Are ex company 50% share of med subs taxable in hands of retiree of over 70?

  Written by Marc   Posted 14 August 2014

I AM OVER 70 AND RETIRED . IF MY EX EMPLOYER PAYS 50 % OF MY MED SUBSCRIPTIONS MAY I CLAIM IT.S SHARE TOGETHER WITH MY SHARE FOR TAX PURPOSES SAY FOR THE LAST 3 YEARS THANKS?

Full time with extra income tax bracket query

  Written by Marc   Posted 14 August 2014

I am a full time employee, but I recently earned extra income by doing freelance work. The income earned from my freelance work was not taxed before I received payment.

How do I calculate the correct amount to keep aside for tax from the freelance income?
I understand its something to do with adding my full time taxable salary with the income from freelance work, but there is potential that I may fall into a new tax bracket, is there a formula that I can apply to derive the corr...

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How much PAYE should I be paying?

  Written by Marc   Posted 14 August 2014

I think I'm paying too much PAYE, what should I do?

How to correct wrong address in your IRP5 form?

  Written by Marc   Posted 14 August 2014

I get my IRP5 from my employer but it came with wrong address, how do I correct that?

At what stage must a SP register for tax?

  Written by Marc   Posted 14 August 2014

I run as a sole-proprietor a small beauty business. I have been a student and then on completion of studies decided to work for myself. I am alone in my business and have built up the earning capacity slowly, due to my expenses of buying equipment and upgrading my home salon as I go along. I don't pull a salary for myself of over R8000.00 per month and some months only draw about R2500.00I am not registered for TAX personally as I looked at the tax tables and did not seem to earn enough to...

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Aug 1st "Completion letter" now "Assessment received"

  Written by Marc   Posted 13 August 2014

Hi Tim, You have a really good and informative site, that is the best I have ever seen regarding "SARS"...pfft that dreaded name.I received a letter on efilling on 1 August '14 - "Completion letter" and everyone told me I will get the refund money in 2-3 day. Now the status reads "Assessment received". What does this mean??? I changed my banking details and submitted all documents manually and on effiling in July Already.... What shall be the problem or what is...

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What does 4001 on IRP5 include/made up of?

  Written by Marc   Posted 13 August 2014

What does 4001 on your IRP5 include? Is it your tax portion for pension or provident fund alone or company as well? My company incl my pension& provident in my CTC even though I pay for it , so the amount in the 4001 on my IRP 5 is shows that I pay 6% for my pension /provident fund , if it CTC what about the company's portion?

Query on how to pay provisional tax and when to submit normal tax return?

  Written by Marc   Posted 13 August 2014

This is my first time submitting for provisional tax as I have additional income this year in addition to the salary I earn. Please can you advise how I go about applying for the IRP6 and when do I complete my normal tax return in addition to the provisional tax?

Non Taxable Travel Allowanc exceeds maximum permissible. Source Code 3702

  Written by Marc   Posted 12 August 2014

On my IRP5 I have a Source code of 3702 which is for my non-taxable travel allowance. When I submitted my tax return I received a letter from SARS saying that I need to submit relevant documentation because my non taxable travel allowance exceeds maximum permissible. This is not true as my total amount was only R2211 which is clearly less than the permitted 8000km. As I did not keep a log book what relevant documentation do I need to submit? As I understand, since my travel allowance is less tha...

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Reducing PAYE each month when paid by my employer?

  Written by Marc   Posted 12 August 2014

I receive a gross amount of R7000 a month from my employer.
Privately I pay medical aid and money to a Retirement annuity.

If I submit proof of this to my employer, can he reduce PAYE payments/deductions from my salary, taking into account these allowable deductions.

If my employer can do this does it then exclude me from having to file a tax return.

How to claim for medical aid that I pay 100% for as a sole member?

  Written by Marc   Posted 12 August 2014

I need help with my SARS claim regarding medical aid. I contribute 100% to the medical aid and I am the only member. I also contribute a pre-funding amount towards medical aid for the company for the purpose of retirement discount. How do I claim for my medical aid and what details and amount do I add?

Submitted documents by post, still haven't receive a response from SARS?

  Written by Marc   Posted 12 August 2014

I have posted IT77 form and documents for registration of a tax number its been 10 days and I haven't received any response and now I don't have reference number I can use to call help line. So now I was wondering is there another way of checking my application status for tax number?

