I have submitted my tax return a few weeks ago, but unfortunately did not update my banking details and refund went into the closed account. I've since updated my banking details at the SARS offices, but when I've contacted the call centre, I was told there's a stop on the refund, that I have to go back to the offices to lift the stop. I have done that, I would like know, how long does the whole process normally takes?
I worked in RSA as a full time employee from 1 March 2015 until 30 September 2015. During this time, I earned R660 000. During this time, I was out of the country for 60 days, for business. From 1 October 2015 to 29 February 2016, I worked in the UK as a full time employee of a UK organisation. During this time, I earned R600 000 (in GBP). During this time, I was out of the country for 126 days.
During the full tax year, I spent 186 days outside of South Africa, of which 60 were consecutive, which means that I qualify for the exempt income provision (sec10(1)(o)(ii))...
How can I derive maximum benefit from maintenance and upgrades that I have made to a rental property? Can I declare the expense for the current tax year and also declare it for Capital Gains Tax purposes when I sell the property? Is there another way in which I can benefit from this expense?
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?
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?
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?
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?
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.
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?
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?
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?...