Casual laborer question?

  Written by Marc   Posted 29 June 2015

I am wondering if you can help me, I have been a casual laborer from October 2013 until the beginning of June 2015. I just got a sms saying that A penalty assessment notice has been issued on SARS eFiling for me, I have been earning less than R1500 a month from October 2013 until August 2015,then I was paid R3000 a month but only for four months and I have not been paid a salary from December until June 2015 I would get about R300 a week from my employer and sometimes I wouldn't get any money so...

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Are pensioners over 75 years still liable for provisional tax?

  Written by Marc   Posted 29 June 2015

If you are over 75 years of age must you still submit provisional tax returns despite your income being over the tax ceiling and your interest earnings over R30,000?

IT3b - tax refund

  Written by Marc   Posted 29 June 2015

How does IT3b from banks affect my returns especially when I have a debit interest?

Personal Tax Return with employer provided vehicle?

  Written by Marc   Posted 29 June 2015

I am interested in using your services to help me file my return, but I'm not too sure if mine can be done online as per your services or if I will have to go in to see a tax consultant. The complexity lies in that fact that I have a company vehicle, not a car allowance. On my tax return it is represented as code 3802. Is this something that your services cater to?

Does paying bond, cars, etc fall under investment certificates?

  Written by Marc   Posted 23 June 2015

Hi

I would like clarity on the information available on your website pasted below

• Get your Interest and Investment certificates from the bank and financial houses (IT3b and IT3c) These should have been sent already. Does paying bond, cars, etc fall under the above bullet point?

Tax on income property mortgage restructuring

  Written by Marc   Posted 23 June 2015

I have an income property with a bond of R600k outstanding. I want to switch it to another bank to access R200k equity. I will then have a bond of R800k. This will cost me R30k in legal fees. How do I calculate the interest and fees cost deduction on my next return? Do I use the entire R800k's interest or am I only allowed to deduct 75% (R600/R800k) or should I do a manual sum in excel? Can I deduct the fees or do I keep that for the capital gains sum when I sell? Also do I need to pay income ta...

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Rental income, less deductions less than cap, must I register for Provisional Tax

  Written by Marc   Posted 23 June 2015

I receive a salary and I recently started renting out my flat (which I resided in as primary residence, until September 2014, rented out since October 2014). I received a Rental income of R40000 for the 2014-15 tax year, the property is still under bond and there was maintenance costs etc. . Which means im still making a "loss" . (i. E. Rental Income of R40000, deductions of R50000, nett -R10000)

1. Must I still register for Provisional Tax?
2. If 1, am I late for Feb, Aug Provisional tax payment deadlines?...

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Declaration of interest on fixed deposits for provisional taxpayers?

  Written by Marc   Posted 23 June 2015

I read your earlier reply to a question on income tax on fixed deposits. However, I am a provisional tax payer and my question is, when do I declare the interest earned on a 12 month F D when the inception and maturity dates do not coincide with the tax year?

Married ICP (should we not be taxed as a couple i.s.o.a single person)?

  Written by Marc   Posted 23 June 2015

My wife and I are married In Community Of Property (Feb 1977). She stopped work 2002. Why do I still pay so much tax. My income is from my pension (Investment) and I do odd jobs throughout the year. My wife has no income. Should'nt we be taxed as a couple (2 People) instead of me being taxed as a single person? I submit my Tax Return on E-Filing.

Tax implications of trading Equity, Bonds, Derivatives, Money Market and Forex.

  Written by Marc   Posted 23 June 2015

What are the Tax implications of trading the following asset classes Equity, Bonds, Derivatives, Money Market and Forex.

Late Dependent benefit on UIF

  Written by Marc   Posted 23 June 2015

Our brother passed away last year March and he had 2 children. We didnt knw that we could have claimed depengent benifit on his UIF. Can we still claim it? And can we appoint someone to claim it on our behalf.

Tax return filling requirements for non resident with SA bank interest income?

  Written by Marc   Posted 23 June 2015

Tim, I am (i) a foreign national (ii) non-resident in SA for tax purposes (physical presence test) and (iii) will likely spend more than 183 days in SA in the tax year 2015/16. My only SA source income is interest income from a bank, which is unlikely to exceed R40-50. 000. Do I need to register with SARS and file an income tax return for the tax year 2015/16 under those circumstances?

