Penalties Posts in Tax Q&A

How do I calculate fringe benefit tax on my vehicle?



vehicle was purchased 2009 on hp, value including vat R433000.00 deposit R95000.00, financedamount R379000I use the car daily to go to work/home but am on clients sites most days for business.not sure how to work out paye monthly on this?rose

If I do 183 or more and 60 cont. and get paid from a company abroad I am tax free so to speak?



Now, if I do 150 and 60 cont. I need another 33 days to be tax free. Let's say I have a vacation in botswana and namibia for 40 days, do those days count towards my tax days.

late submit and refund, now what?



We only found out in April that our tax forms for 2010 and 2011 were not submitted so we did it and got a refund on that 2 years. So submitted the 2012 tax forms but on this one we own SARS money we paid it! So for 16 days we waited for the refund money we call them Friday and they said we need to bring them the deposit slip and we must pay the penelty before they can refund us, but by my understanding that penelty will be taken for the money that they own us or do we have to pay the penelty and...

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Will I pay penalties?



I have been working for around 12 years in permanent jobs, and have never registered for tax, I want to now register as a tax payer. Will I have to pay penalties for this?

I was late in submitting my returns and a penalty notice was issued.



I was late in submitting my returns and a penalty notice was issued. I then (very quickly) finalised my returns which showed that SARS would owe me a refund. Does SARS deduct the penalty from my refund or do I have to pay the penalty first?

SARS requested additional documentation but didn't tell me



I am a provisional taxpayer... I work freelance and my income fluctuates. I've been doing my own tax through efiling for several years now, and have never had a problem. So this year, I send off my return on January 29 (yes, I know, leaving it till the last minute... every year I
promise I won't do that!!), and my assessment comes back, I'm owed R120.56. The amount is so small because I actually already did all the calculations in order to make my third provisional payment by the September deadline, so as not to incur any interest....

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I got an ITA34 notice of assessment, now what?



My husband's work did his tax with the IRP5, they did all the years but not 2010 and 2011 so we submit them on the 25-04-2013 so the lady told as after we bring her the new bank details it will take 21 days to get the money so we did all that was ask but I know we have a penalty do we need to pay the penalty before we can get the money and today I got the letter in the mail its a ITA34 notice of assessment.

Will I pay tax on my rented house if I use that money to rent a house in another area?



I only own the 1 property.

What is the importance of compiling a VAT return if you are an accommodation provider?



This will be a persentation I have to present to 35 small businesses which provide accommodation to university students. I was asked to have a full understanding about VAT/TAX for accommodation providers, please help me as I am about to present this on this coming monday.

I need help with an eFiling request for correction?



I moved jobs from one company to another in September 2011, last year when it was time for eFiling I only had the IRP5 form for my current employer. I could not get my previous IRP5 form from my previous employer as the company had been closed. After submission I was asked by SARS to provide supporting documents which I did, as it was my first time submitting, I didn't know that I needed to submit all IRP5 forms for the 12 calender month. My submissions where finalized and I got a penalty fee of...

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What are the allowable deductions for companies with reagrds to employees and loans?



Is there a new allowable deduction for companies with regards to loans for employees to help with their living expenses and loans that are unrecoverable from employees.

I am registered as a taxpayer, but lost my job. Must I inform Sars?



I was employed and earned enough to pay tax(PAYE), but in the beginning of this year I lost my job and I am now unemployed.

At this current moment I am studying again but I don't know? If I receive any money like pocket money am I still required to pay PAYE? Because I don't work, I am just studying and want to know what must I do to avoid the penalties and fines from SARS.

What am I to do when the company I was working for ended our contracts and did not give me an IRP5?



I did not receive an IRP5 because the company went into bankruptsy and closed their doors. SARS want the IRP5's of that year which I can't get anywhere and they are giving me penalties each month.

I would like to know whether I am liable for Provisional Tax?



I am under 65, DONOT PAY ANY TAX as my taxable income is under R67111. I have investment accounts and according to latest IT3 B statement, interest has accrued to R21000.00. Before this figure increases the R22800.00 threshold should I register as a provisional tax payer.

