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Audit / Verification Posts in Tax Q&A

Individual Tax Consultation



In January 2018 I stopped working as a full time employee and for the 2018/2019 tax year I did various things (including foreign travel and work) and earned different kinds of incomes. I did not register as a provisional taxpayer as at that stage I really did not know how the year was going to pan out and if I was going back into full time employment again. I would like to settle any tax I may owe for the 2018/2019 year, however with my different incomes, working out the country for more than 18...

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Tax deductions exceeds the tax paid



What happens if my Allowable Tax Deductions exceeds the tax paid in the same year. Logically I should only be able to claim back the actual tax paid? It will be Additional allowable Medical claims which will not be covered by the medical aid. These amounts plus smaller deductions will push the claims to over and above the tax payable amount.

First business tax submission date?



I have a Pty Ltd that was registered in February, the Provisional Tax payments must be made in April and October. SARS says I must make tax payments from the 2021 period. The date of liability for provisional tax: 2020/05. When, according to that, is the first time I have to submit tax reports, was it this past April 2020 already? Also, when is the "major" tax submission due, not the provisional one, but the annual one? I would like to do it with TaxTim as my company is small.

I was...

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How to check available funds at SARS



If you have never filed for a tax return before, how do you go about checking if there are funds owed to you at SARS? I would like to start filing my tax return for this year as I have been unemployed for a long period, but now I am back in the workforce.

Voluntary sequestration and eFiling profile



I just had my voluntary sequestration of estate approved by the high court on the 24th of March 2020 and I now need a new tax number. SARS say I can do that through SARS eFiling and I would like to know how I can do this? The problem I have experienced with trying to register a new SARS eFiling profile is that after I input my name and ID number the system tells me to login with my existing profile number.

Provisional Tax and Rental Income



I have filed and completed the 2017 personal income tax for myself. I started receiving rental income from my property in March 2017. Where do I declare this income? Is it part of provisional tax and will I pay penalties for late submission?

Also,
1. The property is owned by myself and my wife. Will we both need to file tax returns for this Rental Income?
2. Does this mean a whole new tax return must be submitted, or is it only necessary to complete the IRP6?

Company Income Tax Due date



My company was registered in April 2019 with a year end in July 2019. I submitted a provisional tax return in August 2019. When is the Company Income Tax tax return due? I have checked my tax compliance and it says that my 1901 tax submission is not compliant but my understanding is that my company wasn't registered then. So, should I submit a zero provisional tax return for 1901?

New company and tax forms



I have a new consulting firm and I completed an IRP6 twice, for the two SARS documents, as provisional tax. Note that on the said form there is no provision for any deductions of expenses to set-up my company.
I am not sure what to do next.

Do I need to complete a ITR12 form?. If so, where can I get this form? Currently, it does not show on my SARS e-filing, only the two completed IRP6 form are indicated.

Foreign income with online forex trading



How one would declare Income/Loss that is derived from online forex trading. The trading account is in USD so I assume foreign income.

1. Where would one declare this income/loss with TaxTim/eFiling tax return under foreign income?
2. Is it necessary to declare if only a loss was made?
3. Can withdrawal fees/currency exchange and bank fees be deducted from overall profit.
4. What documentation would SARS require? The only documentation that can be acquired from the trading platform is trading history showing profit/loss but no tax certificates. ...

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Tax on money held in offshore account?



I have an offshore transactional bank account into which I transferred cash into. To clarify, the currency is in Australian Dollars. Also, I do not earn any income on this account nor do I earn any income from abroad. With that said, the interest rate for this account is set at zero on the deposits made. What I would like to know is, would I in this case need to pay tax on any currency movements while the cash is in the account and if that is the case, how would this work if I make payments from...

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Tax on shares



I received a once-off payment for shares in November 2018. I then opted to pay tax on the shares before the payments was made to me. Therefore the tax was already deducted before any monies were paid to me. I am now uncertain how to enter this in my 2019 tax return. Can you please advise %u2013 do I need to submit this income in my 2019 tax return and if I must, what figures must I submit in terms of the share payment made to me in this tax year?