Tax due on secondary income

  Written by Marc   Posted 23 June 2015

I currently work a 6 hour day for a company. Tax and UIF deducted and I do receive an IRP5. I want to do extra work. That is work for a different company a few hours a day. Will work approximately 10 to 15 hours a week. They do not want to register me on their payroll. Do I invoice them for service and declare my extra income on my tax return? Will I then become a provisional tax payer?

Can I claim for my financing costs (interest on my car finance) and depreciation on my vehicle?

  Written by Marc   Posted 23 June 2015

I receive a car allowance and can claim for official kilometers traveled with my private car. Can I claim for my financing costs (interest on my car finance) and depreciation on my vehicle?

Do you need to fill in IT144 if you are making a donation of R100,000 or less to your child?

  Written by Marc   Posted 23 June 2015

I and my husband both want to give each of our children (who are both under 18 and not earning any salary or interest) R100,000 each. Will we need to fill in a form IT144 for the donation even though it is at the limit where no tax is payable? Must we declare it on our provisional tax forms?

Wear and Tear Tax deduction on personal/work Laptop

  Written by Marc   Posted 23 June 2015

I am a full time employed software engineer. I am looking at buying an Apple MacBook Pro Retina priced at R28000, from FNB for R1200 per month over 24 months. This purchase is in part for my work and in part for personal work. How do I determine if I qualify for the "Wear and Tear" tax deduction and for how much I will I qualify? Do I submit this with my annual personal tax?

From www. Taxim. Com [https://www. Taxtim. Com/za/help/definition/wear-and-tear] I calculated:
...

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Tax on Fixed Deposits

  Written by Marc   Posted 23 June 2015

I am currently saving for a house, so I am investing in a 3 month Fixed Deposit (I want to avoid equity risk for now). I earn approximately 6% pa. What is the limit of Interest Earn that is exempt from tax? If I change the investment term to 1 year, starting 01 June 2015, the investment matures on the 01 June 2016. Do I pay tax on these returns in the 2015 tax year?

Tax residency

  Written by Marc   Posted 23 June 2015

In answer to a question I asked a few months ago regarding tax residency, you told me if I was relocating to RSA that I could delay becoming a tax resident of RSA for something like five years. I have permanent residency. Could you direct me to the relevant SARS literature. Thanks

Peter

Payment due to me as a refund from SARS

  Written by Marc   Posted 23 June 2015

I received an sms, submitting my returns manually at the SARS branch,stating a negative balance due to me and 2 dates for payments. Late in the evening I received an sms about bank details verification. . . I havn't verified because the day I did my returns I was in the branch and handed the said documents(which were returned to me). The 1st payment date is today, must I wait for payment or is there anything I need to do before payment is made?

Investing money at the bank and earning interest and the tax implications thereof?

  Written by Marc   Posted 23 June 2015

I want to set up an investment at the bank and earn interest on a monthly basis on it. I did some research and I found that I need to register for Provisional Tax at SARS in order to do this. I found out that 2-3 times per annum I would be required to make a payment to SARS on the interest I earn. My question is: Firstly, I would like to budget so I would like to know what percentage will SARS deduct monthly on my interest earned,and secondly,will they tax me monthly in this case or 2-3 times pe...

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Deduction for SARS tax returns?

  Written by Marc   Posted 24 May 2015

For my deductions what documents do I need to have all ready

medical aid contributions
RA/provident fund contributions
invoices for any Cell/laptop/equipment required for work that was not remunerated back to me

and what else ?

Where to start with the whole process of submitting tax returns?

  Written by Marc   Posted 24 May 2015

Am ashamed to say that I have not been submitting my tax returns since 2010. I have just been negligent on my part, what I want to ask is how do I start or go about rectifying this problem? There was also a period of unemployment over maybe a year due to short relocation to Gabon. I have been a regular tax payer since starting my career.

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

  Written by Marc   Posted 17 May 2015

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

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

  Written by Marc   Posted 17 May 2015

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?

  Written by Marc   Posted 17 May 2015

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?
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