Fines Payable on Audit discrepancies?
Posted 6 November 2013
I am getting audited - if they pick up a discrepancy is there a fine I will have to pay? I am not a tax expert and is worried that I made a mistake.
being selected for an audit with no supported documents
Posted 6 November 2013
Last year a friend of mine registered me on eFiling so this year I went through a tax practitioner to claim for the first time. The lady claimed for medical and I don't have a medical aid. Then SARS phoned me and said they needed my medical certificate to be submitted within 21 day otherwise they are going to give me a penalty but I don't have medical aid and now they are thinking I was being dishonest and selected me for an audit. I am so scared now as its the first time I am claiming. What mus...
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Confused taxpayer!
Posted 5 November 2013
I started working on April 2009 and got my 1st IRP5 in 2010 and I submitted it and they told me that it was not necessary for me to submit since I don't have medical aid and annuity then I did not submit in 2011 and 2012 and I got a letter and SMS telling that I owed SARS R500 for not submitting in 2011 and 2012, now my problem is why was I told there was no need for me to submit and yet I'm being told that I'm owing...is it my fault because I knew nothing about tax returns back t...
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Are there possible penalties associated with becoming tax compliant?
Posted 4 November 2013
I want to become tax compliant. If I apply for a tax registration number, would I have to pay penalties for not being tax compliant during previous years?
Info on eFiling registration and eFiling number to do personal eFiling?
Posted 31 October 2013
If I am registered with eFiling. My eFiling was done by another person - I want to do my e-filing myself. What are the procedures if I am already registered? Do I just do a new registration on my computer. Do I need my e-filing number and how can I get my e-filing number?
Outstanding tax returns - will I be penalised?
Posted 28 October 2013
I submitted my 2013 tax return and have a penalty of R500 for the 2007 and 2009 tax returns outstanding. How do I go about submitting these as I cannot find these loaded on my eFiling profile? And should I be paying tax if at that time I earned below the taxable threshold?
Can I deduct the interest I pay my mother from my rental income as part of Interest/Finance Charges?
Posted 25 October 2013
On two occasions, my mother has been kind enough to grant me funds from her positive flexi loan balance that I used as a deposit when applying for finance for investment properties. On a monthly basis I pay my mother interest on the funds she granted me. Can I deduct the interest I pay my mother from my rental income as part of Interest/Finance Charges?
How do I know when my tax return has been accepted/finalised?
Posted 24 October 2013
Hi Tim,
I have read through your blogs and I have to express my amazement. Really great stuff! I
I completed my tax return last night via eFiling and I have only received an ITA34 almost immediately after filing it. According to the ITA34, SARS owes me R4954. Is there a difference between that and a ITSA? I have never received an ITSA in the past, but it seems like everybody does get one. How do I know that everything is in order and that my return is accepted? I have gone...
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Previous employer refuses to give IRP5 form, what can I do?
Posted 14 October 2013
I requested an IRP5 form from my previous employer but was told that they could not help me as they had only registered at SARS a year after I left the company. But tax was deducted from my salary from the first month to the last month of my employment which was over 2 years. What will happen to the company and how do I go about handling this situation as I need to submit my tax return?
Tax submition in review and are we noified of penalties or surprised?
Posted 14 October 2013
Hi TaxTim, thank you for a great blog-site!
I have a question, I have submitted my tax, also got the letter requesting the IRP5 as code 4102, PAYE credit of R30 551.15 was being questioned. I have submitted the respective IRP5 for review already. Do you have knowledge of:
1. How they would go about inspecting whatever they feel might be wrong on it?
2. How long that process could possibly take?
3. Would they pay out another(next) year if the previous is under above review?...
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I have unpaid taxes I need to settle with SARS.
Posted 10 October 2013
I owe SARS unpaid assessed VAT which is accumulating interest and penalties. It has been almost 10 years and I received no correspondence from them concerning this matter. Upon my recent request for a tax clearance certificate I was told I had unpaid taxes that are accumulating interest. How do I go about settling this with SARS. I am now unemployed and have no assets. Can I make small payments or get part of it written off as I was unaware of this matter until now?
What are recurring SARS penalties?
Posted 9 October 2013
What are recurring SARS penalties?
Rental income - offsetting expenses for tax purposes?
