Medical Aid Monthly Contribution VS Tax Credit on Medical Aid?? How to deduct?

  Written by Marc   Posted 2 July 2013

Hi Tax Tim
Great website, very helpful over the last couple of months.
I am busy filling in my ITR12, and I have a lot of deductions, ie depreciation etc, but when I enter my medical aid contributions, (paid by myself, R 1900 per month), and I calculate my tax return, it shows in the 4008 field R0.00. Please advise how to make this amount come in to account and how does the new tax credit work in my case? Lastly, re-imbursive travel expenses, how do I deduct this? I travel some times f...

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How to claim for km used and for own private vehicle use for work?

  Written by Marc   Posted 1 July 2013

The new information to create your personal income tax return now only give you a option "do you want to claim expenditure against the employer provided vehicle.

Can I claim my laptop for tax purposes?

  Written by Marc   Posted 28 June 2013

I did freelance work through my company, but it was paid in as my salary, so not recognized as freelance work and means I'm unable to claim any expenses. Can I claim the laptop I bought and used to work from home on as a business expense?

Cellphone claim for tax purposes?

  Written by Marc   Posted 26 June 2013

Can I claim my monthly cellphone bill? What do I claim it under?

Can I claim my laptop as an expense?

  Written by Marc   Posted 21 June 2013

I bought a laptop in November 2012 as I am in sales can I claim for it and what % would I get back?

How would I handle tax for freelance work?

  Written by Marc   Posted 17 June 2013

I've just started at a company doing part time work (22nd May). I get paid on an hourly basis, and the amount hours I work is up to me (very flexible - I am a student). I work about 120 hours a month which returns over R10 000 per month. Since it wont be a fixed amount every month (could be less, could be up to R16K), am I provisional tax payer? The first IRP6 is at the end of August, how would I go about handling this?

Would I be expected to pay 25% of all the income from June 2013- February 2014, on payment #2 IRP6 (February 2014)?...

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Hi, I'm not sure about my medical aid payments and also I have a company petrol card.

  Written by Marc   Posted 10 June 2013

My current salary package is Cost to Company. Does this mean I pay the medical aid or does the company pay it. The other issues is that I get a fuel allowance, but its not put into my salary. I have a fuel card.

What to do with following expences whilst renting out student accommodation (commune)?

  Written by Marc   Posted 30 May 2013

Part of Personal income.
1. Do I enter bond payments for the property anywhere?
2. What about security payments to Chubb?
3. What about Furniture & appliances - all rooms are furnished.

Re-reimbursement for company travel?

  Written by Marc   Posted 27 May 2013

Hi for the first time I am confused, I own my own car and last financial year I did about 18200 business km and 8100 private km my company refunds business travel at 2 rand a km I keep a log book but not receipts for fuel and repairs is there anything I can claim for?

How do I calculate fringe benefit tax on my vehicle?

  Written by Marc   Posted 21 May 2013

vehicle was purchased 2009 on hp, value including vat R433000.00 deposit R95000.00, financedamount R379000I use the car daily to go to work/home but am on clients sites most days for business.not sure how to work out paye monthly on this?rose

SARS requested additional documentation but didn't tell me

  Written by Marc   Posted 10 May 2013

I am a provisional taxpayer... I work freelance and my income fluctuates. I've been doing my own tax through efiling for several years now, and have never had a problem. So this year, I send off my return on January 29 (yes, I know, leaving it till the last minute... every year I
promise I won't do that!!), and my assessment comes back, I'm owed R120.56. The amount is so small because I actually already did all the calculations in order to make my third provisional payment by the September deadline, so as not to incur any interest....

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Car allowance vs Company Car?

  Written by Marc   Posted 25 April 2013

Could someone please help me to understand what would be the best option. I am currently sitting in a situation where I can choose between a car allowance (travel allowance ) and a company car. I don't understand the tax implications regarding this.. I would obviously want to take the least expensive route..

What is the difference between wear and tear allowance v depreciation?

  Written by Marc   Posted 23 April 2013

If a small business selling Lollies and sweets buys a production machine from china for R50 000.00, a fridge for R1 500.00 , small kitchen appliances and utensils to the value of R1 800.00 (various) and a car to use for driving to markets to sell lollies and sweets. Where and how would I use wear and tear allowance or depreciation and what is the difference? Can small items such as kettles and cutlery be seen as assets?

