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Audit / Verification Posts in Tax Q&A

Submitting IRP5 document



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.



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?



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?



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?



How do I know I got money at SARS

SARS code 3702 not being taxed



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



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?



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?

VAT Registeration



How long does it take to get a VAT number?

Employer Registration



I need to register as an employer for PAYE and UIF once I submit the application forms and supporting documents and all is well, how long does it take to get the registration numbers?

Unsure about income source codes



What is the difference between income source codes 3601, 3605 and 3801 as it appears on my tax return?

What will TaxTim cost?



Hi Tim, I am 68 years old, and employed full time. I receive a salary of R 20,000 per month before tax. I receive an annuity payment of ±R 650 per month and also receive dividends and interest (way below the allowable). I have been paying my bookkeeper ±R 1400 per year in fees for submitting my tax returns. With your system, I do it myself with e-filing?
What does this cost (i. E. How much do I pay you)?

I am a provisional tax payer with an employee - I want to give him a bonus for December -



I am a provisional taxpayer with an employee - I want to give him a bonus for December - does he pay paye/uif on this?

Lump Sum Retirement Fund deposit no longer accepted under SARS code 4006 in reassessment



Hi. My 2013 tax return was reviewed this tax year and adjustments made by SARS to my Retirement Annuity fund which has now left me owing SARS a large sum of money where the original assessment actually gave me money back. If I compare the original ITA34 to the new one I can see that the previous SARS code 4006 which had an amount counted as part of my deductions now in the new ITA34 reflects as R0.

A bit of background to this is that I changed employees and my new employer did not offer a pension fund so I instead redirected these funds to my retirement fund...

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Why file a tax return?



If you advise filing a tax return why do SARS say you shouldn't? I have been told by them not to.. I make minimal money at a very part time job. I do earn interest. I do have quite a few investments in my name too.

Medical aid supporting docs



Hi. I have claimed for medical aid contributions and excess medical expenses out of pocket. SARS is auditing me, do I have to submit the actual slips for the out of pocket expenses (i. E. Every consult invoice and proof of payment)? Or is the summary from the medical aid (which shows claims and what was not covered - it has both full claim amount and out of pocket expense numbers reflected) sufficient?

Medical tax credit change upon SARS review, can you help?



I calculated that since my wife and kids were on separate medical scheme and that I was contributing towards this I would be entitled to a refund, which appeared on SARS eFiling as such. However SARS subsequently requested my tax documentation and reversed the same credit that was in my favor to me now owing them?

Can you help with this?

Want to know when SARS is paying my money; October has passed..



I already file via SARS was suppose to get my money in October even, now I don't know what happened to the payment...

How do I calculate Rental Income?



How do I calculate rental income? Is this calculated as follows or is it different? Rental Income = Bond Repayments - Rental income. If it is positive it will be a profit, if negative it will be a loss?

Steps to obtain an ITA34



I am a sole proprietor and work for the last 4 months for my self. I take an income of R30 000.00. How do I get a ITa34 that the banks requested for a loan?

Where do I enter funds received from a retirement plan?



Where do I enter funds received from a retirement plan?

24h waiting period for registration on SARS efiling



I have done my registration on SARS SARS eFiling, but now when I log in a message appears that I have to wait 24h for SARS to process my application..... I've done that 5 days ago. Just want to now if I need to send anything away, thinking the delay is my fault?

Cash co-payment on medical procedure



Two questions relating to medical aid expenses:

1) I paid ~R5000 cash copayment for a medical procedure. Can I claim this medical expense on my tax return?

2) If I have medical aid gap cover can I use the total premium payments for the year as additional medical expenditure?

Why must I go into SARS branch again - I was just there



I went to SARS on 13 November and got paid out on 18 November. Which is good work. I took my necessary documents, certified copy of my ID, proof of banking. Now today 24 November they phone me to tell me I must come in with the same documents to verify my banking. I was just there.

When am I getting the refund for late husband's deceased estate?



In August I submitted my late husband's IRP5 and I was told that I am going to receive R2100 for the year 2015. They told me that its still going for an audit.

What should I do because I am still waiting for that money. And when you call them you keep on holding until the airtime is finished without being helped. What do I need to do?
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