Good day TaxTim. My question: I am currently full time employed and working partly on commission, I am also studying towards a post graduate qualification that is perfectly in line with my current occupation.
I am paying my studies out of my own pocket and not receiving anything from my employer. Can I deduct this studies as an expense or any deduction in my income tax return and under what code, because I feel that this is in the proses of earning an income?
My retirement annuity reflects as code 3697 on my payslip. Is this normal, does it count the same as 4002?
I receive a car allowance, but my vehicle installments, insurance and petrol costs me more, is there a smarter way of doing this?
More than 50% of my salary was commission from a single employer this year. Can I still claim fuel,l insurance and depreciation although I have a car allowance? What other expenses can I legitimately claim (i.e entertainment, networking meetings etc. ) Can I claim for expenses my company have re-imbursed me for?...
My employer-provided vehicle had to go for major repairs (gone for 2 months plus). During this time my employer rented a car for me, with which I did some business km's. How do I incorporate this scenario on my tax return?
I would like to know if I can claim my tax return via people around the community who claim that they doing it for business purpose where we have to pay them 30% of the money we get after they claimed for us?
I am an estate agent where I sell property and I am purely on commission only. No basic salary. I do know that I can claim for my petrol for business purposes. And I am also aware that I need to have a logbook for proof of mileage. However, on my IRP5 I cannot seem to enter the Petrol, Wear and Tear, Oil, Maintanance and Repairs, Insurance etc etc. Please help me as to how I can include that in my ITR12 form.
On my Irp5 I have R5,911 under source code 4116 for medical scheme fees tax credit! I however have paid cash for some visits and this does not reflect as these were doctors not affiliated to medical schemes! How do I go about adding the amounts I spent and where do I add them and which source codes to use?
Hi Tim. I sold my primary residence and realised a profit of just over R1m on it. I know that the allowable deduction is R2m. Given my past experiences though, on the assumption that SARS wants to audit this transaction, what supplementary proof do I need (I have copies of confirmation of payment slips from my account). Would I need to show bank statements as well?
I tutor for extra income and for that I need to travel to student's homes. May I claim any travel costs against the income that I declare for this? I do not have a logbook but I have the exact kilometres I travelled. Thanks!
I'm trying to apply for residency into Panama and one of the requirements in a Panamian Bank account. However the banks over there require tax returns for the past 2 years in my home country. I haven't filed income tax returns for the past 2 years because ive been traveling the world (backpacking) for the past 4 years doing online work and never earned more than R70,000 a year anyway so I never need to file. I asked the banks in Panama if this is a strict requirement and unfortunately I HAVE to ...
Is a tax directive necessary for my consulting firm - I have a private company with 1 employee (myself). I provide consulting services through another IT firm to their clients. I provide the firm with a Sales invoice for hours worked etc at the end of every month. They in turn pay the full invoice amount. I pay myself a fixed salary (PAYE & UIF deductions included) through my business. The remaining amount is profit to the business where we're liable to pay company tax (usually around 7% turnove...
I run a part time business from home that earns me commission and a car allowance. The expenses I occur monthly is home based eh. Telephone. Internet etc. I currently have a personal bond on my house. Can I claim the interest portion of the bond as a deduction as I use my home to earn commission? Thanks.
I am interested in using your services to help me file my return, but I'm not too sure if mine can be done online as per your services or if I will have to go in to see a tax consultant. The complexity lies in that fact that I have a company vehicle, not a car allowance. On my tax return it is represented as code 3802. Is this something that your services cater to?
If I have income from freelance work that amounts to a figure higher than the marginal tax rate I presume I have to fill in a tax return. But how do I prove what income I have received. If I ask my bank for a statement older than three months they want to charge me R300 per month going back. This is possibly higher than the tax I'll have to pay. Any thoughts?
Our company is not VAT registered. Our company has been issuing invoices to clients. The invoices clearly indicate that we are a non-vendor and we don't charge VAT. Though our invoice says tax invoice. Is this a problem? I am going for a VAT interview soon.
I earn commission more than 50% of my income - I claim for home office expenses as I work from home 60% of the time but now SARS want to know if I also have a office at work will that mean I am not allowed to claim for home office??
My question is on Section 10(1)(o):
Section 10(1)(o) exempts from tax any remuneration derived by a person in respect of services rendered outside the Republic for an employer if such person was outside the Republic for periods exceeding 183 full days in aggregate during any 12 month period and for a continuous period exceeding 60 full days during that period and those services were rendered during that period or periods
For the 60 full day portion: If I travel on day 1 to my place of work out ...