Penalties Posts in Tax Q&A

Concerning rental income and SARS?



In January my wife and I we relocated. We started renting out our house since beginning of Jan 2015. In my tax return, must I count the rental income only for January and February, and subtract cost ie monthly repayment on the home loan and agent commissions?

Inheritance, do I pay tax on it?



Do I need to declare lump sums that I received from an inheritance? The lump sums were from retirement annuities, a life policy and proceeds from a fixed property that was sold out of the estate. Thank you!

When are Trusts supposed to submit a ITR12 tax return?



As far as I know, provisional tax payers should submit their tax returns end of January and companies end of February, of the following year of assessment. But when are trusts supposed to submit their tax returns if they are not registered provisional taxpayers?

IT3b source codes



I have a IT3(b) tax certificate from the bank , they gave me a income source code 4201 , please tell me where it is on the ITR12 ?

What is an IR3(b) actually saying??



Does an IT3(B) interest received mean that you will receive that amount after declaring your tax? I received the ir3b from gepf requesting that I add it to my tax submission.

What other document to be submitted?



When is the due date to submit your tax returns?

Correction of IRP5 by employer



The amount stated on my IRP5 for my Travel Allowance is wrong. My employer decreased my allowance without my knowledge and I've only picked up the error now. My employer says it's too late for them to correct it. I now can't claim the full amount of my travel expenses for the year.

Why can't my employer submit the correct figure to SARS and give me a new IRP5?

The 2007 return is a very simple one, its pure Income tax, no claims, no supporting docs required.



Hi Tax Tim. On 06/07/2015 I went to submit my tax returns as far back as 2007. I had been living abroad working intermittently on the odd year in SA. SARS were great, all tax returns were filed with no claims on any tax deductions so no supporting documents required. I have a tax return due to me however because the 2007 tax return was so far back its gone for processing and now is holding up my tax return from all the other years. The 2007 tax return is a very simple one, its pure Income tax, n...

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Investment and capital transfer



I have recently got married to a UK national and he is wanting to transfer some funds for an investment in SA. He is going to transfer the funds into my current account which I will then transfer into a unit trust.

Firstly do I need to submit a donations form they have on the SARS website and if it exceeds the R100,000 will it be liable for tax?
Secondly the income from the investment will be paid monthly. If it exceeds the R23,080 annual exemption what is the rate on the excess? Is it still taxable even if it is below R70,000 per year? I have no remuneration just the investment income....

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What's does lease payments actually refer to?



Under "travel claim against allowance" Does lease payments refer to the monthly car repayments I make to Wesbank?

If the amount has not a minus in front what does it mean?



If I submit my tax and it show a amount without a minus in front must I pay the amount or what?

Investment return tax



How much tax will I pay for my investment returns?

How best to set up my photography business with regards to taxation?



Hello Tax Tim I work as an analyst full time; and in my free time I follow my passion for music and photography and take photos at festivals, clubs, pubs and other events. I have been building up a profile over the past few years of my work and now I have artists and their relative management agencies showing interest in procuring some of my images.

I have not registered a company yet, nor have I sold any images as I first want to ensure I set up my "business" and contract documents correctly so my clients and I are covered fairly and equally...

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Medical expenses for disabled husband (non Medical Aid contributor)



Hi there, My husband is disabled and I do not have medical aid but I pay for his chronic medication and doctors visits out of my pocket for the year. This amounts to between R 25 - R 35,000 p/year. Am I able to claim anything back against this medical expenses? Under code 4020 perhaps? My annual income is between R 180000 - R 200000 p/ year. (7. 5% = - R 13,5 - R15000) - Can I claim the difference in expenses without being on medical aid? Thank you for your assistance in this regard.

Doing tax return for first time - what do I need?



What kind of information is required to do a tax return for the first time?

Why is my home office selected for verification second year in a row?



I work from my home office as a graphic designer. My annual income is under R500 000. This is the second year in a row I've been selected for verification. Any idea why and what does it mean? What should I be doing differently to prevent being flagged? Is it a reflection I'm doing something wrong?

Tax on R25,000 interest for last year?



I have earned R25,500 interest for the year 2014/15. How much tax do I pay?

How can I apply for a rebate



How long do I have to apply for a rebate?

Taxation on foreign bank account



I would like to know what are the tax implications on exchange gains/losses on a foreign bank account. I know the interest is taxable but is the gains/losses on the capital from forex taxable?

Want to know if I can claim my late father's tax return (PAYE)



My question is I see on my late Dad's payslip he has been paying PAYE of R52.31 a week. So I wanted to know if the tax PAYE can be claimed?

What does it mean by Enforcement Case?



What does it mean when you see on your SARS eFiling - Enforcement Case Number*****
What is mean by Enforcement Case?

My friend received the following, just interested to know what it means.

Why does SA Homeloans send me a tax certificate if I cannot claim the interest?



Why does SA Homeloans send me a tax certificate if I cannot claim the interest on my mortgage? Can I claim on the life premiums linked linked to my loan?

When is tax payable on a five year fixed deposit with interest on expiry?



If you have a fixed deposit with interest on expiry after five years, when do you pay tax on the interest?

It seems that SARS is taxing it every year on what has accrued each year, but surely this causes a cash flow issue for the investor as you are having to pay tax on something you only get in five years time? If this is the case why would anyone take interest on expiry?

When do I have to pay CGT?



I had a Capital Gain from the sale of shares in April 2014. My tax return is due by November 2015. Is it better to wait until then and pay the tax or make the declaration now and pay now? If I declare now am I obliged to pay tax immediately or is there a penalty if I only pay by November 2015?

Where must I submit dividends and interest received on an investment?



I have received dividends and Interest from an investment. We haven't shown this anywhere!
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