Penalties Posts in Tax Q&A

What documents are needed for submission of my ITR12 Tax Return?



What is IT3b? And what other documents are needed from me so that I can submit my returns?

When do you submit a return on a fiver year fixed deposit, interest paid at maturity?



when do you submit a return on a fiver year fixed deposit, interest paid at maturity?

Will you be fined if you've never paid tax but start paying.



If somebody has a small business and has not previously paid tax, if they now register for tax will they be fined or charged previous years?

What is income tax IT3(b)



What is income tax IT3(b)

Working for 4 years, never registered, whats required and will there be penalties?



I have been working since 2011, and have never registered as a taxpayer. What will I need to register and will there be penalties incurred?

Refund/no refund or less refund for previous years returns.



Hi TimThank you very much for the awesome job you are doing.I would like to know;what happens when someone hasn't submitted to SARS for about 5-7yrs? *Incorrect submission or not submitting at all*.Does the person get the refunds of other years when he/she eventually submits or get penalties that leads to no refund at all or less refund? Regards,LMM

CGT Calculation for non resident?



CGT
I inherited shares in a 3 private companies at a total value of R650,000.00 in 2003.
I intend selling all the shares at a total price of R2,500,000.00.
I would thus make a capital profit of R1,850,000.00
I am a non resident of South Africa and a citizen of and tax resident of Australia.
I pay taxes in South Africa on dividend and interest at a tax rate of 18%.
What would my CGT liability be.

Nedbank IT3(b) on my ITR12?



Hi, Nedbank has posted me my IT3(b) Form and I see it has changed from last year, they now have an amount under 'Net Amount Accrued' which is added to the 'Net Amount Paid' to give total 'Interest' earned. My question is : What amount do I have to declare to SARS, is it the Net Amount Paid (which is what Nedbank has actually paid to me in the tax year ending 28/02/2014 or do I have to declare the total Interest which includes the 'Net Amount Accrued' that Nedbank has not paid tome yet.

Travel allowance



I have a travel allowance and I am submitting prior years (2012, 2013) and I am under the Threshold R250000. If I do not claim the travel allowance will they forgive the penalty for non submission?

Verification documents for submission



Dear Tim,I hope you can help I am really at wits' end right now with SARS. This is the situation. I subimitted my tax return via the efiling website on the 01/07/14. A refund was due to me due to private medical aid and dental procedures I paid cash which was rejected by the medical aid. On the 3rd according to my statment of account a refund was paid but then reversed the same happended for the 4th when I contacted the call centre they advised me that they had a system problem and that I...

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Second ITA34?



Hi I submitted my tax to SARS and they asked for supporting documents, so me been me I only submitted half the documents, now I can?%u20AC%u2122t upload anymore, it is greyed out! In the meantime I realized that I made a mistake, so I requested correction and submitted ITR12 again. Now on my new ITA34 (top right corner) it says that I owe SARS money, but down the bottom it says that I am due a refund. Will they now disregard the first one and work on the second ITR12 or do I still have to submit...

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How much interest earned is tax free 2014-2014 tax year?



How much interest earned is tax free 2014 -2105 tax year?

How much interest received is tax free if over 65?



How much interest received is tax free if over 65?

Do I pay tax on my pension savings that were transferred to a preservation fund when I resigned?



I resigned from my job late last year. Upon resignation, I transferred my pension fund savings into a preservation fund with the same company that held my pension fund. My tax return shows the entire amount of my pension fund as income under source code 3920 - Lump Sum Benefit. Why is this declared as income when I have not received the money? Does this mean I will be taxed on my preservation of my pension fund savings?

IRP5 issued after returns submission filed.



My last employer has not submitted an IRP5 , and after calling today am getting the run around and same old story "were getting it " .. now.. its only for a 2 month period of work to a gross Value of R40k earned. The remainder of my return is ready and set to go. Can I file? Also, what would happen if the mystery
IRP5 should appear in a week or so???

Where to I add IT3b and 3c information on ITR12?



My mother is 74 years and does not work nor contribute to an annuity. She receives interest at Investec, Finbond, Absa Moneymarket and Satrix. She received only IT3b and 3c's. No IRP5 or IT3a. Father passed away January 2014 and she only received pension since March 2014. Incurred medical expenses. Where do I ad the IT3b and 3c information on ITR12?

Don't pay income tax on rental income?



I earn R408 000 p/year (from property rentals).
I don't pay income tax
Will SARS find out?

ITR12 option not available



My SARS eFile does not have ITR12 option under my "Returns Issued"...it only has "Provisional Tax (IRP6)". What should I do?

Tax on interest when abroad



Regarding the residency question - If you earn interest(South African source) with no other income, spend more than 183 days out of the country, will that interest be subject to tax. Lets assume the interest earned is R250 000 for the year. If this isn't tax free, would the opposite be true where by the interest is from a foreign source yet you are resident in SA but do spend more than 183 days out of the country.

Can I get an IRP5 for state pension?



Can you please advise me regarding the following:

My Mother-in-law is a SASSA Old Age Grant recipient, she also earns a very small pension from her late husband's pension fund. Her medical expenses uses up almost half of her income. Can she obtain a IRP5 for her state pension as well as the other small income and then submit a ITR12 form through eFiling? If so, where can she obtain a IRP5 for her SASSA grant?

Earning a salary and having a sole prop on the side, how does the tax work?



I am employed and earn a regular salary from my employer. BUT I also run a small business (just me as Sole Prop) on the side. (I help people with Web development and design work)How does tax work in my case? Do I need to put away a percentage of each transanction and pay it manually each year or how does it work? I don't want to get into any trouble with the tax man :-)

Forgot username and password on eFiling



Could you please assist me. I have forgotten my username and password. Would like submit my IRP5 via eFiling.

Investement at a loss. How do I claim on my income tax return?



How do I complete my tax return if I have property that I am renting out at a loss. (Investment at a loss).
What are all the costs that I can claim for .

Where to put IT3b amount on the income tax return?



Where to put IT3b amount on the ITR12?

Am I liable for tax on the repayment of a loan account and how do I reflect this in my tax return?



I invested (in the form of a loan account) in a start up private company as a shareholder at the end of 2004. I have been receiving monthly income from the company since mid 2013 as repayment of the original loan account plus annual interest. How do I account for these repayments in my tax return and am I liable for tax on these repayments of the loan account?
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