Docs required for proof of profit on sale of house
Posted 3 July 2015
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?
Travel claim on my tax return?
Posted 2 July 2015
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!
Can I still file a tax return even when I don't need to? And how would I go about doing that?
Posted 2 July 2015
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 ...
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Tax on travel allowances
Posted 2 July 2015
Pls explain the difference between the 80/20 and 20/80 tax principle for travel allowances and when can it be used ?
Is it for company cars or travel allowances?
Travelling expenses independent contractor
Posted 2 July 2015
I work as a independent contractor through a agency contracted to Nedbank, I am an IT Solutions Architect , my cost to company is R75,000 pm. Can I claim my travel on SARS efiling? It's not set out on my IRP5 with a code for travelling expenses.
Do I need to apply for a tax directive for my earnings received (private company)?
Posted 1 July 2015
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...
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I don't have an IRP5, but I earned income - now what?
Posted 29 June 2015
I have been working as a guide in the tourism industry for the past year or two. I did not get a payslip just money paid into my account, I also get cash tips from time to time. I have a tax number as previous I worked in the bigger company. How do I go about paying outstanding tax if there is any without getting trouble from SARS?
Petrol claims for tax purposes?
Posted 29 June 2015
Is claiming petrol allowed if I have a travel allowance? I use my car now and then for work..I claim the km's driven and I get reimbursed. Does this fall under car allowance?
How do I prove income I have to declare without a bank statement?
Posted 25 June 2015
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?
Is our invoicing correct?
Posted 25 June 2015
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.
Calculate on 18% tax directive
Posted 24 June 2015
If I do the calculation, I see I have to pay in a huge amount, is there no field I need to fill in, I was on a 18% tax directive
Section 10(1)(o) - "continuous period exceeding 60 full days"
Posted 24 June 2015
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 ...
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Tax on income from 2 sources?
Posted 23 June 2015
We have an agent selling our products on a commission only basis. We have not formally appointed this person and he receives no fixed salary from us, but he does however receive commission a fixed salary from another company. His income from us makes out about 5% of his total income. Do we have to tax him(We have no directive) or can we pay him out in full, so that he can just submit this info on his IRP5 because the amount he receives is less than 5% of his total income?
Can I claim tax on Co vehicle and fuel where I do not have a travel allowance?
Posted 23 June 2015
Hi TaxTim, I work as a vehicle sales executive, which means I have a company vehicle which I use for both business and personal use. I did keep a log book. On my payslip it is reflected under "taxable perks". "I also paid Vat on Co car" which is showed on my payslip under deductions. I also had a fuel allowance but that is not reflected on my payslip because the company I worked for owns a fuel station and we had "fuel tags". The vehicle was not maintained by me, but I just want to find out if I...
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Fyling tax for working on comission only
Posted 23 June 2015
I am a locum at a private occupational therapy practice!! I am 28 years old and only working for commission!!!! My employee did not register me for tax so I will not receice an IRP5 form but will have to work out my tax on my own!! I have kept all the devices from income for. Each patient that I saw as. Well as. The proof of. Payment into my bank account that was made as the clients made the payments!! It. Is difficult to. Determine a set. Montly income as sometimes the clients will pay a month ...
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Depreciation on Vehicle?
Posted 23 June 2015
I am using my private vehicle for company business. The company is paying me a travel allowance and the fuel for the business part. About 55% of travel is business related. Can I claim depreciation of my vehicle from SARS? What is claimable from SARS for the use of my private vehicle?
Disability Income taxable?
Posted 23 June 2015
Disability income was received from medical boarding from work for a few months in the tax year ending 2015. This income was taxed and the amount on the IRP5 shows only one income source code. 1. Is the disability income tax exempt or is it only from 2 March 2015 and
2. Is there a separate tax code for disability income earned.
What costs can be subtracted from the income of our small business?
Posted 23 June 2015
I am a member of a CC and a partner in a partnership. We are the two same people in both the partnership and the CC. From our activities in the CC, we came upon another way to make money and after a period of testing, we decided to split the other way off our CC activities, so the Partnership became a new business. In order to make this new income stream work, we need to travel and test tourism opportunities in SA as well as some of our neighboring countries to be able to build an internet commu...
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Tax credit for medical expenses?
Posted 23 June 2015
I have a question about the SARS rebate for out-of-pocket medical expenses:
According to your blog post (https://www. Taxtim. Com/za/blog/medical-aid-tax-2014-how-sars-new-changes-affect-you), medical expenses only qualify for rebate IF medical aid contributions are greater than 4x the fixed tax credit. (Assuming the taxpayer is under 65 and not disabled. )
However, on the SARS website (http://www. Sars. Gov. Za/TaxTypes/PIT/Pages/Additional-Medical-Expenses-Tax-Credit. Aspx), under Examples 2...
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What constitutes "place of work?"
Posted 23 June 2015
Travel Allowance: SARS says that travel between home and place of work is considered private and may not be claimed. What constitutes my "place of work"? I am a pastor. I do not have my own office at the church building where I am employed, but I often travel to the church during the week to see people or attend meetings. Am I allowed to claim those trips to the church building as work km's?
Can I submit invoices for building material?
Posted 23 June 2015
Can I submit invoices of building material I bought for renovation to my house?
Provident fund tax - beneficiary
Posted 23 June 2015
I have received some money from my partners provident fund, he is deceased. I have only received tax directive from his provident fund insurance, which is on his name. What else should I submit at sars for this, or the tax directive on his name, is it okay?
Tax due on secondary income
Posted 23 June 2015
I currently work a 6 hour day for a company. Tax and UIF deducted and I do receive an IRP5. I want to do extra work. That is work for a different company a few hours a day. Will work approximately 10 to 15 hours a week. They do not want to register me on their payroll. Do I invoice them for service and declare my extra income on my tax return? Will I then become a provisional tax payer?
Can I claim for my financing costs (interest on my car finance) and depreciation on my vehicle?
Posted 23 June 2015
I receive a car allowance and can claim for official kilometers traveled with my private car. Can I claim for my financing costs (interest on my car finance) and depreciation on my vehicle?
Wear and Tear Tax deduction on personal/work Laptop
Posted 23 June 2015
I am a full time employed software engineer. I am looking at buying an Apple MacBook Pro Retina priced at R28000, from FNB for R1200 per month over 24 months. This purchase is in part for my work and in part for personal work. How do I determine if I qualify for the "Wear and Tear" tax deduction and for how much I will I qualify? Do I submit this with my annual personal tax?
From www. Taxim. Com [https://www. Taxtim. Com/za/help/definition/wear-and-tear] I calculated:
...
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