As a provisional taxpayer being self employed, may I claim for office space in my home and travel?

  Written by Marc   Posted 17 July 2014

As a provisional tax payer being self employed, may I claim for office space in my home and travel? If so, what is the fair amount?

Second ITA34?

  Written by Marc   Posted 16 July 2014

Hi I submitted my tax to SARS and they asked for supporting documents, so me been me I only submitted half the documents, now I can?%u20AC%u2122t upload anymore, it is greyed out! In the meantime I realized that I made a mistake, so I requested correction and submitted ITR12 again. Now on my new ITA34 (top right corner) it says that I owe SARS money, but down the bottom it says that I am due a refund. Will they now disregard the first one and work on the second ITR12 or do I still have to submit...

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How much interest earned is tax free 2014-2014 tax year?

  Written by Marc   Posted 15 July 2014

How much interest earned is tax free 2014 -2105 tax year?

How much interest received is tax free if over 65?

  Written by Marc   Posted 15 July 2014

How much interest received is tax free if over 65?

Can you claim for personal legal taxes?

  Written by Marc   Posted 15 July 2014

I have incurred legal costs for my parents who are dependent on me for support. This was done in my private capacity and there is no capital gain for me from it. Can I claim for this in my tax return?

What % of total income amounts do we show in each IRP6 to ensure the rebates can be claimed twice

  Written by Marc   Posted 13 July 2014

Good day

Thanks for your tax articles. I have one basic question, please.

In the case of provisional tax paid for persons married in community or property, what income amounts does one enter into each IRP6 to ensure that one can claim the rebate twice. I have heard I should enter 100% of our total income in my IRP6 and 50% of that same income in my wife's IRP6?

Do I need to record capital gains on investments (4250) or local dividends?

  Written by Marc   Posted 13 July 2014

Hello

I'm currently completing my tax return using TaxTim.

I am unsure as to whether I need to record capital gains for unit trusts (SARS code 4250) or local dividends. I couldn't find a place to record amounts associated with these codes when working through the TaxTim wizard.

Any help would be appreciated.

Thanks.

How to calculate the deduction for a home office if you rent rather thank own the property?

  Written by Marc   Posted 10 July 2014

How does the tax deduction work If I work from home and have a home office ( a room dedicated and equipped solely for my work ) when I rent the apartment rather than own it.

If I pay R6000 a month in rent for the apartment and the second bedroom of the apartment is my office and it takes up 15% of the total floor space?

Where to I add IT3b and 3c information on ITR12?

  Written by Marc   Posted 9 July 2014

My mother is 74 years and does not work nor contribute to an annuity. She receives interest at Investec, Finbond, Absa Moneymarket and Satrix. She received only IT3b and 3c's. No IRP5 or IT3a. Father passed away January 2014 and she only received pension since March 2014. Incurred medical expenses. Where do I ad the IT3b and 3c information on ITR12?

Claiming for commission and basic salary

  Written by Marc   Posted 8 July 2014

I am a commission earner but I still get a basic salary as well (from the same company). What can I claim for?

Don't pay income tax on rental income?

  Written by Marc   Posted 8 July 2014

I earn R408 000 p/year (from property rentals).
I don't pay income tax
Will SARS find out?

Offshore money received from my brother for me to buy property in RSA.

  Written by Marc   Posted 7 July 2014

Hi Tim..i received R500 000 from my brother in Australia (he is an Australian Citizen) so for him that was like only 50 000 Aus dollars to help me get a deposit for a house here in RSA. For the outstanding amount I got a loan at a local bank. Which one pays the tax?

Tax on interest when abroad

  Written by Marc   Posted 7 July 2014

Regarding the residency question - If you earn interest(South African source) with no other income, spend more than 183 days out of the country, will that interest be subject to tax. Lets assume the interest earned is R250 000 for the year. If this isn't tax free, would the opposite be true where by the interest is from a foreign source yet you are resident in SA but do spend more than 183 days out of the country.

Can renovation costs be considered maintnance costs?

  Written by Marc   Posted 5 July 2014

I use my home as a home office and to this end, claim office expenses (15% of household expenses such as levies, electricity, insurance etc). I did some major renovations during the last tax year, can I claim a portion (15%) of these renovation costs as a maintenance cost?

Rental income

  Written by Marc   Posted 4 July 2014

We are declaring rental income and need to know where to put levies (paid to the body corporate, in lieu of water etc), as there is no section for that. I had it in the "other" block, but this gets reversed in the next section. Also, what would the source code be on the last page?

Investement at a loss. How do I claim on my income tax return?

  Written by Marc   Posted 2 July 2014

How do I complete my tax return if I have property that I am renting out at a loss. (Investment at a loss).
What are all the costs that I can claim for .

How do I claim working from home?

  Written by Marc   Posted 2 July 2014

I have been working as a salaried employee from a home based office (study), can I claim that space & electricity on my tax return? The company doesn't have a Cape Town office and all employees work from home. I've heard from a colleague one can claim rental, water, electricity, cleaning & refuse In either case - percentage of each based on the square meterage of the house we rent? We also moved halfway through the tax year - so there will be two rental amounts and the size of the room ...

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Where to put IT3b amount on the income tax return?

  Written by Marc   Posted 1 July 2014

Where to put IT3b amount on the ITR12?

Am I liable for tax on the repayment of a loan account and how do I reflect this in my tax return?

  Written by Marc   Posted 1 July 2014

I invested (in the form of a loan account) in a start up private company as a shareholder at the end of 2004. I have been receiving monthly income from the company since mid 2013 as repayment of the original loan account plus annual interest. How do I account for these repayments in my tax return and am I liable for tax on these repayments of the loan account?

Being taxed for free or cheap housing

  Written by Marc   Posted 1 July 2014

I am being taxed on an amount for free housing. When will I pay less tax? If I get the amount as salary and pay it over to my employer as rent or if they deduct tax from my salary for the free housing.

What documents do I need as a 1st time IRP5 submitter?

  Written by Marc   Posted 1 July 2014

What documents do I need as a 1st time IRP5 submitter?

What does the final conclusion of reduced assessment mean to me as a taxpayer?

  Written by Marc   Posted 30 June 2014

I received a reduced assessment and the conclusion was that a certain amount was refundable to me but it never paid out SARS paid me amount from previous assessment what does the reduced assessment mean?

Rent Income

  Written by Marc   Posted 28 June 2014

If your rent income and salary income amounts to less than the required amount for taxpayers to submit income tax does that mean I do not need to pay provisional tax or does any additional income count as 'taxable'?

Transition from adviser to TaxTim?

  Written by Marc   Posted 27 June 2014

I am a provisional tax payer and have been using a tax adviser. My affairs are simply - I earn a salary and receive rental from 2 properties.

Are there any issues to consider with regards to the provisional tax I have paid?

VAT Returns not submitted by 25th, I need to submit manually because efiling not activated by SARS?

  Written by Marc   Posted 26 June 2014

I've recently registered as a VAT Vendor. I now have to submit VAT returns so I registered for SARS eFiling last week and faxed through the form as well as my ID to SARS to file online. According to the website this should be activated within 24 - 48 hours. Its now 4 working days. When I called SARS they said I should submit my return manually. The problem is its passed the deadline for 25th. How do I avoid interest and penalties.
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