Starting with tax

  Written by Marc   Posted 22 July 2013

Hi Tim, We are two employers that works in a small company, and after one and a half years we found out that our employer did not pay or fill out the necessary documentation for our tax. We would like to sort this out ourselves as soon as possible - where do we start? Will there be any penalties? How can we work out what this will be? We both started working for the company after University. Personally I break even every month after medical aid contributions, student debt, rent etc. My co-worke...

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Which receipts to be submitted?

  Written by Marc   Posted 18 July 2013

What type of invoices and documents are supposed to be submitted with IRP5?

Expenditure for private person while overseas for business

  Written by Marc   Posted 18 July 2013

Where do I enter a claim for foreign expenditure on the ITR12? I run a S. African B&B, but went to the UK and France specifically to investigate buying a B&B overseas. Can I claim my expenses for this trip?

FILING RETURN FROM OUTSIDE SA?

  Written by Marc   Posted 16 July 2013

I worked for some months & paid tax also. Now I am back to my country. My employer gave me an IRP5 form. Please let me know how I can file return form here. Is my foreign bank account acceptable as my SA bank account is closed now. Please let me know what else need. I'm ready to pay more.

When will I receive my tax refund?

  Written by Marc   Posted 16 July 2013

I have submitted my returns and was selected for audit. SARS requested additional documents which I provided. I received an assessment and some of the deductions were not included, I then submitted notice of objection. I received a revised assessment this morning and it reflects a negative amount. The statement of account also shows that a refund is 30 days due. When can payment reflect in my account?

Is Forex income not classified as capital gains tax?

  Written by Marc   Posted 16 July 2013

A certain amount of capital is grown by means of buy and sell transactions leading to profits and losses.Is forex income not classified as capital gains tax?

s10(1)(o)(ii) and once off-contracts

  Written by Marc   Posted 14 July 2013

I will be fulfilling a contract overseas for more than 183 days and more than 60 continuous days. I meet these requirements of s10(1)(o)(ii), but I am unsure if the section applies to once-off contracts with an overseas company. The contract will last for more than 10 months however. Does this make me an independent contractor?

Income in SA and paid overseas by SA company

  Written by Marc   Posted 13 July 2013

Hi Tim

Your service is very helpful thank you!

I am an SA permanent resident spending 3-4 months per year in SA.

I have rental income from property in SA paid into my SA bank account.

I am also paid as an independent contractor by an SA company directly into my overseas bank account.

On my tax return:
I will claim the SA rental income and expenses.
Do I also declare the other income as foreign income with the associated overseas tax paid on it?...

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Where on my return do I fill information in with regard to my IT3b?

  Written by Marc   Posted 11 July 2013

I have an IT3b and do not know how to file this info on eFiling?

What to hand in?

  Written by Marc   Posted 11 July 2013

What else should I hand in to accompany my IRP5?

If I have a fulltime job and do part time freelance work on the side how would I pay tax?

  Written by Marc   Posted 10 July 2013

I have a full time job and want to start doing some freelance work on the side but don't know how I would pay tax for both incomes. Do I need to register for provisional and non provisional tax? Will I need to submit tax forms for both or can I do them together as one tax form? Also if I don't do any freelance work for a few months do I still need to submit a return for that period?

Are some tax payers exempt from completing a tax return in South Africa?

  Written by Marc   Posted 10 July 2013

Are some tax payers exempt from completing a tax return in South Africa?

Second question: What is the current tax threshold which I understand as not having to pay tax if you earn less than the tax threshold, correct?

I bought a flat and hire it out in order to supplement my income, how does the income tax work?

  Written by Marc   Posted 10 July 2013

Due to medical reason I am on early retirement and receives a monthly pension. With my lumpsum I bought a flat for R840 000.00 in July 2012. My rental income is R3500.00 a month for the period 01/08/2012 to 28/02/2013. My expenditures are as follows: Cost of transport was R26 737.00
Levies (period 13/07/2012--28/02/2013 ) was in total R5435.81.
Where and under what code do I fill in the amount? Can I deduct the expenditure as mentioned from my rental income?...

