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Latest Posts in Tax Q&A - Page 18



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Multiple small revenue streams - consolidate expenses across all? (Sole prop)

Posted 14 November 2016

I have multiple small revenue streams, some with expenses attached to them. Do I ringfence each income/expense area, or do I consolidate them which would enable 'cross-subsidisation' of expenses?

How do I calculate the depreciation on my office equipment?

Posted 10 November 2016

I have completed my 2016 tax return via TaxTim. On the depreciation of office equipment I indicated that I am depreciating my laptop which was bought for R20 000. The amount I came up with was R3 333. 33. SARS requires me to indicate to them how I got to the figure. Can you please assist so I can explain myself to SARS?

Is proceeds from a trust taxable in the hands of the trustee?

Posted 9 November 2016

My Grandfather left a family beach house in a trust for the family to use. Over the years it was not used anymore so it was sold and each person in the trust got R10000 00 and then the trust was dissolved. I want to know will I pay tax on this and can you help should I register?

Must I declare a Tax Free Savings Contribution to my Child's Tax Free Savings Account?

Posted 9 November 2016

Must I declare a Tax Free Savings Contribution to my Child's Tax Free Savings Account?

Can I claim this unpaid loan as a capital loss?

Posted 8 November 2016

I made a loan of R25 000 to a family member, which I will not be able to recover. I understand that I cannot claim this as a bad debt. Can I claim this unpaid loan as a capital loss and would there be any effect in terms of reducing my taxable amount?

Medical Aid contributions, am I due a refund?

Posted 7 November 2016

I am on the Government Medical Aid Fund (GEMS). My employer contributes a portion and I contribute as well. Both amounts go directly off my salary as a lump sum monthly. How does this affect my tax refund?

Am I due to pay CGT on my rental income?

Posted 7 November 2016

If my rental income are paid directly into my bond account, do I have to pay Capital Gains Tax on it?

Can I stil register with TaxTim?

Posted 7 November 2016

I have already completed the tax return but only saved it, not submitted assessment, can I still register with you and you help me?

Do I have to file a return for a dormant company?

Posted 4 November 2016

I registered a company in April 2016 but have not earned an income yet, do I need to submit a return even if there was no income?

Can one change banking details on eFiling?

Posted 4 November 2016

Can one change a business banking details online instead of having to go the nearest SARS Branch as stated in a message sent to me from SARS?

Can I get a UK CGT credit against SA CGT?

Posted 31 October 2016

If I am resident in SA but sell a UK property I will have to pay UK CGT, but as this isn't income tax, will I get a credit for the UK CGT paid against the SA income tax due on the gain?

Can a landlord claim travel expenses in relation to the rental income?

Posted 25 October 2016

If the landlord has driven from JHB to CT, for example, primarily to effect repairs & maintenance on their rental property between tenants, as well as to meet with prospective letting agents for future employment, can they claim the petrol for this trip? (Approx. Two thirds of this time was spent on rental-related activities, showing the apartment etc, & one third of the time was recreational). If a deduction is possible, what proof does SARS require? Thanks very much.

Freelance & Full time job tax submission, can I complete this on one form?

Posted 20 October 2016

I have a full time job, but do freelance on the side. I would like to submit for my job as well as my freelance, including the mac I bought, my Fiber line rental and anything I purchased to run my freelance job. Is this possible? Which option should I apply for?

How can I change my email address on TAxTim?

Posted 16 October 2016

I am registered TaxTim user, is it possible for me to change my email address?

Are retrospective changes to an IRP5 possible with SARS?

Posted 14 October 2016

I am an independent contractor and do consulting work for a number of companies at any given time. When the one company submitted the 2016 IRP5 they erroneously categorized my source code as 3601, instead of 3616 for independent contractors, hence I cannot claim costs. I have asked them to amend the IRP5 but they say they cannot because they have finished their tax recon and signed off on 2016 and can no longer make changes. Is this true? What alternatives do I have?

SARS ring-fenced the loss on my rental property, can I request that they revise my assessment?

Posted 14 October 2016

I had a property that I rented out to tenants for the last 4 years. In the 2015/16 tax year, I made a loss on this, due to the expenses exceeding the rental income I received. I reflected this loss in my tax return. SARS then audited my tax return, and they ring-fenced the loss. However, at the end of the 2015/16 tax year, I sold the property, and have obviously not been receiving rent or incurring expenses relating to the property since then. What now happens to the ring-fenced amount? Am I entitled to ask SARS to re-assess given the circumstances? Or do I just accept it as a loss?...

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Where do I enter source code 4006 info?

Posted 12 October 2016

Where do I enter source code 4006 info? It's on my RA Contribution Certifcate from Liberty Life. It's a monthly debit order from my bank account.

IS there a special code that I should capture on my IRP5?

Posted 11 October 2016

What code should I use on my IRP5 if I am a sole proprietor providing management and labour law consulting services?

How do I get SARS to acknowledge my expenses?

Posted 10 October 2016

I sent through all the supporting documents but SARS ignored my expenses and redid my tax return and are now saying that I owe them?

Old donation, can I claim it now?

Posted 4 October 2016

In 2013 I made a donation of R5000 to a registered charity which I forgot to claim.
Is it possible to claim it in my 2015/2016 tax return?

If I have been medically boarded and receive income protection benefit does this mean I am disabled?

Posted 4 October 2016

I was medically boarded at the end of 2015 but am covered by a Discovery Income Protector policy. Does that mean I am "disabled" for tax purposes?

Am I required to pay tax if my employer is a non profit organisation?

Posted 3 October 2016

I am working for a non profit organisation and earn R6400, do I have to pay the tax over to SARS directly or does my employer do this?

Income tax and a partnership

Posted 3 October 2016

Does a partnership need to register for income tax if they are registered for VAT?

Out of pocket expenses with no medical aid, can I claim?

Posted 29 September 2016

Can you claim for out of pocket medical expenses if i did not have a medical aid and will this decrease my tax liability?

Can I claim for depreciation on my vehicle?

Posted 27 September 2016

Can I claim for wear and tear on my personal vehicle and how do I do it? I kept a logbook because I am getting a non taxable allowance for the km driven for business purposes.
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TaxTim helping
you file your
Tax returns


TaxTim will help you:

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund

Tim uses your answers to complete your income tax return instantly and professionally, with everything filled in in the right place.

Let Tim submit your tax return direct to SARS in just a few clicks!

Get started