Correction of IRP5 by employer

  Written by Evan   Posted 30 July 2015

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.

  Written by Marc   Posted 29 July 2015

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

  Written by Evan   Posted 29 July 2015

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?

  Written by Evan   Posted 29 July 2015

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?

  Written by Marc   Posted 29 July 2015

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

  Written by Evan   Posted 28 July 2015

How much tax will I pay for my investment returns?

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

  Written by Evan   Posted 28 July 2015

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)

  Written by Evan   Posted 28 July 2015

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?

  Written by Evan   Posted 24 July 2015

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?

  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?

Tax on R25,000 interest for last year?

  Written by Evan   Posted 23 July 2015

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

How can I apply for a rebate

  Written by Evan   Posted 21 July 2015

How long do I have to apply for a rebate?

Taxation on foreign bank account

  Written by Evan   Posted 21 July 2015

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)

  Written by Evan   Posted 20 July 2015

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?

  Written by Evan   Posted 20 July 2015

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?

  Written by Evan   Posted 20 July 2015

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?

  Written by Evan   Posted 20 July 2015

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?

  Written by Evan   Posted 20 July 2015

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?

  Written by Evan   Posted 18 July 2015

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

Motor Bargaining council levies, were deducted, but I was never registered

  Written by Evan   Posted 16 July 2015

My employer was deducting Motor council levies, but I was never registered. They said I will not get my levies back to me. I had to approach the Motor Bargaining council to get the motor levies paid back to me, and was paid as a cash deposit, instead of on line banking transfer. Surely, the money that was originally deducted from me, went to another account, or invested elsewhere, how did they manage to do their tax return. Is there any way, that I should report this matter to SARS, etc?

Tax liability for monetary gifts from overseas

  Written by Evan   Posted 16 July 2015

UK citizen with permanent residency in SA. I work part time for which I get paid and also volunteer for a church for which I get regular and occasional gifts from individuals and churches in the UK and paid into my UK account, and occasionally transferred to my SA bank account.

I have been paying tax on everything on the advice of SARS for a number of years. Friends have questioned this. Am I liable to pay tax on regular gifts from individuals in the UK? Am I liable to pay tax on reg...

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Personal Asset & Liability list needed?

  Written by Evan   Posted 15 July 2015

Why must I submit a Personal Asset & Liability List for my Tax consultant this year?

When does one have to submit a tax return? Just started my first job

  Written by Evan   Posted 14 July 2015

I've just started my first job as a finance intern and I earn R120 000 p/a. I do not have medical aid, I only have a pension fund, UIF and a union levy. I want to know if I should also register for SARS eFilling to submit my tax return. When does one have to submit a tax return?

Audit finalised

  Written by Evan   Posted 14 July 2015

Hi Tim

My audit was finalized and I received confirmation of this via the SARS call centre and I received a IT34 for both 2012 and 2014 confirming everything was finalized and a completion letter for 2015, this was done on Friday. The also confirmed that my penalty was deducted from my refund and nothing is on hold on their side its just the payment that need to go through to my account. By when more of less will the refund be in my account?

Tax deduction for vacant months in property

  Written by Evan   Posted 13 July 2015

I bought a rental property but didn't have a tenant for the first 3 months. Can I deduct the interest and rates for the first 3 months where I did not get any rental income?
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