Medical expenses

  Written by Marc   Posted 23 June 2015

I am married in community of property. My wife and I had a baby in February. There were quite a few accounts we had to pay cash. The medical aid is in my wife's name. Are we able to claim the medical expenses we paid out of our own pocket after February but the accounts are in February. Also can I claim some of the medical expenses we paid out for the birth of my son instead of my wife claiming as I am not on the medical aid and do not have any medical expenses. I paid the amounts as my wife had...

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Tax return filling requirements for non resident with SA bank interest income?

  Written by Marc   Posted 23 June 2015

Tim, I am (i) a foreign national (ii) non-resident in SA for tax purposes (physical presence test) and (iii) will likely spend more than 183 days in SA in the tax year 2015/16. My only SA source income is interest income from a bank, which is unlikely to exceed R40-50. 000. Do I need to register with SARS and file an income tax return for the tax year 2015/16 under those circumstances?

Tax due on secondary income

  Written by Marc   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?

Maintenance expense on rental property

  Written by Marc   Posted 23 June 2015

I own a property that I rent out for the last 30 years and the perimeter fence is damaged beyond repair . Can I claim the cost of the new fence as a maintenance expense. Thanks

Can I claim for my financing costs (interest on my car finance) and depreciation on my vehicle?

  Written by Marc   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?

Is our tax situation too complex to use the TaxTim service?

  Written by Marc   Posted 23 June 2015

I am looking at using this service for my husband and I. My husband owns his own company (where he gets paid a salary and pays UIF PAYE) and is due for a medical aid benefit reduction, I also get paid by his company (also paying UIF and PAYE), but over and above this, we also earn extra rental income, one house is in my name, one in my husband and one in both our names. Would your system be able to assist us to submit our personal tax returns, or is this too complicated?

Do you need to fill in IT144 if you are making a donation of R100,000 or less to your child?

  Written by Marc   Posted 23 June 2015

I and my husband both want to give each of our children (who are both under 18 and not earning any salary or interest) R100,000 each. Will we need to fill in a form IT144 for the donation even though it is at the limit where no tax is payable? Must we declare it on our provisional tax forms?

Wear and Tear Tax deduction on personal/work Laptop

  Written by Marc   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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Tax on Fixed Deposits

  Written by Marc   Posted 23 June 2015

I am currently saving for a house, so I am investing in a 3 month Fixed Deposit (I want to avoid equity risk for now). I earn approximately 6% pa. What is the limit of Interest Earn that is exempt from tax? If I change the investment term to 1 year, starting 01 June 2015, the investment matures on the 01 June 2016. Do I pay tax on these returns in the 2015 tax year?

Employee PAYE implications for car repayments on company cars?

  Written by Marc   Posted 23 June 2015

I pay R3700 as a car repayment for one of my employees. Is this full payment part of his salary, or should I only allocate a portion? It seems unfair that he takes the entire amount into his salary and therefore incurs a higher PAYE, when the car remains my property.

Tax residency

  Written by Marc   Posted 23 June 2015

In answer to a question I asked a few months ago regarding tax residency, you told me if I was relocating to RSA that I could delay becoming a tax resident of RSA for something like five years. I have permanent residency. Could you direct me to the relevant SARS literature. Thanks

Peter

Calculate CGT in my company for tax purposes?

  Written by Marc   Posted 23 June 2015

My CC has purchased property prior to Oct 2001 for an amount of R150000. 00 , The CC is dormant and has never traded, I now want to sell the property for R 680 000. 00, what is my tax liability on the CC and what would be the best way to show this?

Are legal fees when you buy a house deductible?

  Written by Marc   Posted 23 June 2015

I bought a house and obviously had to pay lawyers fees (2 sets) to do the transfer, etc. Can I include this as a deduction in my tax return?

Investing money at the bank and earning interest and the tax implications thereof?

