Objection allowed, how long before SARS refunds me?

Posted 6 September 2014

I completed my 2014 tax return in July, but was then chosen for audit. After receiving a finalisation letter, I was chosen for a 2nd audit and requested to send more doc's. eFiling however was not "opened up" so the doc's could be uploaded, and an ITA34 was issued without the necessary doc's. I disputed the assessment, and received a notification that the objection was allowed on the 3rd of September. How long will it now take SARS to refund the money into my account?

IT3b documents received from my investment house, what do I do with them?

Posted 30 August 2014

Where do I enter info from IT3b certificates?

Risk of underestimation of provisional tax in August?

Posted 24 August 2014

If you underestimate your provisional tax in the August submission, but then are better able to more accurately estimate it in February, are you penalised for the under estimation in August? Furthermore, are there possibly any thresholds for underestimation in August which gives rise to a penalty, even if you accurately submit in February. Or is it is you're able to estimate accurately in February, that there are no penalties induced despite the underestimation in August?

2015 Provisional Tax figures please?

Posted 18 August 2014

1. Tax tables for 20152. Tax Rebates - Primary & Secondary3. Tax Thresholds for over 654. Exempt portion on investment interest - over 65

Can attorney's fees be deducted against rental income?

Posted 16 August 2014

I bought an investment property in the 2014 tax year, which I currently rent out.
In the process of buying the property I paid the transfer attorney fees of R10 620 and the bond attorney R12 963.
Am I allowed to include these amounts in my ITR12 tax return as Local Business Expenditure under Legal Fees or some other category?

Tax Free Unit Trust Investments?

Posted 15 August 2014

Is there any other tax saving unit trust that one can invest in other than an RA or Pension fund. I heard there is a R 30 000 pa allowance if you invest in the right unit trust (or is this from 2016?)

Do provisional tax payers that have PAYE deducted and paid over monthly have to submit 1/2 year retu

Posted 15 August 2014

If I am a provisional tax payer and my company pays my PAYE over to SARS on a monthly basis, do I have to fill in the half return. Can I not just state that PAYE is deducted and paid over monthly. I earn dividends and some interest over and above my monthly salary.

How to get ITR12 from SARS eFiling?

Posted 14 August 2014

How do I submit my documents through eFiling? I registered in eFiling but I cannot get ITR12 form when I login?

Shoud I (non South African) pay tax on my global income which comes to my non resident account?

Posted 12 August 2014

I am a foreigner working overseas. My spouse, also a foreigner, lives in South Africa on a work permit and pays taxes here. When I am not doing my consultancies, I come to South Africa to stay with my spouse. I have recently opened a non resident account in South Africa so that my consultants fees can be paid to the account here and it will help me with liquidity as well as eventual investments that I may want to make. What is my tax liability in South Africa?

Do I need to submit tax return for rental income (only income apart from maintenance) of R80 000?

Posted 10 August 2014

I am divorced, not employed and receive monthly maintenance - which is tax free as far as I know? Only other income from rental (annual total for 2014: R80 000). Do I need to submit a tax return?

What is a reasonable market related interest rate to use on a loan to a family trust?

Posted 8 August 2014

Hi Tim, what is regarded as a reasonable interest rate on a loan made by a trustee to a family (discretionary) trust in order to avoid a "Deemed donation" being made in the form of no/too low interest? I would argue that it would be an "opportunity cost" rate - for example a FNB money market rate.

Closing date of tax return?

Posted 6 August 2014

When is your deadline date of tax return?

Is there any refund due to me for 2012 and 2014?

Posted 5 August 2014

On 2012 I did my eFiling and my return was R-1478.05 this year 2014 I received Notice issued on SARS for ITA34 for 2012/1
Thank you for submitting your income tax return for the 2012 year of assessment.Your assessment has been concluded and reflects an amount refundable to you of R-1478.05
please note that this amount only reflects your income tax assessment and does not reflect tax payable under any previous assessment or any othre balances on your account.The current balance on your ...

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SARS delayed claim on penalties?

Posted 5 August 2014

Yesterday 04 August 2014, SARS informed me, for the First Time, that there is a reoccurring penalty against me from 2007 - 2008. I resigned from my job as we were moving, so I only worked 2 months for that tax year earning only R9000.00 in total for the year.
I started to work again in 2011 and did my TAX returns, at that point SARS told me there where no outstanding penalties.
I have no proof of anything as legally I must keep papers for 5 years, thereafter I dispose of them.

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Can I file late returns?

Posted 4 August 2014

Can I apply for tax returns as far back as 1997 South Africa and how do I do so

Owning a second property with no real rental income and the implications on tax

Posted 4 August 2014

I own a second property which is an apartment in a small block of flats. My in-laws are the tenants so I don't charge rent. However, they do pay the monthly levies for the apartment.
Since I don't charge rent, would the monthly levies that they pay be seen as an income to me from the apartment? (As the owner of the property, I would normally have to pay this). Expenses that I incur on the property are rates & taxes, bond interest and insurance. These expenses exceed the monthly levies....

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

Posted 3 August 2014

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?

Posted 29 July 2014

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.

Posted 28 July 2014

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)

Posted 28 July 2014

What is income tax IT3(b)

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

Posted 26 July 2014

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.

Posted 25 July 2014

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?

Posted 25 July 2014

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?

Posted 23 July 2014

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

Posted 22 July 2014

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?

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