Corrected IRP5



My employer had to fix the tax period on my IRP5 and it has now been resubmitted to SARS. I would like to know if I am able to get TaxTim to reload this new IRP5 document for me? Also, please note that there are some amount changes as well which were made and this needs to reflect before I can agree to submit the final details. Is there perhaps a process whereby TaxTim can import the IRP5 before commencing to the submission state?

Earnings of a teacher and tax



I would like to find out if I should submit a tax return as a teacher that earns R300 000 per annum. Would this be required of me?

Two incomes and tax calculations



I am 51 years old and I receive a monthly taxable salary and a monthly pension. How do I calculate my tax on both incomes?

Backpay and bonus taxed in same way?



Can a bonus and an arbitration award backpay be added on one source code?

The employer added the arbitration award backpay for 2014 to 2017 august under one source code of bonus. What is the impact are the two taxed in the same way?

Leave days and tax



How are the leave days calculated when an employee resigns from a company?

Compiling IRP6



I am a first time IRP6 Provisional Taxpayer and I am looking to complete and submit my tax return through TaxTim. Would you be able to assist me with my tax return? I would also like to find out whether Provisional Taxpayers would need to submit documents and other expenses later in tax season again? Also, will I have an opportunity to submit other expenses later if I accidentally leave out something or over estimated on my IRP6 P1. And finally, how accurate does my IRP6 need to be considering t...

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Underestimated tax paid (IRP6)



I am a provisional taxpayer. I have not yet received my final payslip, but I will be receiving it quite soon. On my IRP6 tax return, I have indicated that the total estimated on the taxable income and actual tax paid is an estimate as of today and not the accurate amount. So, what I would like to find out is, when the final payslips are available and ready for me to use, what will happen if I have underestimated the actual tax paid to date? Will I perhaps still be eligible for any refund?

Relocation expenses



I got a new job and the new company is paying me one month's salary as relocation allowance. I understand that this is taxed, but can I have any tax deductions if I can prove actual relocation expenses?

Time to lodge a dispute



How long do you have to lodge a dispute on an assessment?

SARS does not want to pay me the money it owes me.



Good day, SARS owes me money, had to go through the ombudsman to prove this, successfully did so however, SARS now requires that I prove that I actually did pay an amount I owed 2 years back before they refund me. My question is: is that even legally allowed/required of me or is it foul play from SARS? Thank you for your assistance

RAF



Kindly advice me on tax deductions regarding RAF maximum amount that ca be
deducted.

If a person is on Salary range of 280 000 to 300 000 p.a.

The employer and contribute each 7.5 % of the basic salary p.a to pension


The employee currently contribute R405 per month towards retirement
annuity fund per month

The question is how much can be deducted or get refunded from SARS annual
or how much can contributed to RAF to ensure that he/ she is not paying too...

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Old 2009/2010 efiling returns




SARS say they upgraded their system and have now seen i did not file a tax return in 2009,2010 and have fined me for each year. Both years i was under the threshold but they are insisting i file these returns. I do not have the IRP5 anymore and the company no longer exists. They advised that I open the return on efiling and can then submit as it should have all the info, I have done this but there is no earning/medical aid information etc.
How do i resolve this now as both returns are now sitting open on efiling and i am getting fined R250 per month now that i do not resubmit....

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Registration Verification



I've received this message each time I make the request: "The tax type cannot be moved because the registration of the holding taxpayer is awaiting registration verification".

Are amounts of separate IT3b documents added together?



I have two IT3b documents from different sources. Should I add them together?

This query relates to question 6480 "Please enter the total interest amount earned here. If you don't have an IT3(b) you can also add up the interest amounts appearing on your bank statement. This should appear next to source code 4201 on your certificate. " in the Interest & Investments (IT3b) section.
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