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Depreciation / Wear and Tear Posts in Tax Q&A

Depreciation / Wear and Tear Related Posts - Page 4



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Commission earner

Posted 12 January 2016

What expenses can a commissioner earner claim (he is office based but does travel to clients using his own car and petrol. No refundable expenses)

How to get a IRP5 if employer have closed and SARS have do not have one?

Posted 12 January 2016

SARS requested my 2012 tax return and on eFiling no IRP5 for this period have been uploaded. I have lost my IRP5 received and the employer at that time have closed and I do not know how I can get the IRP5. What should I do?

Where can I get IRP5 for 2003 to 2007 if company closed down

Posted 5 January 2016

This is the first time since 2008 that tax told me my 2003 to 2007 is still outstanding. The employer I worked for that time closed down in 2014 and I can't get the IRP5 now, where and how can I get them?

Unemployed and not paying tax.

Posted 14 December 2015

I have been unemployed for quite some time. So naturally my income tax return was submitted as zero "unemployed". SARS has requested supporting documents which I have none, not even a IT3B. Can I submit an affidavit stating that I have not supporting documents and confirming that I am unemployed? what are the consequences of doing this, what will I be opening myself up for here?

On ITR12 do I fill in local assets/liabilities at cost?

Posted 11 December 2015

What does local assets and local liabilities (at cost) mean

Delay of refund due to audit and outstanding tax returns from 2005/2006

Posted 9 December 2015

I have enjoyed many years of good refunds from SARS. ( round about R30 000. 00 per tax year) This year I had an audit and they then issued a letter of completion but flagged my account for an outstanding tax return for 2005 and 2006. With great difficulty I managed to get a copy of 2005 IRP5 but could only get proof of salary for 2006. These years of income were very small and simple as there was only a small car allowance to factor in. I have subsequently been selected for audit again on these small tax returns. My questions are :...

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Query with obtaining old IRP5?

Posted 9 December 2015

SARS is requesting an old IRP5 which I don't have as its 5 years ago, My previous company doesn't exist anymore. I have contacted the accounting co at that time they also don't have it. Now SARS refuses to pay me out until I get the Old IRP5 from 5 years ago. Please assist how to go about getting this sorted

Can't get hold of an old IRP5 and employer does not have it on record.

Posted 7 December 2015

SARS has asked my wife to do her tax returns for the last 6 years (2008-2015). We have managed to get all the tax returns sorted expect for one IRP5 in 2009. She worked at two companies and has only one IRP5. We managed to get hold of the company she worked for, which is now closed, the family emigrated. They have an IRP5 from 2008, but they cannot find the IRP5 for 2009. They don't have it on any records. What are our options regarding the situation. I did a refresh on the SARS eFiling and noth...

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Can SARS pay the money due to me without submitting IRP5 for 2012?

Posted 7 December 2015

SARS want both my IRP5 for 2012 and log shit for my travelling, I no longer have the records and my previous employer says they can't locate my IRP5 and they no longer have records for my travelling. How can I access the money that I am suppose to receive for this year tax returns if I don't have these things?

IRP5-2007

Posted 7 December 2015

Dear TaxTim. Worked in a Government Hospital, resigned in 2006. The following year went to fetch my IRP5 2007 but couldn't be found, assumed somebody took it for me. Now I'm in Gauteng where can I get a copy. I'm being penalised. Thanks

Too many documents

Posted 7 December 2015

SARS has provision of submitting 20 documents only and I have more than 20 documents. SARS doesn't accept excel with more than 1sheet. I have bank statements, receipts, excels with car logs, medical expenses, donations, depreciation, donation and medical certificates, monthly credit card statements. Please suggest how to submit documents. Thanks

No IRP5 on liquidated company

Posted 30 November 2015

The company my wife has worked for has been liquidated in September 2014. She has worked for them form January 2014 until September 2014. Subsequently she hasn't received and IRP5 because of the liquidation (there is a case pending and they say that they cannot issue the IRP5 until the court has made a decision). She does however have payslips and the company did pay tax in the time period she worked for them. She also has a letter from the auditor explaining this. What do we need to do on SARS ...

