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.

Submitting a tax return for a new small business?

  Written by Marc   Posted 21 February 2014

I registered my business last year and started trading officially as a (Pty) Ltd in October 2013. I registered with SARS and submit my EMP201 via e filing on the 7th of each month. I have been advised that as I have not operated for a full 12 months, I am not required to submit a tax return at the end of February 2014? My registered financial year is the end of February. Is this correct and if so, will I submit my first tax return at the end of February 2015? If this is the case then my return w...

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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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Insurance paid out to cover the cost of installing new units. Would this be capitalised?

  Written by Marc   Posted 20 February 2014

Our aircons were stolen and insurance paid out to cover the cost of installing new units. Would this be capitalised? The expense is R19 000.

In Maternity case, will SARS use 8 months or use total salary for tax year?

  Written by Marc   Posted 19 February 2014

Both my wife and I receive a salary from our CC. She was on maternity leave for 4 months (Aug-Nov) in which she didn't receive any salary, only her UIF.

Everything is now back to normal. Last night I came to realize that there is more profit in the CC than I would like and it would be better if I pay that profit out as a salary in Feb.

My question is thus...

Lets assume her total salary for the 2014 tax year will be R120k

Will she be taxed R9520 (R10k average salary over 12 months) Thus total Salary of R120k for the 2014 tax year or...

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REMIND ME PLEASE OF MY TAX NUMBER

  Written by Marc   Posted 19 February 2014

I WAS REGISTERED AS A TAXPAYER WILL YOU PLEASE REMIND ME OF MY TAX NUMBER

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?

How long will it take for SARS to pay out my refund?

  Written by Marc   Posted 19 February 2014

How long will it take for SARS to pay out my refund? I submitted my tax returns on 18 Feb 2014 and would like to know when I can expect the money?

Can I practice as a practitioner?

  Written by Marc   Posted 19 February 2014

what are requirements for a person who intends to start a business in tax consulting and providing help to issues such as tax clearance certificates to client

How do I "unregister" from the requirement to submit an annual tax return?

  Written by Marc   Posted 18 February 2014

I have in the past submitted a tax return (ITR12) annually as required but I have now retired and my annuity & pension income is now less than R60 000.00 per annum.

My questions are as follows:
1) Do I still have to submit an income tax return.
2) If not then what process must I follow to get "deregistered"?

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.

How much will I clear after tax with a salary of R15 000 pm?

  Written by Marc   Posted 18 February 2014

How much will I clear after tax with a salary of R15 000 pm?

Penalties on provisional return payments?

  Written by Marc   Posted 18 February 2014

I assess my income for the year on the 25th February 2014, make a payment to be sure that estimates are going to 90 % correct, on the 27th February 2014 a large amount is paid ... will I attract tax penalties?

How do I get mt my tax reference number no on the internet?

  Written by Marc   Posted 18 February 2014

How do I get tax reference number on the internet?

What is the PAYE formula?

  Written by Marc   Posted 17 February 2014

Mr ab is paid a monthly salary of R20 000 as well car allowance of R2 500. He belongs to company pension fund and contribute an amount equal of 7.5% his basic salary. The company does the same. He is also member of medical aid and his total contribution is 2100 of which the company contributes half.

How do you calculate this?

Maximum amount an RA can be, to qualify for a single payment?

  Written by Marc   Posted 17 February 2014

I seem to remember that the maximum cash single amount (R75,000) that can qualify to be taken on retirement of an RA is to be increased to R150,000.

CGT Losses carried forward?

  Written by Marc   Posted 17 February 2014

I'm a provisional tax payer over 65.
If I have a CGT loss of say R50,000 do I carry forward the R50,000 or R20,000 (R50,000-R30,000)?

How can I benefit for tax the most from Retirement Annuities?

  Written by Marc   Posted 17 February 2014

What is the MAXIMUM amount of tax free benefit I can get in the 14/15 tax-year? I understood that it is R 350 000 or 27.5% of taxable income. What happens if I put R 380 000 into a pension fund on a salary of R 980 000.?

Tax registration on new income?

  Written by Marc   Posted 15 February 2014

I am intending to buy and resell products from a MLM company.The profit is calculated on how much you buy the products for. Is it necessary for me to register for tax if I have a full time job where I pay tax?

Does medical aid contributions qualify for the calculation of allowable RA deductions?

  Written by Marc   Posted 14 February 2014

In the cost-to-company pay structure the medical aid contribution does not fall under "pensionable income". Can the full medical aid contribution be included for the calculation of the optimal tax deductible RA contribution (15% of non-pensionable income)?

How fast are refunds paid out in 2014?

  Written by Marc   Posted 14 February 2014

How long will SARS take to pay out a rebate consisting of the 4 previous consecutive years, considering the payout has gone for a review?

Limit on medical expenses claimed by an older than 65 taxpayer?

  Written by Marc   Posted 12 February 2014

Is there a provision in the tax act which limits the amount of medical expenses (not medical aid contributions) that a taxpayer older than 65 may claim, to not more than 50% of their taxable income? I have been told this by a SARS employee in response to a query re a revised assessment disallowing some medical expenses.

Paying tax on Scholarship/Bursary funds?

  Written by Marc   Posted 12 February 2014

Thanks for the great advice thus far. Do university students have to pay tax on scholarship or bursary money if they are studying full time?

Should I as a casual have a tax number?

  Written by Marc   Posted 12 February 2014

I am currently working as a casual working at amazon spur, earning R13.81 per hour I am working 5 hours shift per day, we have been asked to provide tax numbers, I want to know where should we get tax numbers?

Would the tax free portion of a RA be re taxed in the current tax year?

  Written by Marc   Posted 12 February 2014

I am 55 years and still working, but cashed in 1/3 of my preservation fund and received the sum of app 478 k, 315 K of which was the tax free portion, so I paid 18 % tax on the balance of app 166K. How would this be calculated once this has been taken into the 2013/2014 tax year? Would the tax free portion be exempt from tax or will this amount be re-taxed?
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