Depreciation for SARS.
Posted 24 August 2015
I have used TaxTim to calculate my depreciation. SARS is now looking for supporting documentation. What do I need to submit?
Fleet Cards
Posted 24 August 2015
How should employer tax work on the following:
Employee uses a company fleet card for fuel cost. Example of the July:
July Fleet Card Balance of statement R3 500
Travel claim (1 000 km @ R2. 05 p/km) R2 050
Deduction from employee for private use of fleet card R1 450 (R3 500 - 2 050)
Under which IRP 5 code should the travel claim be?
Should it be 3702 because the employee pays back the private use of the fleet card therefore there is no fringe benefit.
How is it possible that I have never received a tax refund since 2005?
Posted 21 August 2015
How is it possible that I have never received a tax refund since 2005?. I employed by a corporate (approx 40 000. 00 employees) that pays my tax for me.
What will my perk tax be?
Posted 20 August 2015
how do i determine perk tax on a vehicle of R250 000
Pension and maintenance
Posted 19 August 2015
Hi, if I receive maintenance for 7 months do I declare this on my tax return as income
and if I drew a lump sum out of my pension of R480000-00 is this taxed and under what section on tax return
Thank u
What other documents are needed to hand in with IRP5 at branch or efiling?
Posted 19 August 2015
Hi, what other documents is requiered at the SARS branch whith my IRP5? And do I need it for SARS eFiling as well? Thanks
Incorrect year on tax directive is stopping processing of tax return
Posted 19 August 2015
Momentum paid out a small pension surplus to me in April 2015 (falls in the 2016 tax year) but dated the tax directive for the 2014 tax year, SARS are refusing to process my tax return due to the income not appearing on my IRP5. Can the directive be amended or is there any other solution available?
Am I and independent Contractor or a Bookkeeper for tax purposes; can I deduct a pc course as an exp
Posted 18 August 2015
I am a bookkeeper for 2 entities with the same directors, but different company and tax numbers. I invoice a fixed fee per month, but split it based on the pro-rate turnover per entity. I work form my study although I also do visit their office especially certain periods during the month - ie mid-month for invoicing and month end to balance the books. Question: Does this mean I am an Independent Contractor? Is this applicable for the 80/20 split as an independent contractor? Do they have to deduct tax from me on a monthly basis?...
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Are vehicle repayments tax deductable for a sole-proprietor?
Posted 17 August 2015
I am a sole proprietor in a health profession. I have an office, but I see a lot of clients at their homes or primary residence. I need a car to conduct my business, and have just bought a new car. What are the tax implications of this? Can I deduct the repayments and insurance premium as a business expense?
Home expenses when working from home and commission is less than 50 % of income
Posted 17 August 2015
If you earn a fixed salary and commission from the same employer and the commission is less than 50 % of the salary, can a deduction for home office space be utilised?
The employer confirms in writing that the employee works from home only and the employee incurred expenses to set up and amintian the home office. The salary was structured in a way to also include a Travel allowance and full logbook detail is being kept
How do commission earners get taxed?
Posted 17 August 2015
I earn a basic salary and earn commission every month. How do I know what percentage of my commission earnings will have to go to tax? I find it difficult to manage my expenses as I never know what percentage of my money will have to go towards tax. Are you able to tell me what these percentages are based on how much one would earn?
Equipment depreciation
Posted 17 August 2015
I am a self employed design consultant. I purchased a laptop I use for work late 2012, and have been depreciating it for the last 2 tax years (2013, 2014). My office was recently broken into and the laptop was stolen. Am I able to still claim depreciation on it (2015), even though it is no longer in my possession?
With the insurance payout I have replaced the equipment. Am I able to claim the full amount of the new equipment, or only the difference between payout and replacement cost?
Travel/vehicle allowance not stated on my IRP5 by employer
Posted 14 August 2015
My previous employer never put a travel/car allowance on my IRP5 thought I travelled more than 40000km for them in 11 months. Can this be corrected? Unfortunately the consultant who did my returns for me already submitted without informing me before submitting about this issue. What can I do?
If one changes employment do they have to do 2 sets of submissions?
Posted 14 August 2015
I have changed Employment in November 2014. I left my previous employer end of Oct 2015 amd joined the current one in Nov 2015. I was on Travel allowance on my previous job and i'm now on a car allowance benefit. How do I go about in completing my SARS eFilling? do I need to have 2 set off IRP5's?
Pension payout problem?
Posted 13 August 2015
Please assist me, I received a pension pay-out in March this year that will fall under the 2016 tax year. But when I do my 2015 tax return the amount comes that I was taxed on comes up in the calculation
'' Retirement fund lump sum withdrawal benefit tax liability'' I owe SARS over R300 000. 00. How can this be am I doing something wrong
Passive investment and unit trust income - do I submit a tax return?
Posted 12 August 2015
I am an independent contractor and my earnings is below R200 000 per year. Over the past two years, I have managed to save and have invested R100 000 in listed shares and R50 000 in investment funds such as unit trusts. I am not sure whether I need to submit a tax return?
Can I correct an already sumbitted tax return?
Posted 12 August 2015
I submitted my tax and was told how much of a R,,,, amount I will be getting back(great news). However straight after I submitted I realized there is a stack of receipts at home for medical bills that I did not enter. Is it too late to correct the already submitted tax return?
How long will it take to get assessed and refunded( it will definitely be more than the R,,, amount they gave me today). How long do I have to make a correction if I can?
House/car repayment - tax benefits
Posted 12 August 2015
Are there any tax benefits when you are paying off a bond, car or any property?
Does that affect the person who is paying the loan or the person receiving payment, or both? As far as disclosing this on the tax return as a deduction or otherwise.
Once off amount for Tax?
Posted 11 August 2015
If I get a lump sum of R110 000 how much tax will I pay? How do I pay the tax only next year or can I pay it when I get it?
Logbook requirements for SARS for claiming travel allowance?
Posted 11 August 2015
I hadn't submitted my tax forms from 2009 and 2010 (although SARS had owed me money in each of those instances) but I'm trying to resubmit now. I got paid for some of the travel that I conducted from my business (roughly R4/km) and I kep an online logbook on Excel. Is this sufficient for SARS or do I need to fill it out on an official SARS logbook?
Correction not amended on eFiling
Posted 11 August 2015
Hi Tim. I submitted my tax through SARS efiling. I am claiming for medical expenses not covered by Medical Aid. The amount to be paid out to me was R5 700. I then had to make a correction as I found another slip which was a lot of money, so I filed for a correction. The amount they paid out in the end, still reflected the initial amount of R5 700. What should I do?
Can someone invoice me, even though I'm not a company?
Posted 9 August 2015
Can my wife invoice me for services rendered? Even though I am not a company.
Tax directives not working on eFiling?
Posted 7 August 2015
The institution submitted a Death Claim to Sanlam Umbrella fund and now they are saying they are unable to pay because SARS is rejecting tax directives what could be the cause of that because the Tax number in the IRP5 is correct
Medical aid claims for wife that does not work, and kids
Posted 7 August 2015
I have a separate medical aid for my wife (married in community of property, also she does not work) and 3 kids which I pay for from my account. The tax certificate that we get from Discovery is on her name.
Can I claim this on my tax return and if yes, what supporting documents should I keep ready just in case SARS asks? I also have a separate medical aid for myself (reason for 2 medical aids is because of the costs).
Vehicle allowance
Posted 4 August 2015
If my boss pays me a certain amount as vehicle allowance and I the use my vehicle mostly for work, how do I claim on ITR?
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