Posted 8 October 2013
We only managed to get our first tenant from 1 October. Do we accrue only the expenses - interest on bond, levies, rates, etc. - from 1 October, or for the entire financial year?
How do I work out my taxable income from my salary slip?
Posted 1 October 2013
I started earning extra wages outside of my salary in February 2013 and so I have registered for provisional tax. On my IRP6 I need to fill in my gross turnover(which I understand to be my gross salary other income including my rental earnings, wages earned and interest on investments) and then my estimated taxable income (which I understand to be my gross turnover minus my costs, retirement annuity contributions and my pension contributions). How do I work out the taxable portion of my salary ...
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What is an AP34?
Posted 1 October 2013
There is an AP34 on my efiling 'main page' that shows an amount owed to SARS for 'ITR12 non-submission 2010'. I requested an account statement and the balance on the statement is R0. Now I don't know: do I or don't I owe SARS money? All my returns are currently up to date - I had outstanding returns last year, but got a bookkeeper to get everything up to date. She submitted all the documents requested by SARS after disputing a revised assessment of 2010 - the dispute was allowed, all penalties ...
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Should a person over 65 pay tax on a pension from a late spouse's place of employment?
Posted 30 September 2013
If an old lady who is over the age of 65 is still earning a salary, but gets a pension from her dead husband's place of work. Should her current employer reflect that income on her taxable income?
How to read negative refund amount in assessment
Posted 25 September 2013
Hi TimMy assessment letter says "Net amount refundable under this assessment after allowable creditsCompliance"and then shows a negative amount. Technically this would mean I owe SARS as a negative 'refund' means the oposite of a refund but I am not sure what they intend it to mean.What should I take this to mean?Thanks!
Birthday cash money gift. What to do with tax?
Posted 21 September 2013
Every year I get around R35000-R45000 as a birthday present depending on how generous my extended family is feeling. This never used to be a problem when I was younger as I just used to go out and spend it, but now as I'm getting older I would like to save this money.
My question is if I had to deposit this gift money into my account would I have to pay tax on it?
Parents over 80yrs old, income of 350K/yr from rentals, do they need to pay tax?
Posted 18 September 2013
My parents are over 80. The only income they enjoy is from 5 rented cottages on the property where they collect on average ZAR 6000/month. This equates to a total income of around ZAR 350K/yr. They claim they do not need to pay tax on this nor need to complete a tax return!? Is this true?!
They are cashed up, do not have or service any debt. The only significant asset they own is the single property on which they both live and rent the cottages out.
When do I pay sars after submitting provisional tax?
Posted 12 September 2013
After submitting my provisional tax, when do I need to pay it? Does SARS send me a bill?
How do I apply to be over taxed on pension received?
Posted 10 September 2013
I receive a monthly pension from my late husband. I have submitted my SARS and I have to pay in a large amount back to SARS. I have spoken to SARS as well as GEPF and the advice I received was to apply to Department Finance to over tax me to avoid this situation again. I don't know how, where and to whom I must speak to adjust my tax. Thanks
Refunded but still owe SARS money?
Posted 9 September 2013
I got a refund last year (2012) and went into SARS and they did my submission for me. I phoned SARS to see how to report my previous company as they have not let me have my IRP5 form as yet (it was due by July 2013). I was then informed that I have a recurring penalty of R 13750.00 due to 2007 and 2011 not being submitted.
Surely if I owed them any money they would not have released the refund for 2012? I really need help with this as I am pretty confused.
What is a recurring penalty?
Posted 8 September 2013
I got a message saying 'i have a recurring penalty'. What is it & how do I settle this?
I haven't been paying tax since starting work (5 years). What are the implications?
Posted 4 September 2013
I have been working since 2008 and earning enough to qualify for tax but I am not a registered taxpayer. Will I be liable to pay taxes for all those years I have been working till date, as I plan on registering for tax to avoid any more repercussions?
Correction on return from 2007 - how long will it take to be assessed?
Posted 3 September 2013
Hi,I submitted my IRP5 for this year. After doing that I was given a penalty, because my 2007 and 2008 returns was not done. I paid the penalty and sumbitted all the outstanding years. I was told that they are busy with a assesment on my 2007 return. This is now going on for 2months. Last week I realized that I made a mistake on my 2007 return, and that is why they are busy with the assesment. I requested a correction and filed it.Now how long do you think it will take for them to finish with th...
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