Earns less than R200 000.00 why submit to SARS?

  Written by Marc   Posted 11 May 2015

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

  Written by Marc   Posted 30 April 2015

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?

  Written by Marc   Posted 30 April 2015

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

  Written by Marc   Posted 30 April 2015

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

  Written by Marc   Posted 21 April 2015

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?

  Written by Marc   Posted 21 April 2015

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?

  Written by Marc   Posted 6 April 2015

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?

  Written by Marc   Posted 6 April 2015

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?

  Written by Marc   Posted 6 April 2015

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

Informing SARS of Inheritance or donations received from overseas?

  Written by Marc   Posted 6 April 2015

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

  Written by Marc   Posted 7 March 2015

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?

  Written by Marc   Posted 6 March 2015

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?

  Written by Marc   Posted 4 March 2015

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

  Written by Marc   Posted 1 March 2015

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.

  Written by Marc   Posted 27 February 2015

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?

  Written by Marc   Posted 25 February 2015

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?

  Written by Marc   Posted 24 February 2015

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

Important tax enquiry?

  Written by Marc   Posted 23 February 2015

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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Beneficiary of R80 000 from a will

  Written by Marc   Posted 18 February 2015

If I received R80 000 from a deceased's will how much tax do I pay on that amount

How long, if you dont have a tax number, do u have before you need if u have recently been employed?

  Written by Marc   Posted 17 February 2015

Lets say someone just recently started working, and wont be able to get their tax number before pay day. Is there an allowance or period that that person allowed to get my tax number without any penalties?

Can we deduct loan payments ans taxi fare expenses?

  Written by Marc   Posted 16 February 2015

Hi TimI would like to know if a private company can deduct a loan repayment which was utilized in the production of income, the proceeds received and receivable, of which have been included in gross income. Furthermore, can the company also deduct other miscellaneous expenses such as taxi fare and so on. Thank you.

Homeloan interest payments or the whole repayment

  Written by Marc   Posted 8 February 2015

SARS have asked me to take a look at my 2014 return and to correct any "errors" that I find. I receive property rental income. I have a bond on that property. Should I list the interest portion of my bond repayments under "interest" and am I able to claim the balance of the repayments under other? I seem to have entered those figures incorrectly, which may be what is bothering SARS.

Why do I pay high tax on a little salary?

  Written by Marc   Posted 6 February 2015

I'm an educator who earns about 20k gross salary and I'm also earning my late husbands annuity income of 10k pm, but whenever I go to SARS to submit my returns it turns out that I owe them a lot of money because in 2013 I paid 28k and now they want 31k so I need help as I dont understand how it gets to that high amount every year.

Tax on interest income?

  Written by Marc   Posted 6 February 2015

What is minimum amount of interest income that is non taxable. Also where is taxable interest reflected on the return?

Tax penalty on fund payout?

  Written by Marc   Posted 4 February 2015

I'm currently waiting for my provident fund money payout, but i'm owing SARS 20 thousand rand, so are they gonna take their money from provident or they will wait for me to pay it?
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