Rental income - offsetting expenses for tax purposes?

  Written by Marc   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?

What needs to be put on the dispute form?

  Written by Marc   Posted 8 October 2013

What do you need to put on your dispute form as I made an error with my income on my tax return and now I have been audited.

What is the tax on performance bonus?

  Written by Marc   Posted 8 October 2013

If I earn R20 000 per month and receive a performance bonus of R10 000, how will my tax be calculated?

Resubmitting of tax?

  Written by Marc   Posted 8 October 2013

I sub-letted my SARS tax return about 4 weeks ago can I resubmit .

What documentation is required to show income and expenditures from rental income?

  Written by Marc   Posted 8 October 2013

I recieve additional income from rental. I have an agreement with my tenants that they pay a percentage of the electricity and rates bill, the ADSL bill and the domestic staff. If I were to be audited, what documentation would I need to provide in order to prove these expenditures seeing as they are not the total amount invoiced on the ADSL or Electricity Bills?

Personal tax of small business owners?

  Written by Marc   Posted 7 October 2013

Hi Tim. I have a trading business registered as a Pty Ltd that I started this year. The company only makes enough to cover its costs as it is still in its startup phase. I do not pay myself a salary as I do not have much in the way of living expenses. How would I treat my personal tax return?

Can I claim back expenses against PAYE that relate to an income I have not yet received?

  Written by Marc   Posted 7 October 2013

Thank you very much making this forum available to us.
I work as a salaried software developer 160 hours a month, I earn a salary and pay PAYE. I also work at home doing work for a client. I will only be able to collect an income from the client after the system I'm developing is complete, which will probably be in around 8 months, this is simply the nature of the business. I'd like to know if I am entitled to claim any expenses that I am currently paying to support the work I'm doing for...

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Is epilepsy considered a disability?

  Written by Marc   Posted 7 October 2013

I've been told that Epilepsy is classified as a disability. Please advise if I should reflect this on my return?

What is the periods in the year of assesment and the number of periods worked ?

  Written by Marc   Posted 7 October 2013

How would you determine the Periods in the year of assessment and the number of periods worked if this amount is not stated. However the period that the individual was employed from is the 1 March 2012 - 28 February 2013.

What is an IRP3?

  Written by Marc   Posted 7 October 2013

What is an IRP3

I need to know what type of tax return I should do and why?

  Written by Marc   Posted 7 October 2013

I need to do my income tax returns but I am unsure weather I should do provisional Tax returns IRP6 or ITR12. I am Member and Director in multiple companies and CC's. I however only received income from 1 company in the form of a salary and then rent that I receive from 1 house that I own in my personal name.

I do not receive any other income from the various companies.

I wish to use eFiling to to submit my ITR12, but need VDP No to file it?

  Written by Marc   Posted 6 October 2013

What is a VDP No issued by SARS?

What is the tax liability of past sole proprietor?

  Written by Marc   Posted 5 October 2013

I'm looking at buying a business that is owned through sole proprietor.

If I buy and become the sole proprietor who would be liable for any tax issues once I own it for the past?

Would it be me or the owner before?

Are students with no income eligible to pay tax on gift money from family living abroad?

  Written by Marc   Posted 4 October 2013

I'm a student with no form of income as my parents are paying for my studies. My aunt from the USA sometimes transfers money to me as a gift. How much can she send annually before it becomes eligible for tax?

Rental income- gross income?

  Written by Marc   Posted 4 October 2013

For the purposes of calculating one's taxable income, does one include the rental income received for leasing out a flat in their income?

Closing date for 2013 ITR12 income tax return submission?

  Written by Marc   Posted 4 October 2013

When is the closing date for submitting personal tax documents?

Can a person pay both employees tax and provisional tax?

  Written by Marc   Posted 3 October 2013

Can you pay both provisional tax and employees tax if you are a salaried employee who also has his own small business?

I need to find my tax number?

  Written by Marc   Posted 3 October 2013

How do I find my tax number?

Medical care claims for someone not on medical aid?

  Written by Marc   Posted 3 October 2013

My mother is not on my medical aid. When she was hospitalized I paid R80 000 in medical bills. I have all my receipts. How can I claim this from SARS?

How to read original and additional assessment from SARS.

  Written by Marc   Posted 2 October 2013

I was employed in South Africa from Jan'2011 till 1st Aug'2013 (relocated to USA). I have filed my tax in 2011 and 2012.

Now I filed my tax return for 2013 through eFiling with all supporting documents. Post submission, I got an original assessment which showed me a credit of (ZAR -37,000); however it was also selected for audit and today after a month, there is another version of IT34 uploaded which shows an amount of (ZAR 820) which I need to pay to SARS. They have also mentioned that this IT34 doesn't show any amount calculated in previous assessment and that my statement balance is now (ZAR 37000 - ZAR 820 = 36,180)....

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Confused as to how I should register my business?

  Written by Marc   Posted 2 October 2013

I am stuck as to what type of business to open. Whether a close corpration or company? I have seen that the close corporation has been discontinued. Is there another option for a small business?

Recouping Tax Deductions From Previous Tax Year?

  Written by Marc   Posted 2 October 2013

Is it possible to claim a deduction for tax in the following tax year which you have incurred in the previous tax year?

Can lodge an objection if I think my filing was incorrect?

  Written by Marc   Posted 2 October 2013

If I completed my eFiling, and received a payout can I request a amendment as I think I filed my tax incorrectly.

How do I get my tax number?

  Written by Marc   Posted 2 October 2013

I forgot my tax number I need it now for a new.

What is the South African area code?

  Written by Marc   Posted 1 October 2013

What is the South African area code?
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