Move from a Tax Consultant

  Written by Marc   Posted 30 November 2015

I am at present using a tax consultant. How do I transfer to doing my own tax return with the help of Tax Tim?

They have all my records etc.

No IRP5 on liquidated company

  Written by Marc   Posted 30 November 2015

The company my wife has worked for has been liquidated in September 2014. She has worked for them form January 2014 until September 2014. Subsequently she hasn't received and IRP5 because of the liquidation (there is a case pending and they say that they cannot issue the IRP5 until the court has made a decision). She does however have payslips and the company did pay tax in the time period she worked for them. She also has a letter from the auditor explaining this. What do we need to do on SARS ...

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Tax on Rental Income

  Written by Marc   Posted 30 November 2015

Dear Sir/Madam

I am South African, but living and working in Kuwait. Back in Durban I own 2 properties which are rented out to tenants. Property 1 - rental income is R6200. 00 pm, monthly bond is R3500. 00, rates is R1600, monthly levy is R850. 00. Property 2 - rental income is R4500. 00, bond is R3550. 00 pm, rates is R350. 00, Levy is R700. 00. I have no other source of income in SA. Do I pay tax to SARS?

I was a registered tax payer whilst I worked in SA. But no longer....

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Does that mean I owe SARS?

  Written by Marc   Posted 30 November 2015

I received an SMS after submitted my IRP5 "said" assessment type : additional: amount Due by you: audit: N : first payment 01-01-2016 and 2nd 31-01 -2016 does that mean I should pay money?

Completion Letter

  Written by Marc   Posted 29 November 2015

I was selected for audit. I have been waiting for more than 21 days now. I received a letter yesterday in my SARS eFiling profile - completion letter what is going to happen now.

ITSA issued

  Written by Marc   Posted 29 November 2015

I lodged my tax return, and was then requested to upload supporting documents for review. Three weeks past and now there is a ITSA (statement of account) - does this mean the review has been completed?

I am a commission earner and earned R 486 342 but my tax assessment states that I owe SARS R2327719

  Written by Marc   Posted 28 November 2015

I am an estate agent, I've submit my tax returns and have received a shocking assessment of R2,327,719. 96
I earned R486 342,00 in commission from selling property. I suspect I might have made an error where I was asked about turnover and I put the value of the properties that I sold which is about R7,000,000 and am afraid SARS wants to tax me on that whereas I only received and average commission of about 5%. Kindly advise how I rectify this.

Declaring Income on IB3 (b)

  Written by Marc   Posted 28 November 2015

I HAVE A ITB3 (b) document/certificate from Nedbank for Income from Investments, Property Rights and Royalties. Where do I need to declare the interest? What source code?

Resigned 7 minths ago

  Written by Marc   Posted 27 November 2015

I resigned my job 7 months ago and received my IRP5. I don't have a job at the moment. Do I need to let SARS know that I am jobless and don't earn an income? Or will I receive a notification saying I haven't paid taxes in the last 7 months?

When can I expect the money in my account?

  Written by Marc   Posted 27 November 2015

I've submitted my tax refund on the 19th Nov and on the 23rd I went back to SARS to fix my banking details. How much time it takes for me to get the money?

Provisional Tax Payer and not a Individual

  Written by Marc   Posted 27 November 2015

I'm about to do my first tax return, I'm registered as Individual tax payer but have been doing freelance work on an invoice basis. I did not realise that in this case I would need to be registered as a provisional tax payer instead. Am I correct in saying that I should be registered as a provisional tax payer?

How do I proceed from here?
- I should have done two IRP6's and made payments. - Then I should also do a ITR12, which is then only due in January 2016
What do I do regarding the outstanding IRP6's?...

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I want to declare a new income source.

  Written by Marc   Posted 27 November 2015

I want to declare income this year for the first time. Network marketing income. I already earned it in previous tax years but did not declare it. Will this be a problem?

How do I varify banking details for a refund if I no longer live in SA

  Written by Marc   Posted 27 November 2015

SARS has requested me to varify my banking details for a tax refund, I no longer live in SA and do not have a local address. Is there some other way I can do this, I still have an bank account in SA and I am still a citizen.

Change amount of tax return document already submitted to SARS

  Written by Evan   Posted 26 November 2015

I have already submitted my tax return for the year 2015, but I want to correct the amount on source code 4006. Can you please assist urgently to correct that. How do I make a correction on TaxTim?

Tax on interest only, no other income

  Written by Marc   Posted 26 November 2015

I am a non working wife, married out of community of property. I am not working
I am 55 years old
I have just received R2 000 000. 00 and have invested it in the bank
I receive monthly interest of R10 000 per month, this is my only income. Must I register to pay tax?
What will the monthly tax amount be?

Can I still claim tax on this

  Written by Marc   Posted 26 November 2015

I worked in the film industry and paid tax a while ago but never claimed any tax?

Not submitted returns since 2013

  Written by Marc   Posted 26 November 2015

I lost my job in August 2013 and I did not submit my tax returns. Can I still submit or are there any penalties imposed or is not necessary?

Submitting IRP5 document

  Written by Marc   Posted 26 November 2015

How do I submit the IRP5

I am due a refund but I don't have a 2012 tax return as I was studying full time.

  Written by Marc   Posted 26 November 2015

Hi there. I'm due a refund from SARS but it might be withheld as I did not submit a return in 2012. I wasn't working in 2012 as I was studying full time. Please advise what I need to do in order to ensure all my tax returns are up to date? Thanks

Provisional tax once off situation?

  Written by Marc   Posted 26 November 2015

In the 2015 tax season my employer paid me my full salary and did not subtract PAYE. This was the case for 3 months. I did not get an IRP5 for that period. I know that I need to pay that tax portion How do I declare that to SARS? And avoid becoming a provisional tax payer

Is a flat I build on my bond with the increase in bond cost paid by parents and brothers an income?

  Written by Marc   Posted 26 November 2015

I built a flat for my parent, increasing my bond. My parents and brothers help pay for the increase in the bond. The amount just covers the increase in bond cost. Is the payments an income or not?

Do I get money from SARS?

  Written by Marc   Posted 26 November 2015

How do I know I got money at SARS

SARS code 3702 not being taxed

  Written by Marc   Posted 25 November 2015

Good day. I have codes 3701 and 3702 on my IRP5. I claim more then the SARS rate due to the fact that our rate includes fuel, maintenance, capital, insurance and depreciation. I was told by SARS the employer is not taxing the 3702 reimbursement. I now owe SARS. How do one correct such a scenario not to owe monies at assessment. Thank you
Regards

Declaring profit on Bitcoin trading and speculation

  Written by Evan   Posted 25 November 2015

I am earning a local profit from trading Bitcoin in various exchanges throughout the world. I have lodged this under: Other Receipts Accruals - Royalties - Amount Profit - 49224

This profit was calculated by tracking how many payments I receive FROM BitX.co.za and Ice3x.co.za (which was used to trade Bitcoin for ZAR)
LESS payments made TO BitX and Ice3x, as well as all payments made to my Mercantile Bank account (which is only used to send Forex to offshore Bitcoin exchanges) as well as any other Forex payments (through my main account at FNB) destined for offshore Bitcoin exchanges...

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How are personal assets to be valued? Personal assets given or donated to you?

  Written by Evan   Posted 25 November 2015

Am I correct in understanding that the valuation of personal assets is at cost price? What about personal assets that you have received as personal gifts/donations over say 10 yrs which in each year was under the annual exclusion rate. These assets have value yet cost is zero as they were given freely & gratis. How will/would SARs see this in an event of an Audit and a Home inspection?
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