. I'd like to know if I am entitled to claim any expenses that I am currently paying to support the work I'm doing for...

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