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How do I submit a nil tax return via eFiling as no longer resident in South Africa?

  Written by Marc   Posted 9 July 2013

We have been living in Australia since 2011 so are non-residents in South Africa for income tax purposes. We are registered tax payers in Australia. When eFiling and creating my ITR12 SA tax return, do I click yes to the button saying that I have been unemployed so that I can create a nil return? Can I do this each year? Do I need to declare interest of R300 earned in South Africa - I have already declared this in my Australian return.

Are UK pensions liable to South African income tax?

  Written by Marc   Posted 8 July 2013

Are UK state pensions or UK company pensions, paid into the UK Bank account of a British national, who is resident as a retired person in South Africa, liable to South African income tax?

If I use your online digital tax assistant application will it correctly cope with such overseas pension income?

Where do I declare dividends on my tax return for 2013?

  Written by Marc   Posted 8 July 2013

I received dividends less withholding tax - where do I declare that on the eFiling form?

Disclosure (Forex, shares, unit trusts)

  Written by Marc   Posted 8 July 2013

Is there a need to disclose that I trade forex online even though I am sitting on a loss?
Is there a need to disclose for this assessment period that I had share investments and unit trusts, I disposed all shares and part of the unit trusts end of March i.e. outside the current assessment yr. after holding them for less than a year (wedding expenses over budget)?

Why do I have an amount on my IRP5 under code 3698?

  Written by Marc   Posted 8 July 2013

I just received my IRP5 today from my former employer and I have an amount under code 3698 which I believe is reserved for Gross Non-Retirement Funding Income.
Last Tax Year I was working outside the borders of South Africa and was in the local payroll only because I was in the local Medical Aid (I left my dependents in South Africa while working abroad), I did not receive any other income in South Africa.

Where on the tax return do you declare IT3c (gain/loss)?

  Written by Marc   Posted 7 July 2013

Where on the tax return do you declare IT3c (gain/loss)?

If I work away from home can I deduct accommodation costs?

  Written by Marc   Posted 6 July 2013

I live in the Cape but have been working in Johannesburg for six months of the tax year. The company I work for has given me an IRP5 and submitted that to SARS. I am paying for a B&B in Jhb privately - can I deduct that from my salary?

Where do I fill in local dividends (already taxed) on my 2013 ITR12 e-filing tax return

  Written by Marc   Posted 5 July 2013

All the online documentation says the shareholder (beneficial owner) should declare local dividends received in his ITR12 return, but I cannot find where to enter the information. Is it under Amounts considered Non-Taxable or is there an option in the tax wizard that generates this part of the form?

Is the R3 700 exemption for foreign dividends and interest still available for 2013 tax year?

  Written by Marc   Posted 5 July 2013

Over 65's have an exemption of R33000 on local interest earned. A portion of this exemption (R3 700) was allowed for foreign dividends and foreign interest in 2012 tax year. I am not sure if this still available in the 2013 tax year?

Extra income earned in addition to salaried employee?

  Written by Marc   Posted 4 July 2013

I am a salaried professional employee of a private practice however in my spare time I locum and consult independent of the private practice. It is not a substantial amount of money but how do I go about declaring it in eFiling - not sure where to put it? Also can I then use my professional registration fee as tax deductible?

Do PTY LTD companies who have paid dividends have to issue their shareholders with IT certificates?

  Written by Marc   Posted 4 July 2013

With the introduction of new dividends tax, shareholders have been taxed before their dividends are paid to them. Does the company who has paid the dividends and paid the tax to SARS now have to issue certificates to the individual shareholders confirming how much tax has been deducted? If so which certificate must be issued?

Will TaxTim allow you to add Medical Aid, RA's,Mileage and other investments like ETF's?

  Written by Marc   Posted 3 July 2013

I am under the impression TaxTim will easily allow you to add Retirement annuities and medical aid but how does the system work with Mileage that needs to be claimed as well as ETF's Like Satrix top 40 when you have to add it under Gross income and then taking it back under s10(1)(k).

Or have I lost the plot completely?

Regards
Edwin
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