Penalties Posts in Tax Q&A

Non residents - do I need to submit a tax return on interest payments



I am a non resident but earn a small amount of interest from a FNB non-resident bank account. Do I need to submit a tax return. Can I do it through TaxTim

VAT on interest



When you have a business (that is registered for VAT) who collects debt on behalf of his clients, thus he takes the debt over from his client. There is an interest charge on the amounts outstanding after a due period. Does that interest amount give rise to VAT? VAT is charged on the collection from the client as well as a commission charge. S2(1)(f) of the VAT act exempts interest charges as part of financial services. But the client is not a registered financial service provider. I cant find th...

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If I pay for my medical aid personally how do I calculate and claim for a tax refund?



I am paying for medical aid personally on a monthly basis and I would like to know how to calculate the tax return I will get for this? Do I get any? If I get a refund will it just be for medical aid or could I apply for my gap cover as well? And then how do I claim for this? Is it too late for the 2013/14 year? Could I lump two claims together in the 2014/15 year?

Definition of a Tax free savings account?



I am interested to know 'what is the definition of a 'tax free savings account''? Will I have to open a new account or will any savings account qualify for the R30 000 deduction?

Do I need a tax number and do I have to file a tax return?



I am a pensioner and permanent resident (German nationality) since 1996. My wife and I lived from our savings, never had any earnings in South Africa and therefore never registered for taxes. In 2000 my wife got breast cancer and her treatment negatively influenced our savings. I therefore started consulting work outside South Africa in Zimbabwe, Kenya and Saudi Arabia. I was always more than 1 year working in these countries but never more than 2 years. I am now 71 years of age and got a contra...

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List of codes required for an ITR12?



List of source codes

How to submit tax returns when working abroad?



I have been submitting a tax return every year for a few years now. I plan to go overseas and work/travel. How would I complete future tax returns? I want to avoid penalties for non-submission, but am unsure how to complete the return if I am not earning income in South Africa.

Earns less than R200 000.00 why submit to SARS?



My wife earns less than R200 000. 00 per year. Should she submit returns. She registered 4 years ago to do the right thing. But she never earned more to submit. Now she got a sms to say she must submit or she must pay penalties. Please help thanks

Stressed because I didn't submit my IRP5



I haven't submitted my IRP5 for 3 years because I didn't have time now I am scared that I might be penalized so what should I do?

Late tax compliance?



I earn R15000 per month and own my own business (cc) for the past 4 years I have never filed a tax return. I am now moving overseas and will most likely need a tax clearance certificate. What do I do now? I have heard if you earn under a certain amount you do not have to file returns.

Source code for Interest Received for IT3b



What is the source code for interest received to be used on a IT3b?

PROPERTY OWNED BY A CC - WHAT IS BEST, SELL THE CC OR THE PROPERTY



What is best from a tax point of view when selling property (vacant land selling price R1. 5m) owned by a CC: 1. Sell the property out of the CC, or 2. Sell the members' interest

Gift/ Living inheritance - tax consequences?



Hi. I am purchasing a property for R1m. I have obtained a loan from the bank for R800K, and my dad will be giving me R200K to pay the difference of the purchase price. Please advise what tax implications there are on this- it is a living inheritance, payable to him only IF and WHEN he requires it. Or basically I dont have to pay him back. Thanks.

I would like to find out the total interest included in my taxable income?



Hi, Please can you tell me if I am beneficiary of a trust under 65 years and my only income is local interest of 21500 and foreign interest of 2750 received from the trust how much will be the total interest included in my taxable income

What is the non-taxable amount in respect of interest received in 2015/2016?



What is the non-taxable amount in respect of interest received in 2015/2016?

Can you be issued an IT3B without having any investment products of any kind?



Can you be issued an IT3B without having any investment products of any kind?

Informing SARS of Inheritance or donations received from overseas?



I am a SA tax resident. What is the process regarding informing SARS if I receive inheritance or a donation from an offshore relative into my offshore account? Also do I need to pay any tax other than CGT going forward?

Do not have to submit my tax return as I thought I was below the bracket for 2010, 2011 and 2012 to



Got a penalty for not submitting for 2010, 2011 and 2012. Taxable pay over threshold and did not submit. Believed it was under the "do not have to submit bracket" but do not know what it were for those year. Will submit now for all years and even my spouse will submit his 0 income. Please can you supply us with the "do not have to submit bracket" of those years. Want to challenge the penalties. Thank You

Wear & Tear: what % can I claim on my computer/mobile/garmin/camera, etc, which I use in my work?



I would like to know what percentage I can claim for wear & tear on tools of my trade, per year? I am an environmental consultant and need to take not only my pc and mobile into the field but also binoculars, camera, anemometer, garmin gps, etc. . .

Deferred payments with SARS?



Can SARS impose the 10% late payment penalty when the taxpayer has requested a deferred payments arrangement? This would be in relation to provisional tax period 2015/02.

Non resident tax payer



I am a non resident South African - I have been living outside of the country continuously for approximately 3 years. My only source of income in South Africa is a rental property that I own. I still pay a bond on that property. I have therefore tried to complete my return by noting the above. Is there any other procedures that I should follow as a non resident, in terms of making SARS aware that I am residing outside the country at present?

Provisional Tax Deadline was Missed, couldn't get IRP6 registration in time.



I'm sort of new to provisional tax (couple of recent months) and I was aware that I need to be submit a return by end of February. The one thing I didn't know is that I need to register for (IRP6) before I can submit one. Always saw it online on eFiling and figured it would work as normal (Income Tax section) and never tested the "functionality" so I did ask for a request to register but as it turns out I didn't get it in time. . . So I was wondering what options do I have? Can I get an extensio...

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Do I qualify for a tax refund?



I find your blog interesting and helpful and I believe you can help clear out the confusion that I have. I started working from 1 May 2014 as a temporary employee until 30 September 2014 and I earned R5000 a month during that time. I was made a permanent employee as of 1 October 2014 and I started earning R10000 a month. I am currently registering as a tax payer with SARS and I wonder if I will qualify for a refund from SARS or not?

Penalty fee for late payment of tax?



Please explain what charges are laid against someone for paying tax late?

Important tax enquiry?



I bought land and built a rental house. I have upfront fees which appear on the pro Forma account of the transferring lawyers. Such expenses are :

Registration fee. 6 months Municipal Rates upfront. Rates clearance certificate fee. Transfer duty. Deeds office registration fee. FICA verification. Lodging agents fee and postage. Sundry expenses (phone calls, postage, file storage fee, printing, photocopying, emails and faxes). Fee for consent to transfer from HOA. Paid management for HOA consent and levy figures...

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