Tax due on extra income

  Written by Alicia   Posted 20 July 2016

I receive an extra income of R3640 per month - for the year it was R43 680. 00

What is the tax implications for this? I am not taxed monthly, but will it make a huge difference on my tax return for 2016?

Can i claim back the tax I paid while earning commission income?

  Written by Alicia   Posted 20 July 2016

I earned R50 000 commission for the year and paid R6000 tax, can I claim perhaps?

I then started a new job November last year, for which I have my IRP5.

Where will I complete investment income on my efiling return?

  Written by Alicia   Posted 19 July 2016

Where is savings interest declared

Tax on loyalty rewards

  Written by Alicia   Posted 19 July 2016

If a company gave an employee the right to use the company credit card for purchases at specific brands stores. If the employee has a loyalty card, and the company credit card purchases resulted in him earning a significant amount of reward points, what would the income tax implications be for the employee and their employer.

Rental property - Repairs and maintenance/capital expenditure

  Written by Alicia   Posted 19 July 2016

An individual moves out of their primary residence on eg 12 March 2015 to rent it out and purchases (and pays) for a new oven on 17 March to replace the existing oven which is not working properly. The oven is purchased so that there is a working oven in the property when a tenant moves in. A tenant starts renting the property from 1 July 2015 (only from July 2015 and not sooner due to not being able to find a tenant sooner). The oven is installed on July 2015 when the tenant is renting the property...

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Income calculator if work 4 months in tax year

  Written by Alicia   Posted 19 July 2016

I worked 4 months in tax year and was given severance package will I get a refund or must I pay in as the sars directive indicates no tax payable

Do you get a refund on extra provident savings done at work

  Written by Alicia   Posted 19 July 2016

If you pay an extra amount on your provident fund at work,do u get money back like you would with an RA

Due date for ITR12 2016?

  Written by Alicia   Posted 18 July 2016

What is the due date to submit my IRP5 to SARS for 2016, is it before 25 November 2016?

Medical claim for dependent

  Written by Alicia   Posted 17 July 2016

If the wife pays medical aid and he is a dependent can she claim on her tax return the out of pocket expenses for him

Tax on R8315?

  Written by Alicia   Posted 17 July 2016

Hi on behalf of my friend she earn R8315 a month how much tax must she pay?

Does the ITR12 take into consideration provisional tax already paid for the same tax year.

  Written by Alicia   Posted 17 July 2016

I submitted my provisional income tax documents at the end of Feb 2016 for the tax year March2015-Feb2016 and made payment on the amount declared. I would now like to complete my ITR12 for this same year- how do I know that this form takes into account the amount that I have already paid for the earnings in this period? Is there a place where I need to fill that in? I do not want to pay tax on the same amount twice.

unique identifier required for ITR12?

  Written by Alicia   Posted 17 July 2016

Where do I find the unique identifier required for ITR12? I realise it relates to my profession (occupational therapist), but am unsure how to get this. I have not been allocated one in previous years.

Tax on disability grant

  Written by Alicia   Posted 17 July 2016

I earning disability I am not getting IRP5 how would I know how much I am owing SARS

Rental expenses but not receiving rental income

  Written by Alicia   Posted 15 July 2016

I have another property where my father lives. I still pay the bond, levies electricity and water etc.... Can I claim those expenses without receiving any rental income?

If not, would you advise that I ask rent from him in future for that to be possible?

Do I have to submit my IT3 a 2016.

  Written by Alicia   Posted 15 July 2016

Do I need to submit my IT3(a) and will I get any tax returns?

Verification/Audit Outcome

  Written by Alicia   Posted 15 July 2016

Hi. I am in a bit of a panic. My personal tax return was selected for verification/audit. SARS requested that I provide documentation for my depreciation deduction. I've submitted what I have, but don't know whether the docs would be sufficient. What would the outcome be if the depreciation deduction is not deemed valid? Would they just disallow the deduction or am I going to get fined? Do I need professional assistance or should I just wait it out?

How do I pay the amount due by me

  Written by Alicia   Posted 15 July 2016

I've submitted my tax return, I got a message from SARS that says the amount is due by me.. So how do I pay them that amount due

Tax on interest

  Written by Alicia   Posted 15 July 2016

Hi. I am unemployed but my income from investments and interest exceeds R30000 but below R75000. Do I pay tax?

Does interest form part of the R75000 threshold or R30000?

Am I able to make changes to a return that has been filed -- say for the 2014 year ?

  Written by Alicia   Posted 14 July 2016

Hi - Am I able to make changes to a tax return that has been filed -- say for the 2014 year?

Is my bond installment, tax deductable?

  Written by Alicia   Posted 14 July 2016

Hello Tim. I am a home owner and currently staying in the house where do I have to put in the amounts that the bank send me via a tax invoice? The invoice states that its for tax purposes.

Can Tax Tim help with previous years returns not filed on our behalf?

  Written by Alicia   Posted 14 July 2016

We found out from SARS after resetting SARS efiling passwords that Returns that we thought had been submitted by a practitioner we used for my Husband for 2014 & 2015 can Tax Tim go back that far and help with tax returns?

Can i submit a dispute after the first assessment?

  Written by Alicia   Posted 13 July 2016

We were audited and received a second IT34. The amount reflected is less than half of the original amount. We want to dispute this amount. My questions: how long does it take once we've disputed and what does disputing mean?

Portion of retirement annuity contribution gets coded as 3808, why?

  Written by Alicia   Posted 13 July 2016

Last year my employer added a RA to our benefits. The deal was that the employee pays 5% of salary towards the RA and the Employer would pay 7% to total of 12% of salary towards RA. On this years IRP5 there is a big amount listed as code 3808 (Payment of Employee Debt if the policy is owned by the employee) and it seems that this amount equates to the 7% portion that the employer paid. This has a negative effect on my returns as it seems that I now get penalised by SARS for this amount. Should t...

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Can I claim my monthly expenses, can I get a refund on monthly regular day-to-day expenses?

  Written by Alicia   Posted 13 July 2016

I have properties jointly with my wife (Community of Property) and getting rents which covers all my payments towards my bonds, Rates & Taxes, Levies and Refuse accounts. Little extra amount is surplus. My question is: Should I need to pay Tax on my monthly Rental Income?

I pay for my Groceries, Fruit & Veg, Rents, Electricity, Gas, Domestic Maid, School Fees, Kids Sports Fees, Transportation, Petrol, Bank Charges, Personal Loan (Absa) Credit Card Fees & Financial Charges, Telkom & Vo...

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Where to declare foreign inheritance on the ITR12 form.

  Written by Alicia   Posted 13 July 2016

Is there a place to declare the amount of inheritance I received from my parent who died in the UK on the ITR 12 form. I am a SA resident who pays SA tax. I know I don't have to pay tax on this amount in SA but I dont know where to declare the amount apart from in the foreign assets box.
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