Separating IRP5 related sales from income total

  Written by Evan   Posted 25 July 2015

I run a small business which sells research services. It's a sole prop, but when I'm contracted by university it generates an IRP5. In my income tax return, when it asks, after the question about the value of sales, if there is any income reflected on an IRP5, does that mean I shouldn't include the IRP5 income in my total sales figure? Also, where (and what rate) do I claim insurance for necessary equipment such as my car, computer, and phone?

How is the 3703 travel allowance calculated?

  Written by Evan   Posted 25 July 2015

I received a reimbursive travel allowance under code 3703 of about 41 000 on my IRP5. I traveled over 8000 km and my rate was above the gazetted rate of 3. 30 for part of the year.

1) Will SARS reduce my taxable travel allowance by 30 555(8000*3. 30).
2) If I kept a log book is they a section that I will enter the deductible amount on my IRP5 and what is the code.
3) Will I get a refund if my deduction amount exceeds my taxable travel allowance amount or is it limited to ...

Read more →

Percentage tax on provident fund

  Written by Evan   Posted 25 July 2015

How much deductions on provident fund of R61,000?

Two IT3c certificates - do I use both?

  Written by Evan   Posted 25 July 2015

I received 2 IT3c forms for the same investment. Do I use both to complete my tax return? One is related to capital gains, source code 4250, and the other to income from investments.

Tax on share sales

  Written by Evan   Posted 25 July 2015

I have sold some shares, and made a small profit. Reading the rules around tax on shares, I have deemed it to be subject to Capital Gains tax, and not taxable income. Could you please advise where to declare it on my SARS e-filling, under local gain/loss?

I don't see a section where I can write a description or enter a source code. Do I need to declare this amount if it falls within the annual exclusion amount?

Donation tax on receipt of foreign donation

  Written by Evan   Posted 25 July 2015

I could receive a donation from my sister in the UK - we understand that she does not pay tax in the UK as she the donation is under their threshold - will I pay tax in SA?

Tax deduction from pension payout

  Written by Evan   Posted 25 July 2015

I have been employed since 1992. I took a departmental transfer to SAPS in 1995. I did not receive my pension paid from 1992 so I have 23 years service. I want to resign end October 2015. The sum to be paid is R125,9374.40. How much will I be taxed and how much will I get out after tax?

We are married in community of property. How should we do the tax filing?

  Written by Evan   Posted 24 July 2015

We are married in community of property. We are both registered with SARS. We both do not work for a employer. We receive investment and rental income on the Husbands name.

Does the Husband report all the investment and rental income on his tax return or should it be split and then reported on the Husband and Wife's tax filing? If the investment and rental income is only reported on the Husbands tax filing what should be filed on the Wife's tax filing? Should both also pay Provisio...

Read more →

IRP5 not available from employer

  Written by Evan   Posted 24 July 2015

If I had not received my IRP5 from my employer and need to submit supporting documents, are the ones from the ITR12 suitable to attach on SARS eFilling?

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

  Written by Evan   Posted 24 July 2015

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

Medical expenses not covered by medical aid

  Written by Evan   Posted 24 July 2015

Hi, I belong to a medical fund. But I have expenses of R5 314 which were not paid by my medical aid. I paid it myself, have the receipts. Under which code do I put that amount in, to claim it back?

Required info for completion of tax return

  Written by Evan   Posted 24 July 2015

Please list all the information that is required for completing one's tax return.

Got an ITA34 and am in audit. How long will it take for refund?

  Written by Evan   Posted 24 July 2015

Hello, I have filed for first time tax returns and they said it went into audit because i filed only for 6 months pay, however I have now provided them with all docs required. I have received an ITA34 showing how much I get refunded.

Could you please tell me how long will it take for me to refund the money into my account?

IRP5 missing for 2007

  Written by Evan   Posted 24 July 2015

I have been doing SARS eFiling since 2010 (first assessment submitted for 2009). My question is that SARS can not refund the payment due to me for my submitted 2015 assessment as my tax returns for 2007 and 2008 are still outstanding.

The company informed me that no IRP5's for that two years are still available. What do I do now? My income was less than R100 000 a year though - is there any way that I can submit a nil tax return? I can not indicate that I was unemployed for the years...

Read more →

SARS does not have my banking details

  Written by Evan   Posted 24 July 2015

SARS does not have my banking details. Do I need to physically take them to SARS office?

How much is taxed?

  Written by Evan   Posted 24 July 2015

I'm earning R17634.75. How much should I be taxed a month?

Help with registration for tax number

  Written by Evan   Posted 24 July 2015

How do I register myself for a tax number? I live in Strydenburg but work in De Aar.

I want to register as independent tax consultant

  Written by Evan   Posted 23 July 2015

I need to register as tax consultant. What do I need?

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

  Written by Evan   Posted 23 July 2015

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?

How do I know what the status of my audit or verification is?

  Written by Evan   Posted 23 July 2015

Hi TaxTim. How do I know what the status of my Audit or verification is? I've submitted supporting documents on the same day 8 July 2015. They usually say 30 days but in the past it was usually sorted out within a few days. I'm due a refund of R28k.

I made a silly mistake :(

  Written by Evan   Posted 23 July 2015

Hi there TaxTim

I religiously file my tax returns every year and made a horrid mistake this year. I was due a refund from my 2015 tax return (did the return on 01/07/2015) and haven't received it as yet. After calling their call centre, I was told to complete my 2011 tax return. I did this and checked my 2010 and 2009 to ensure all information was correct, accurate and submitted. (I was thinking, chances are, they would tell me to submit 2010 and 2009 to process my refund after submitting 2011. )...

Read more →

Tax refund for registering with health profesionals council

  Written by Evan   Posted 23 July 2015

Can I get a tax refund for registering with the Health Professions Council of South Africa (HPCSA)?

How much tax of R763,143 on resignation

  Written by Evan   Posted 23 July 2015

I work for a parastatal company for eleven years. I have resigned with a package of R763,143. Kindly help me to know how much will I be taxed.

Can I dropoff documents for review in the SARS office box?

  Written by Evan   Posted 23 July 2015

I have submitted my tax return via SARS eFiling and have been requested to submit the documents for review. I am not able to upload those on SARS eFiling. Can I copy them and deliver them into the box outside the Randburg SARS office?

Scared because amount refundable to me is negative amount

  Written by Evan   Posted 23 July 2015

I have just submitted my tax and it says the following "Thank you for submitting your income tax return for the 2015 year of assessment. Your assessment has been concluded and reflects an amount refundable to you of R -11958. 52"

Does that mean I owe SARS R11958. 52?
Older posts →← Newer posts    126  127  128  129  130  131  132  133  134  135  136  137  138  139  140  141  142  143  144  145  146