Penalties Posts in Tax Q&A

What are the tax implications for shares that have been sold?



I am a pensioner over 65 and receive a pension from a living Annuity and a small income from interest (plus minus R5000 interest per annum). In March 2012 I sold shares that I received from Old Mutual and Sanlam many years ago. What are my tax implications and must I include this in my return?

Thanks

How does having an investment policy help reduce my tax?



With Old Mutual I have an investment. Can I claim this as a tax deduction?

Will SARS pay interest for their delay? When will I get my money?



Hi Tim, I submitted my IRP5 and supporting documents on the 11th July 2013. They told me it will take 21 working days for me to get my money but I have not received anything yet. Will SARS pay interest to me for their delay? When will I get my money?

Home Office Claims (Total Cost Calculation) Code 4028



If I qualify to claim Home Office (Code 4028) expenses and I want to claim this, what is applicable? Note that I own the house and I have the square meters of both my office and my house. My office adheres to the criteria. My question is related to the claim amount.

Tax specifies: A- the area in m2 of the area specifically equipped and used regularly and exclusively for trade divided by B- the total area in m2 of the residence (including any outbuildings and the area used for trade in the residence) multiply by Total Costs the costs incurred in the acquisition and upkeep of the property (excluding expenses of a capital nature)....

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Do I still pay in when I received SMS from SARS saying they owe me after last return?



Hi! Your website is very informative. I was requested to submit outstanding returns for last 5 yrs via telephone.
I however updated the returns and then was asked to pay a penalty of R12500. A few weeks later I received an ITSA- statement of account stating I owe R50 404-00. I however settled the amount as my wife received disability from her insurance. The collection department stated that I still owe them the penalty of R12500. The ITSA only reflects interest on late payment and no pen...

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How long to resolve a SARS case for a delayed refund?



In April this year we found out that our tax returns for 2010 and 2011 were never submitted by my company, so I did it ASAP. With the new tax return for 2012 we owed SARS money and they told us to pay it and we did. In May we found out that there was a penalty of R1250 so we paid that as well. So now we have made two payments to SARS and still no refund. When I call them they said I need to bring the deposit slips and I did and they said it will be any time in may that the return will be paid out. We are now in August and still no refund has been paid out. ...

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I own half of 2 properties plus earn R7000pa interest on savings. Do I have to pay tax?



Hi Tim,I am retired and earn approximately R7000 pa in interest on savings. Do I need to register as a tax payer? I am joint owner of our permanent residence plus a beach cottage.Many thanksBev

Registration of employees who don't earn more than 5000 pm



I have a business with 8 employees who each earn below the threshold of tax. Do I have to register them?

What is the date for submitting a tax return for the current and/or previous tax year?



I am confused about how the tax year relates to when you submit your return for that year. If it is August 2013 now, when is the next deadline for submitting a tax return? Has the deadline for submitting for the previous tax year already passed?

Do I pay a penalty if I register for tax now only, after working for 7 years?



Hi tax tim.
I just want to know if I will pay a penalty if I've never registered for tax and have been working for 7 years but want to start doing my tax this year?

Can I complete tax return forms for the past 3 years?



I have been working for government for 3 years already and haven't completed any tax return forms. Am I still able to do this for the past years that I worked?

No supporting documentation and previous tax year audits



Hi TaxTim,

Two simple questions that I can't find answers to anywhere:

1. What happens if you cannot support expenses for a specific category on a tax audit for year that has already passed and been assessed (say audited for 2010/11 in 2013)? I.e. you lost an expenses file for the full 5 year tax period, and only have partial records via bank statements?

2. How likely is this scenario - i.e. SARS randomly auditing for previous tax years. I.e. during the 2013-14 tax year are you at risk of being randomly audited for the 2011-12 tax year?...

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I'm non-resident in RSA but pay PAYE i.r.o. my Living Annuity



My wife & I left RSA in 2011 & living in Namibia (we're awaiting permanent residence approval).
I receive a pension from Glacier (Sanlam) & they deduct PAYE. We also earn interest from ABSA in RSA & from Bank Windhoek in Namibia & from my son in Namibia. Do I have to submit tax returns in SA?

What happens if one does not submit tax returns for a long time?



I have a friend who says he thinks he has not submitted for about 15 years, but now he wants to come clean.

Section 24J - Accrued Interest



Mostly interested in understanding how the accrued method works. When is interest reported to SARS as accrued, and how can I be sure my bank is reporting correctly?

How does the rental tax on a first property, paid in cash, work?



I currently live with my parents, on their property. I am looking at purchasing an apartment for R650 000 and renting it out. I have been given the option of paying for this in cash and then paying my family back at their low bond rate of 6.5% (prime -2%).

The property will be rented out for R5500. The expenses on the property (rates and levys) are R1800. So the rental income would be R3700pm. This R3700 as well as another R4300 will be paid monthly to my parents (total R8000pm).
...

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Starting with tax



Hi Tim, We are two employers that works in a small company, and after one and a half years we found out that our employer did not pay or fill out the necessary documentation for our tax. We would like to sort this out ourselves as soon as possible - where do we start? Will there be any penalties? How can we work out what this will be? We both started working for the company after University. Personally I break even every month after medical aid contributions, student debt, rent etc. My co-worke...

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Which receipts to be submitted?



What type of invoices and documents are supposed to be submitted with IRP5?

Tax Return - when I must I submit?



I'm getting confused with regard of submiting tax return. If you earn more then R63556 you to submit your return and on the other side if your remuneration is R250000 you may not subtmit a income tax return. Can you clarify that for me please?

Maunual intervention on assessment?



What does it mean when sars says that the assessment needs manual intervention (2007) and how long does this take?

Also I have to pay a penalty, do I pay after intervention? Or will they deduct penalty from my return?

How will I know if SARS audit is complete?



I have submitted tax returns for 2011, 2012 and 2013 to get it all up to date. 2013 was not audited and they owed me R3600. 2011 and 2012 I was also owed money, but had to submit supporting documents as they had doubled the medical aid amount for sum reason. The Status says the documents have been received but take up to 5 days to be assessed. Today I received a Refund of R600 and they took R3 000 as an Admin Penalty Fee. A bit extreme as I had received a letter saying the penalty fee would only...

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Where on my return do I fill information in with regard to my IT3b?



I have an IT3b and do not know how to file this info on eFiling?

What to hand in?



What else should I hand in to accompany my IRP5?

Can a wife claim on her late husband's tax?



When a spouse dies (it was after the tax year), is the spouse entitled to claim this? If so, would it need to go through the estate or would it go directly to the spouse? This with being married "in community of property"

I am part of a CC and I work for another company as well, what are my tax obligations?



I am part of a CC and work for another company as well, what I would like to know is, when I do my tax return it asks me if I am a member of a CC and then asks me for my personal assets and my interest in the CC, Could you please elaborate on this, as I don't know how this affects my return.
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