Penalties Posts in Tax Q&A

IT3(b) certificate how to enter it



I have an IT3(b) tax certificate from my medical aid, but nowhere am I asked to include this during the process of filing my return?

PAYE interest payable table - 2013



I am a small business that have neglected to pay PAYE and UIF since May 2013. Am wanting to file and make payment, could you assist with the table for calculating the interest? Would appreciate your urgent assistance!

Should I submit a manual tax return if my SARS eFiling registration is still pending by the 21 Nov?



I had a problem with my SARS eFiling registration and had to re-register for eFiling. It is now a pending registration and the due date for submitting SARS e-filing tax returns is 21 Nov 2014. The due date for the manual tax returns has passed. What do I do from my side before the due date? Should I submit a manual tax return should the eFiling registration still be pending by the 21 Nov 2014?

Do I declare and pay tax on interest received from my RAF capital?



According to your answer on a previous response on road accident fund payout, the funds received does not have to be declared and is non taxable.

What about the interest received on the funds? The interest earned are my only source of income do I have to declare the interest received and pay tax on it?

I only earned interest R342K pa what will my tax liability be?



I only earned interest R342K pa what will my tax liability be?

How is the income from my discretionary savings taxed, in retirement, e.g. I invest the discretionar



I am about to retire at age 60 years, with two main streams of income, i.e. proceeds from Provident Fund and retirement annuities which I plan on putting in a Living Annuity and discretionary(after tax) saving proceeds. I understand the income from the living annuity will be taxed at PAYE rates. How is the income from my discretionary savings taxed, in retirement, e.g. I invest the discretionary savings in unit trusts and take an annual income from that which I place in my Money Market account t...

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Cruise ship salary - is it taxable?



I work for a cruise ship company and receive a monthly salary. I have been outside of SA for over 183 days and 60 days consecutively. I do not get an IRP5 from them. I understand that I will be exempt from taxes under s10 (1)(o). I am however uncertain where to document this in my ITR12. Do I document the entire amount under "amounts considered non taxable" under the heading exempt amount? Or do I work out the exempt amount according to the number of days I was abroad? The form also has a sectio...

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Was unemployed for the year but paid medical aid and received local interest, can't file return?



I don't live in South Africa anymore but I did contribute to a medical aid last year for 5 months. Plus I have an investment that has earned interest. I never earned any other income in South Africa, only in the country that I live in now. If I want to file my tax return I would only need to fill in the medical aid contributions and my local interest. On the first page of my tax return it does not allow me to create a form where both medical aid contributions and local interest appears. If ...

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Does SARS charge a penalty on the late submission of an income tax return with a refund



Hi TaxTim,

This year was my first year of employment and as such I registered for tax. Additionally, I only received a salary for two months during the tax year (January and February). I therefore fall below the tax threshold and should receive a refund of the PAYE that was paid.

I am busy trying to register on e-Filing in order to submit my tax return on time (before the deadline of 21 November 2014). SARS has however requested that I go to the SARS branch to verify my banking details in order to successfully register me on e-Filing....

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Would like to have a trial run without submitting a returns.



I do not want to submit for this past returns.
However I would like a trial run to see what I need for the next one.

Accrued Interest on my income tax return?



Do I submit 'accrued' interest with my interest paid when completing my tax?

Am I still required to lodge tax returns in South Africa?



I am a South African citizen who has been living overseas for several years. I left South Africa before registering for a Tax File Number and I have never lodged a return there. I have been working overseas and paying tax over here to the tax office. My question is, should I have been lodging tax returns in South Africa for all these years? Are there penalties or fines for not lodging a tax return for all this time in my case or will I be able to go through the 'formal emigration' proc...

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Home office space deduction for tax purposes on my ITR12?



I have a small business. How much can I deduct for office space? My home is 800m2, using 80m2 as real office space. My homeloan deduction is R42 000 (R22 000 interest)?

Should interest on your home loan be deducted from your rental income?



Trying to complete the rental income sections: Did you incur any expenses while earning this rental income?
Does interest on the home loan need to be included here?

Which amounts exactly?

does interest paid on a loan offer tax relief in business..



does interest paid on a loan offer tax relief in business..

Interest on late refund from SARS?



In response to your blog entry "What?%u20AC%u2122s the delay with getting my SARS Refund?". When and how does SARS become liable to pay interest on late refund payments? Surely there must be a mechanism to keep SARS honest when it comes to keeping our money and delaying our refunds?

Are bank charges deductable wrt interest earned?



I have a money market account and am charged a monthly fee. Can I deduct this from my gross interest?

What is Section 89 Quat(2)



What is section 89 quat(2) interest?

What will the tax impl be of transferring property



I wish to have a property of my parents transferred to myself and the transaction to be concluded using an interest free loan from my parents. I then wish for them to write the loan off annually with the full amount that is allowed by tax, they are married in COP.Will this be possible?The value of the property is R1,5mil - municipal valuationWill there be any additional taxes on such a transaction?

Is interest from a government taxable?



Is interest from a government source taxable?

How can SARS deduct R2500 from 7yrs ago (after a refund), and a further R2500 after I disputed it?



Hi Tim. I have a major dispute going on with SARS as efiling didn't show that my return for 2007 was done manually. Being a new efiling user I was still learning the process. How can SARS be so inhumane when they have clearly made this service available to the common person and then charge us thousands for making a human error by clicking a wrong button. I submitted a return in error that should never have been submitted from 7 years ago (a year they rightfully refunded me I might add)... S...

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Is there a threshold for registering for provisional tax for a non salary person?



I run my own business as a sole prop in my own name. I read somewhere that if my taxable income is below a certain threshold for the year, that I do not need to register as a provisional taxpayer. Is this correct? I was under the assumption that because I earn income other than a salary (from carrying on a trade) I am automatically a provisional taxpayer?

If I am below the threshold and do not need to register, then how will I know this before hand? For example, for the 2015 tax year, I will only know if I am below the threshold at the end of the year, being Feb 2015. By then, I would be late in submitting my provisional tax returns (due in Aug 14 and then Feb 15)?...

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Incorrect travel reimbursement code on late tax submission which results in taxable income?



I recently completed my 2014 tax return and was due a refund. Shortly after I was asked to complete my previous year return. I haven't done it as I was under the impression that I was under the tax threshold (below 250k). Whilst doing the return I noticed my previous employer incorrectly included my travel reimbursement under the wrong code per IRP5 ( they included as non taxable where as it was actually taxable as it was over 8000 km)
As a result I have a large amount now owing to SARS.
Is there any way for me to deduct actual costs for this if I don't have a log book? I do have a basic summary for the bulk of the expense which I presented to the employer for reimbursement....

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What is included in 'Cash on Hand'?



HiI've received two IT3(b) forms from Nedbank. One is for a Park It Account (which is a 24 hour interest bearing account) and the second is for a Savvy Account (which is considered a cheque account and bears no interest).When it comes to completing my ITR12, under Local Assets, I have an amount which needs to be entered as Cash on Hand.Now I have a closing balance for 28/02/2014 for both the Savvy Account and for the Park It Account, do I add the two values together and state them as my Ca...

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PAYE regulation regarding 'unpaid salaries'.



As a shareholder/director of a PTY, if I received "unpaid salary" that then accumulates in a loan account, would I still be require to pay PAYE, even if no income as such is received?
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