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?
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?
Small Business - Administrative service
Posted 26 October 2015
I started a small business where I provide administrative services to one company at a cost of R10 000 per month. What will the tax implications be? Will I be able to register for turnover tax or what would be the best option?
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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Registering as a freelance tax payer
Posted 20 October 2015
Hi there, I have been working from home for a couple of months now for a company I used to work in-house full time for. Better explained - I now work on a freelance basis for the same company but I get a weekly salary, the same each week and its on-going. I had the understanding that my tax was being deducted off my salary, that the company was taking care of this. I recently realised that this is not the case and I should have registered as a freelance practitioner and taken care of my own tax....
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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!
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
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?
Did the employer calculated my PAYE correctly?
Posted 8 October 2015
Please assist with these calculations:
I earn 31650 pm = 379800 pa (no other benefits). On resignation an amount of R14240. 31 was due to me for leave days. A further bonus amount of R28 485 was to be paid plus R 1360 for travel claim. My payslip reflects a PAYE amount of R20691. 76. Is this correct? I think the employer got it wrong.
Business travel expenses for individuals vs. businesses
Posted 7 October 2015
Hi Tim, I'm considering taking a contract position. I live in Durban and the position is in Johannesburg. Which means I will be commuting weekly to Johannesburg and spending the weekend in Durban with my partner. Including the travel expenses and extra accommodation in my hourly rate drastically increases the tax that I will have to contribute, which means the opportunity is not that lucrative. I end up losing. Would it make more sense for the business to cover the cost of my weekly flights and ...
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Calculation of PAYE
Posted 7 October 2015
Calculation of PAYE. Earnings include allowances(standby, acting, travel and cellphone). UIF, medical aid and pension fund are deducted.
I am paying to much tax, what now?
Posted 7 October 2015
I did the tax calculator and my company is subtracting 5 times the amount of tax that I should pay from my salary each month. When I asked them About it they said they have a system that works it out and didn't want to help me. What should I do now?
What are the requirements to claim vehicle depreciation?
Posted 6 October 2015
What are the income requirements to claim vehicle depreciation?
If commission forms about 25% of my yearly income, and my vehicle is used extensively to travel between clients (core part of the job), can I claim depreciation of my vehicle against my income?
I don't receive any travel allowance or fuel etc. I keep a logbook and can prove travel % to work/personal. Thanks.
Travel expenses self-employed
Posted 6 October 2015
If I am self-employed - how do I claim for travel expense when completing my Tax tax return?
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