I am a pensioner and I have R1,000,000-00 on fixed deposit, how much tax will I have to pay? I am 65




What form must I file with SARS, an ITR12 or an IRP6 ?



I bought an appartment in April 2012 and rent it out. My total income (April 12 to Feb 2013) is R46,000 and my expenses (interest, levies, etc) are R41,000. Total income :R5,000 I haven`t registered myself as a provisional taxpayer. So what should I do for the 2013 Tax return ?
Should I reflected those number on my IRT12 ? or should I register myself on IRP6 ? or should I do both ?

How do I correct a mistake that I have made on my tax return that resulted in a penalty by SARS?



I submitted my tax return for the 2012/13 financial year. I was requested to submit supporting documents, which I did. I was informed that I owe a sum of +-R16200 to SARS. It transpired that when I declared my medical expenses I included "cents" on my return. As a result of this I was penalised a sum of +-R162000 which I feel is unfair and unreasonable. How do I correct this?

Just want to confirm how to dispute SARS denying the wear and tear allowance on my laptop?



SARS denied the wear and tear claim according sec 11 e for the laptop I had to buy myself and use at work 100% of the time, they said its denied according to sec 23m, but I'm sure that was incorrectly interpreted because it says except for..... and then refers to sec 11e?!

So do I contact them and say go study a bit and make sure of your facts or how do I go about this? Dispute and add sec 23 for them?

Spending 6 months out of SA. Will I have to pay tax?



I am resident in SA, but from 2014 I want to try a new life whereby I spend 6 months (winter!!) out of the country each year. During this time I would be earning some money through freelance online work for various individuals or companies from various parts of the world, plus I would be getting rental income from two properties in South Africa. While in South Africa (during summer), I would continue this online work, and do some other ad-hoc freelance work for South African companies, or be ear...

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Foreign cash inheritance, how does the tax work?



My two minor children are South African natural persons, and have thus each been issued with their own ID numbers at birth. If a foreign cash inheritance from their overseas great- grandfather to them (in CHF and Euros) , is converted into ZAR and deposited equally in halves into my two minor children's money market bank accounts, then I believe that this inheritance (and all inheritances) are not deemed taxable. Would this assumption be correct ?

Lastly, would interest income accruin...

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Tax Threshold 2013/14 (for income earned as interest)?



The tax threshold is R 67111.00. My sole income is R 67110.00 from interest on cash in the bank, one rand less than the tax threshold. I am under the tax threshold, but the income is not active (from work), it is passive(from interest), do I still have to pay tax ?

There is a confusing/conflicting tax break of R 23800.00 for income earned as interest ??
R 23800.00 still falls under the total tax threshold of R 67111.00
Can you elaborate please.

What are the benefits of non residents for taxable income in South Africa?



I am living overseas for the past ten years and have visited South Africa occasionally for not more that 3 weeks per annum. I earn interest (R24500); dividends from private companies (R65000); retirement annuity income (R17500) amounting to approximately R110K per annum. I am paying taxes as a resident. What will my taxes be like if I were to be taxed as a non resident. Will I still be entitled to the rebates. I am 62 years old and am married in community of property. I will appreciate a hypot...

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Is my monthly tithe to my church an allowable deduction for tax purposes?



Is my monthly tithe to my church an allowable deduction for tax purposes?, if not what donations are allowable for tax purposes?

DBX tracker funds - are these taxed as local dividends or foreign?



We have some DBX tracker funds, when we get a monthly statement from the broker income is listed as foreign, but when the tax certificate is sent it is included as local, really confusing when doing provisional tax.

How to Calculate: Property Income tax?



I want to know how to calculate the amount of tax that I need to pay SARS if I am renting out my property.
* I have a bond on the place that need to be paid back to a bank.
* Paying more on the bond than receiving rent.
* Paying levies on the place.
* Paying Property tax.
* Paying maintanace on the property.

How can I calculate what to pay SARS for the property income?
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