When capitalising an amount for renovations to a home office how do I calculate the amounts?

  Written by Marc   Posted 11 April 2013

What amount is allowable for Repairs and maintenance and how do I depreciate the capitalised amount which consists of plumbing, paving and builders?

Depreciation on cars, how does it work?

  Written by Marc   Posted 12 March 2013

Your depreciation calculator - is it up to date in terms of percentages allowed etc?

Second question - I am a sole prop. I know that I can deduct business expenses (not permanently employed), but I am not sure about the installment that I pay for the vehicle (HP). Can I deduct for tax purposes since I use the car for business.

Last question - if the above deduction is allowed, can I also add depreciation of the vehicle to the 'basket' or is it a matter of either or?
<...

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Just want to confirm how to dispute SARS denying the wear and tear allowance on my laptop?

  Written by Marc   Posted 12 March 2013

SARS denied the wear and tear claim according sec 11 e for the laptop I had to buy myself and use at work 100% of the time, they said its denied according to sec 23m, but I'm sure that was incorrectly interpreted because it says except for..... and then refers to sec 11e?!

So do I contact them and say go study a bit and make sure of your facts or how do I go about this? Dispute and add sec 23 for them?

Where can I get a list of the items that I'm allowed to claim for as a sole proprietor?

  Written by Marc   Posted 1 March 2013

I know about things like rent, telephone, internet, stationery, etc., but what else?

How can I account for a lost laptop?

  Written by Marc   Posted 20 February 2013

I've just started up as a sole proprietor and would normally depreciate laptops etc over 3 years. However, this year I lost a laptop that was not insured, and had to replace it. Can I write off the full cost of the lost laptop in this year? If so, would this still fall under depreciation?

Asset depreciation in first tax year

  Written by Marc   Posted 10 February 2013

If I registered for tax for the 2012 tax year, does that mean that I can't claim asset depreciation in that first year, since the calculations are based on asset usage in the previous year (when I wasn't utilizing the assets for work purposes)?

Is the depreciation of a private vehicle an allowable deduction?

  Written by Marc   Posted 10 February 2013

I do not own a business, I only earn a salary.

How to calculate an asset depreciation calculation?

  Written by Marc   Posted 27 January 2013

1. Is it possible to claim for depreciation for individually-purchased PC components? For example, if I purchased a monitor separately, or custom-built a PC (HDD, RAM, CPU, etc.). If so, would I use the "Computers: Personal" asset type when performing the calculations?2. If an asset is used for work non-exclusively, would I simply claim a percentage of the depreciation? For example, if a monitor cost R3000 and the deductable amount was R900 for the tax year, but I used it only 80% of t...

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Are these tax-deductible medical expenses?

  Written by Marc   Posted 24 January 2013

1. Eyeglasses (frames & lenses) and the preceding eye test at Spec-Savers.-- If so, would this fall under "impairment" or general medical expenditure?-- If you then purchase new frames & lenses, is it again tax-deductible?2. "Cosmetic" surgery (the removal of moles, to be more specific).

When claiming depreciation on a vehicle can you also claim the repayments?

  Written by Marc   Posted 23 January 2013

I am a small business owner/operator and i use a bakkie for business, which I purchased in the last tax year (2012). If I claim the 5 year depreciation can I also claim the monthly repayments on the vehicle?

Thanks

If you have a depreciation expense from an asset eg a delivery vehicle, will that be offset by the a

  Written by Marc   Posted 22 January 2013

When do you put in the the add back?

Supporting documents - what if they are not submitted on time? I uploaded and forgot to submit?

  Written by Marc   Posted 21 January 2013

Hi Tim, great website and good gen. SARS phoned me asking for a schedule of my deductions. I uploaded it and forgot to click on 'submit', then received a second assessment disallowing the deductions - probably because I didn't submit the document.

What do you suggest? If I lodge a notice of objection, will they allow the late submission of the document? How much should I explain to them - fall on their mercy regarding my mistake, or just assert that I am entitled to the deductions? <...

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