Resubmitting an assessed and audited tax return?

  Written by Marc   Posted 27 February 2014

How do I go about changing a tax return (increase income), that has been submitted, assessed and audited (no problems found by SARS) in a prior year? If indeed possible, would there be any penalties? (Assuming that taxable income remains below the thresh-hold).

Type of tax to be paid and how?

  Written by Marc   Posted 26 February 2014

If I invest a lump sum in a diversified portfolio of shares, bonds and property and plan to earn an income from the capital, say R100 000 a month which type of tax would I pay and how?

Business returns and provisional tax

  Written by Marc   Posted 24 February 2014

Must I make payment immediately on e-filing where it says "make payment" or must I wait for SARS to email me for confirmation amount due?

Deductions on rental income - what is allowed?

  Written by Marc   Posted 21 February 2014

When doing deductions from rental income, for tax purposes, please advise which of these are deductible:
1) Monthly service fee charged on the bond;
2) Special levies raised for: Water meters (each unit is to have its own water meter, as per municipality); carports (I doubt it, as this is of a capital nature, but please confirm); garden tools.

SARS wants me to submit supporting documents, but the document list is empty

  Written by Marc   Posted 20 February 2014

I think SARS owes me a refund because my ITA34 reflected a negative number and said "refund due to you". Anyway they are now giving me grief, disputing my refund and demanding I respond in 21 days by sending me a "Final Request to Revise Income Tax Return or Submit Relevant Material". However in this document they say: "In the event that you couldn't find an error, you also had the option of submitting to SARS copies of the following material in support of the declarations made in your income tax return:" This is followed by an empty document list. ...

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Do I pay tax on interest from a fixed deposit?

  Written by Marc   Posted 19 February 2014

I have a fixed deposit at a bank for 2 years and interest is accrued yearly but paid on maturity, do I pay tax?

SARS requesting private km and logbook for everyday of the year in addition to business travel?

  Written by Marc   Posted 18 February 2014

I'm claiming tax on my travel allowance and submitted my logbook based on the SARS logbook. Earlier today I was notified that my travel claim is disallowed. When I called them they said I should add my personal travel and mileage for everyday of that tax year. Is this normal? I thought SARS was only interested in business travel.

Retirement Annuity Topup

  Written by Marc   Posted 10 February 2014

I am a Pensioner in my seventies. Have a Retirement/Living Annuity ~ R 750 000 and want to top it up with R 500 000(for various reasons).

What is the Tax implication? From the R 500 000 contribution, what can I deduct in the current and future tax years?

Avoid annoyance of IRP6 submission?

  Written by Marc   Posted 9 February 2014

I am a pensioner and get a pension that is taxed plus RA payments and receive interest on investments that are below taxable.

How do I avoid filling in a IRP6?

Family Loan - is it taxable?

  Written by Marc   Posted 31 January 2014

I loaned my sister R50,000 and she is currently paying me back R2,000 per month at 5% interest per year.Do I need to declare any of this on my tax return?

SA non-resident with rental property in SA what are the tax implications?

  Written by Marc   Posted 31 January 2014

I used to live and work in SA but then moved to the UK 8 years ago. Since then I have and still am working full time in the UK for a UK employer paying UK PAYE and now have UK citizenship.

For the last 4 years I have been sending money back to my SA bank account and used that money to purchase a rental property in SA.

As an example using dummy numbers for simplicity:
Purchase price: R100k
Deposit: R50k
Bond: R50k

Rental Income: R20k p.a....

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Am I a tax resident if I own property in south Africa even after having left in 2006?

  Written by Marc   Posted 31 January 2014

I left South Africa in 2006 to work overseas and visited the SARS prior to leaving the country. I was told I do not need to do anything further regarding tax. I returned for a holiday in 2008 and also bought a property in 2008. I was also told that any earnings I transfer to my South African bank account will only be taxed if I earn interest of 100 000 rand per year. I want to know if I own property am a tax resident? do I need to pay tax?
the property I purchased is not rented.

Is rental income from my primary residence taxable?