Loss last year vs profit this year

  Written by Marc   Posted 11 August 2014

If I made a loss in my business last year can I take that loss into account when I'm doing my company tax this year if I am making a profit

I want my tax no to give it to may new employer?

  Written by Marc   Posted 11 August 2014

I want my tax no to give it to my new employer.

Foreign unemployment benefits - counting as foreign income or otherwise taxable in RSA?

  Written by Marc   Posted 9 August 2014

Hi - I am from Europe, working in the RSA for a South African employer since early in the 2014 tax year. During the period between March 1st 2013 and my arrival/start of work in the RSA, I had no salary, but received an amount in unemployment benefits from the European country I then lived in. Are those benefits taxable in South Africa (as income or otherwise), and if so, under what heading should I enter them for my 2014 tax return? Foreign Income, some other category?

State pensions received from foreign country

  Written by Marc   Posted 9 August 2014

Are state pensions received from a foreign country taxable in South Africa in cases were contributions to such pension fund was paid while permanently residing and working in said foreign country? Must such amounts be declared as income? Are the banks obliged to advise SARS of such pension money transfers from foreign source?

Pension tax payout return for tax purposes?

  Written by Marc   Posted 8 August 2014

Can I get a tax return if I was awarded a pension payout from my previous spouse.

What is a reasonable market related interest rate to use on a loan to a family trust?

  Written by Marc   Posted 8 August 2014

Hi Tim, what is regarded as a reasonable interest rate on a loan made by a trustee to a family (discretionary) trust in order to avoid a "Deemed donation" being made in the form of no/too low interest? I would argue that it would be an "opportunity cost" rate - for example a FNB money market rate.

Do you get a tax return if I received IRP5/IT3A?

  Written by Marc   Posted 8 August 2014

If I have received employee income tax certificate IRP5/IT3A stating the tax I paid on the first withdrawal, do I claim this tax back in my tax return?

Aanvra van IRP5 van my boss?

  Written by Marc   Posted 8 August 2014

Ek wil graag my IRP 5 bekom wat ek nog nie ontvang het nie..Ek verneem graag hoe ek dit kan aanvra by SARS siende dat in my omgewing nie SARS kantoor is nie. Die naaste is in Kimberley en die afstand is te ver om te ry. Kan ek dit elektronies via internet aanvra.? En hoe doen ek dit?

Claim from SARS (tax rebate) for prescription spectacles. not on medical aid?

  Written by Marc   Posted 7 August 2014

Got prescription spectacles from Spec savers. Not on medical aid. Have the account plus receipts. Can I claim on my tax return?

Medical contribution for pensioner

  Written by Marc   Posted 7 August 2014

My siblings and I transfer funds to my mum's bank account monthly to contribute to a Discovery executive medical aid plan which is more than R4000/month; she is the main member. My mum gets a state pension fund which she lives on. She obviously will not submit a tax return. Now, can I claim the portion that I transfer to her account on my tax return. I have a EFT going out monthly from my account.

She is not fully dependent on me but obviously cannot afford a medical aid with a state ...

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PAYE as SITE on IRP5

  Written by Marc   Posted 6 August 2014

PAYE is deducted from my salary, on a monthly basis. On my IRP5/Tax return my employer has submitted the total PAYE for the period as SITE. Is this correct?

Can improvement be expensed if they are done specifically for an increased rental?

  Written by Marc   Posted 6 August 2014

I own an investment property. The rental agent has advised me that in I can increase my monthly rental markedly by doing various improvements. Can this be construed then as expenses in the production of income, or must the improvements be capitalized? Ideally I would want to expense at least a portion of the improvements.

Received a Reduced Assessment due to provident fund discrepancy

  Written by Marc   Posted 6 August 2014

Help, I just received a REDUCED ASSESSMENT ITA34 from SARS. I submitted my tax return but at that time for tax period 2013/2014 I hadn't received a small portion I cashed from my company provident fund to settle study debt when I left me previous company on the 28th Feb 2014.

My original assessment indicated I was due -R9,460.29, the latest assessment indicates that I'm only due -R0.19. Reason for the Reduced Assessment is "Income no declared".

The Provident Fun withdrawal amount was R137,769, I withdrew R32,152.29...

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