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Deductions against code 3616

Posted 27 November 2015

I have 7 IRP5's
2 of them are salaries from different companies code 3601 value R229400
2 are as an independent contractor code 3616 value R514321
From the salaried income I had 1 month with a travel allowance. I currently have computer hardware, travel expenses, a vehicle and it services expenses that I van to deduct against the code 3616 income. I want to know where do I fill in in on the form to deduct expenses I incurred to generate the income earned on code 3616?
How do ...

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Can a director claim cell phone exp if there's no comm on IRP5?

Posted 27 November 2015

If you are a director of a company but you didn't earn commission on your IRP5, can you claim for cell phone expenses?

Can wear and tear allowances be claimed on tents used for entertainments purposes?

Posted 26 November 2015

A company bought tents for cover for their rooftop garden, which is used for entertainment purposes. Can wear and tear allowances be claimed thereon and what type of asset would it be classified as per Interpretation Note 47?

Sole proprietor can you claim startup cost and amount paid for business

Posted 26 November 2015

If you've bought a new business and you are a sole proprietor where can one complete the amount paid for the business?

SARS code 3702 not being taxed

Posted 25 November 2015

Good day. I have codes 3701 and 3702 on my IRP5. I claim more then the SARS rate due to the fact that our rate includes fuel, maintenance, capital, insurance and depreciation. I was told by SARS the employer is not taxing the 3702 reimbursement. I now owe SARS. How do one correct such a scenario not to owe monies at assessment. Thank you
Regards

Car expense claims as a full commission earner

Posted 25 November 2015

I started as an estate agent and I have not kept records of my mileage and the car is paid up, what can I claim as a vehicle expense and depreciation

Declaring profit on Bitcoin trading and speculation

Posted 25 November 2015

I am earning a local profit from trading Bitcoin in various exchanges throughout the world. I have lodged this under: Other Receipts Accruals - Royalties - Amount Profit - 49224

This profit was calculated by tracking how many payments I receive FROM BitX.co.za and Ice3x.co.za (which was used to trade Bitcoin for ZAR)
LESS payments made TO BitX and Ice3x, as well as all payments made to my Mercantile Bank account (which is only used to send Forex to offshore Bitcoin exchanges) as well as any other Forex payments (through my main account at FNB) destined for offshore Bitcoin exchanges...

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Travel Expenses - commission

Posted 25 November 2015

I work for a company. I am contracted out to a client. I gather I can claim travel costs from work to the client? I have maintained a log book but I have not received a travel allowance on my payslip from my company. How do I claim the travel expenses?

Tax Deduction for Personal Vehicle

Posted 24 November 2015

I am busy completing my Tax tax return with TaxTim, under the Tax Deduction section there is a wear and tear section. Can I depreciate the value of my personal car if I am still paying it off?

Learnership tax return

Posted 24 November 2015

SARS says that I have an outstanding tax return for 2010, I was on a learnership through BankSETA which did not contribute for PAYE and UIF, the stipend was R2500 a month. I see no historical tax return on SARS eFiling for that year but SARS consultants are adamant that I do the tax return. I received a UI-19 document from BankSETA stating it was a learnership and there was no UIF and PAYE. Should I take this document to SARS and will I need any other supporting documents?

Need IRP5 from insolvent employer?

Posted 23 November 2015

I want to get my IRP5 from previous employer for 2012 tax year, but that particular company has gone insolvent, so I have no way of getting relevant information for that period, What do I do?

How do I rectify outstanding RA amounts, without the documentation?

Posted 19 November 2015

SARS says there is an outstanding amount from a RA in a 2012 Tax Return, because of this I have a very high penalty to pay. I can not find this documentation, even after I've requested it from my RA at the time. What do I do if the numbers don't add up, and I can't find this document.

Can't get old IPR5 from previous employer

Posted 17 November 2015

What should I do if I can't get my old IRP5 from my previous employer, SARS is owing me R6000
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Need help
submitting your
Tax returns?


TaxTim will help you:

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund

Tim uses your answers to complete your income tax return instantly and professionally, with everything filled in in the right place.

Let Tim submit your tax return direct to SARS in just a few clicks!

Get started