  Written by Marc   Posted 23 June 2015

I want to set up an investment at the bank and earn interest on a monthly basis on it. I did some research and I found that I need to register for Provisional Tax at SARS in order to do this. I found out that 2-3 times per annum I would be required to make a payment to SARS on the interest I earn. My question is: Firstly, I would like to budget so I would like to know what percentage will SARS deduct monthly on my interest earned,and secondly,will they tax me monthly in this case or 2-3 times pe...

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Employee vehicle leased to employer

  Written by Marc   Posted 23 June 2015

Can a company lease the "employee's personal vehicle" from the employee from Monday to Friday during the month and pay the employee a vehicle rental amount without attracting any fringe benefit tax?

What is my tax obligations when running a DVD rental store as sole proprietor?

  Written by Marc   Posted 23 June 2015

I am thinking about acquiring an established Dvd rental store and plan on running it as a sole proprietor and using my personal bank account for the business. This would be my only income and only business. * How would I calculate my "taxable-income" Ex. , (all amounts are monthly expenses) The total turnover would be roughly R15000 of which, R4000 goes toward purchasing films (stock), and R5000 would go toward renting the premises. I would also need to purchase printer ink, paper, stationary,...

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How much rent is allowed before tax and when do we have to register only once the rent is paid?

  Written by Marc   Posted 24 May 2015

Hi Tim I have a student who is paying me rent in a 2 bedroom semi-detached. He started paying rent in February 2015 when do I have to register as a provisional taxpayer? Is it only once you've earned more than R30 000 for that year? Then I will have to register next year then in Feb 2016?

Capital Gains Tax - is it applicable to an immovable property acquired before marriage?

  Written by Marc   Posted 24 May 2015

My wife owned and lived in her flat before our marriage. Since our marriage, my wife moved into my dwelling. We have heard that should she now sell the flat it will be subject to Capital Gains Tax ! We are married out of community of property and excluding the accrual system. My wife current earns R156 000 per annum. Please advise. Best Regards Peter

Deduction for SARS tax returns?

  Written by Marc   Posted 24 May 2015

For my deductions what documents do I need to have all ready

medical aid contributions
RA/provident fund contributions
invoices for any Cell/laptop/equipment required for work that was not remunerated back to me

and what else ?

Capital gains tax on sale of house?

  Written by Marc   Posted 24 May 2015

I bought a house in November 1999 for R275,000. It was my primary residence up to November 2014, since then I rented it out. If I sell it now for R1,000,000 what will the basic cost be? And the capital gains tax?

Non residents - do I need to submit a tax return on interest payments

  Written by Marc   Posted 17 May 2015

I am a non resident but earn a small amount of interest from a FNB non-resident bank account. Do I need to submit a tax return. Can I do it through TaxTim

Will I have to pay more tax if buying property when I dont pay personal tax working abroad?

  Written by Marc   Posted 17 May 2015

Hello, I will be working abroad for a year and upon my return would like to buy a house, what is the tax implication for this? as I would have been tax exempt being out of the country for a year.

Public Benefit Organization rental income tax exempted?

  Written by Marc   Posted 17 May 2015

If a Public Benefit Organization that is tax exempt wants to lease a part of their property for the Establishment of a Telecommunication Basestation, will they loose their Tax Exemption and will they have to pay tax on that rental income?

Definition of a Tax free savings account?

  Written by Marc   Posted 17 May 2015

I am interested to know 'what is the definition of a 'tax free savings account''? Will I have to open a new account or will any savings account qualify for the R30 000 deduction?

Refund on building costs as a non resident South African Citizen?

  Written by Marc   Posted 17 May 2015

I am a non resident South African citizen working and living abroad in Saudi Arabia for just over 6 years. I visit South Africa at least 3 times a year for periods of either two to three weeks at a time. Last year these visits where in April then May then July. My question really relates to my current property in South Africa. I am renting the properties out however and have had various renovations done. I would like to ask as a non resident can I claim back the VAT on this for example I had gat...

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