Will SARS allow personal vehicle expenses as deductible if the vehicle is partly used for business?

Posted 2 November 2015

I own 18 rental apartments which I am renting out. I will be retiring next year from my employment and concentrating on managing these properties and also doing related maintenance myself. I currently own a SUV vehicle which I intend keeping and using it for both property maintenance and also private purposes. Will the tax authorities allow a portion of the vehicle expenses as tax deductible against the rental income to the extent they relate to property maintenance, or do I necessarily need to ...

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Audited, how long does it take to be paid out?

Posted 2 November 2015

I have been audited and as this is the first time that it has happened to me, I have send through all documents that they requested. I was travelling away for work and could only electronically updated my papers for them on the 06/10/2015 after they send me a letter that I am being audited on 09/109/2015. According to my knowledge you have 21 Working days to send all paper work threw as from day of notice. Till now I have not received any information on when the money will be paid out. No other ...

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Severance package directive request

Posted 1 November 2015

When apply for a directive for severance package do we need to submit it with the leave pay and bonus or do we only do the directive for the severance only?

When must Capital Gains Tax be declared?

Posted 29 October 2015

If Capital Gain tax I have incurred is less than the R30,000 allowance, do I still have to declare it in my Tax tax return?

If I get car allowance as part of my total guaranteed package. Can I still claim travel?

Posted 28 October 2015

My job requires a lot of travelling, I do have a car allowance that is part of my total guaranteed package. I do get reimbursed for the km's traveled and toll fees. Do I still have to complete km as per log book to SARS. Do I further qualify for a tax return in this regard?

Structuring of ctc package

Posted 26 October 2015

My question is how to structure your ctc package for tax purposes, for example my employers has only the following guidelines
Ctc=657 918 per annum. 70% must be taken as salary , the remaining 30% may be structured in a tax efficient manner. I'd like to add a car allowance, as well as a bonus 13th cheque to the value of +- 25 000, and I'd like the company to contribute 12% of package as pension. What should I also consider for tax purposes

Will I be taxed on reimbursive travel allowance code 3703 or audited if no log book?

Posted 25 October 2015

I did not have a travel allowance however we were reimbursed by our employer for travel (under 8000). My IRP5 states that I received R17909 for code 3703 (reimbursive travel allowance). This is a substantial figure & I am sure it also then includes funds that were paid to my company diner's card for airfare. Will I be taxed on this amount, or is it non-taxable income? As I was not receiving a travel allowance I did not keep a log book. Was I supposed to?

Car Deductions

Posted 23 October 2015

As a SARS commission earner, I keep a detailed logbook. Do I need my petrol slips for anything?

also where does deemed vs actual cost come in?

Can I claim depreciation for my car as a sole proprietor if I have a log book by using the tax table

Posted 23 October 2015

I am operating as a sole proprietor. I keep a log book for my car which I also use for business. Can I claim for depreciation and use the tax tables for that?

Wear and tear calculation for the 2015 tax year for a self employed individual

Posted 22 October 2015

With respect to self-employed individuals for the 2015 tax year... What is the write off period for a vehicle used for business travel?
Is the cost of the vehicle divided by 4 or 7 years? I'm trying to calculate the wear and tear amount which I can include for the calculation of actual costs. Thanks!

Please help with supporting documentation.

Posted 22 October 2015

Can I submit my supporting documents to you? Or must I do it via eFiling?

The email from both SARS and you does not clearly indicate which documents to submit. Regards

Depreciation for commission earner 2015

Posted 21 October 2015

As a commission earner, calculation depreciation. I use 2 vehicles for both personal and business. Would I calculate depreciation as price of vehicle / 5?
or would I factor % of business?

How to catch up on outstanding returns when I have no income and expenditure records

Posted 20 October 2015

I resigned from my job in 2010 and took my pension to buy a small business, which I ran as a sole proprietor for 2. 5 years. During this time, I did not submit a tax return, as I wasn't sure how to do it. Also, I was not making much profit and more or less came out even at the end of every month. I then passed the business on to my son-in-law and started working again in 2013. All the income and expenditure info relating to the business was contained on a laptop, which subsequently crashed, so I...

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Gross salary IRP5 code?

Posted 19 October 2015

When you ask in the Income Tax Calculator "Your gross salary is the entire amount, including all benefits, that your boss pays you. " What code should I be looking for on my IRP5?

Prescription period for UIF payments to government

Posted 17 October 2015

What is the prescription period for outstanding UIF payments to the UIF Commissioner?

Vehicle Purchased For Business and Personal

Posted 16 October 2015

I recently purchased a car cash for business and personal use. The amount paid was R103,000. How can I go about claiming a portion thereof as a tax deductible expense if I also use it for my business?

Changing retirement funds and tax implications

Posted 15 October 2015

During this tax year, I was retrenched and had to move my retirement fund money from the fund where it was to a new preservation fund. The amount of money transferred shows up on my tax return, but I just want to find out if I will be taxed on this? Will SARS know that the money has been moved to a preservation fund and not paid out cash to me?
Thanks!

Tax implication on PAYE & UIF for 13th cheque staff payouts

Posted 15 October 2015

What is the tax implication on 13th cheque pay outs to staff? (PAYE & UIF)

Agent fees and tax declaration

Posted 15 October 2015

If you receive income via an agent which has not been taxed, what is the income declared? Eg: I get paid R10 000 for a job. The agent takes R2000. Do I declare R10 000 or R8000 as income earned?
Also, what proof do I have to show this if audited?

Calculation of travelling & depreciation

Posted 14 October 2015

Commission earner - Please inform me how to calculate the following:
# travel expenses with a log book
# without a log book - expenses incurred are as follows: fuel, toll, maintenance, license
# depreciation of a motor vehicle

Claims for home office expenses

Posted 13 October 2015

I am a salaried employee of a large corporate company, but I also earn commission from a part-time business, for which I have a dedicated office at home. This commission is paid into my bank account and I receive an IRP5 for it. Am I allowed to claim expenses like telephone, stationary, renovations in the home office, catering expenses, etc?

Earn commission apart from full time job, what are the tax implications?

Posted 12 October 2015

I am earning commission on sales from selling an appliance. This income I earn on a part time basis apart from my full time job. What will the tax implications be on such an income, the commission varies from month to month? How do I go about paying this?

RAF conversion - might flag risk and SARS might want tax on it as they might think it is paid out

Posted 12 October 2015

I claimed RAF deductions of about R9000 last year but this year it is only R850 because I took an authorised premium payment holiday allowed by Sanlam. I also converted my RAF's to a new generation RAF platform, so they are were never paid out but I am very worried that SARS will think that the RAF's were paid out and want to tax them - what should I do?

Car Allowance Capped / eFiling adjustment considered.

Posted 9 October 2015

Dear TaxTim. I only recently realised that SARS have been capping my yearly travel allowance (code 3701) at R66,000 which is my monthly car allowance x 12. Thanks for your feedback on that. I do however qualify for an allowance of R100,000 per year based on value of the car and log book total vs. Business km's. When doing my onlie eFiling, the system did allow me to reduce 3601 Income and increase 3701 by the same amount that I decreased the income 3601. I am hoping that this will then prevent m...

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What are those supporting documents that I need to submit

Posted 8 October 2015

I have received an email from SARS saying my income tax has been identified for verification and I must submit my supporting documents on my SARS eFiling. What are those supporting documents that I need to submit, if I don't have invoices,medical certificate or travel book. Is it the IRP5 still a supporting document?
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