  Written by Marc   Posted 24 January 2014

Occasionally I rent out the spare bedroom in my primary residence. I'm not running a guesthouse - it's just a way of making a tiny bit of extra income and meeting some interesting people. I don't often have people staying - maybe for a total of 30 days out of the year. Do I need to declare this as "rental income"? If so,
1. What expenses can I claim against this income?
2. Where do I put it on my return? I'm already using the section "Local business, trade and professional income" for ...

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Are we liable for SA tax on UK interest and rental income ?

  Written by Marc   Posted 24 January 2014

I am living in South Africa ( dual nationality UK/SA) but not working. My only source of income is UK interest on savings and rental income from our house in UK. I pay tax in UK but from what I've read it appears I should be tax registered here. Is this the case?

If it is, how do I prove my income as the UK tax year runs from 6 April to 5 April . Would a copy of my UK tax return be sufficient proof of income? Would I need to worry about the date overlap ?

My husband is no...

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Request a correction for provisional tax?

  Written by Marc   Posted 20 January 2014

I have been running a small business and am a provisional taxpayer. I became employed in March 2013 and earn a salary, but still earn income from my sole proprietorship business.

I was advised when I submitted my first IRP6 in August 2013 to keep the salary separate from my other income as it would be reflected in my ITR12 this year with the relevant IRP5. After a bit more homework on my part I realised that I should I have added my total salary to my estimate in my first IRP6 submis...

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Capital gains tax on share portfolio?

  Written by Marc   Posted 16 January 2014

I have a stock market share portfolio. I have received a summary of capital gain for the 2013 tax year. Do I declare this gain even though the gain is still in my portfolio & not in my pocket? The amount is not shown on the IT3b as is the interest & dividends.

Period 1 and period 2 what info required for Provisional tax return IRP6.

  Written by Marc   Posted 14 January 2014

Late with Prov tax Period 1 2014 that should have been submitted Aug 2013. Personal tax already submitted on time. Confusion as to difference between period 1 and 2.

Tax on Sale of Personal Website?

  Written by Marc   Posted 22 December 2013

I own a website that I started as a Hobby (showcasing information about various sports teams and tournaments). The novelty has since worn off and I now want to sell the website. I have never earned or attempted to earn revenue from the website. Would I have to pay tax on the sale price? If so, what type of tax would I have to pay? (I am currently below the age of 65 and unemployed).

The website was given to me as a gift quite a number of years ago. I have since purchased domain names ...

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2010 return that is being resolved is already being made payable?

  Written by Marc   Posted 11 December 2013

What should I do if SARS keeps sending me sms to pay for an 'audit' that is still being audited?

Taxable income R121 215.00 received IRP5 too late, what do I do?

  Written by Marc   Posted 5 December 2013

I worked on contract from 2.272012 to 28.2.2013 and my taxable income was R121215.00.
I only received my IRP5 from the contract company this week!
Am I too late ...... do I need to still do my tax or should I do it all next year?
Please help?

Is it too late to submit an Income Tax Return after the deadline?

  Written by Marc   Posted 2 December 2013

am I too late to submit? If I earn R5500 per month, do I still need to submit?I dont have medical aid so do I just claim what I have spent?Up until when do I submit ?

Provisional tax payer - penatly?

  Written by Marc   Posted 27 November 2013

I submitted my tax return and was informed by SARS that I should be a provisional tax payer. Because I didn't register, SARS wants to fine me over R400,000.
What is the possibility of having that fine rescinded - I had not been informed by my previous tax consultant of my obligation to register as a provisional tax payer, and now I am being fined for it?

Get started on TaxTim?

  Written by Marc   Posted 26 November 2013

Okay how do I actually complete my tax return on TaxTim? I have registered with the site, now want to get started.

Must I go to SARS annually or only if my annual salary is above a certain amount?

  Written by Marc   Posted 25 November 2013

I have never registered for tax as I have only now completed my first year with a job
How much do I have to earn to register for tax?

At what age do I stop completing tax forms?

  Written by Marc   Posted 23 November 2013

I am an 84 year old widow. My late husbands investment and pension fund gives a income of R 67500.00 per year. Income from my investments give an income of R22 000.00 per year. I was de-registered about 10 years ago because I had no personal income. Will I have to register for 2013/2014 tax year.
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