At the end of the current tax year my taxable income will exceed R1.5 million largely due to income from an employee share option scheme. My income comprises salary only. And from the normal statutory deductions I contribute to a retirement fund and retirement annuity. Apart from maximizing my contribution to retirement funds, how else could I reduce my tax liability?
I'm the main member on our medical aid and the R3500.00 contribution gets deducted from my account. However, my husband reimburses me for his half (R1750.00) and essentially we each pay for our own medical aid. To what extent can we each list a medical aid contribution of R1750.00 on our tax return?
SARS refuses to deduct my medical expenses (medical doctor prescriptions and formal medical procedures), if I didn't belong to any medical aid scheme. Just to add onto that, I paid all my medical costs myself.
My husband pays the medical aid for himself and me his wife and 2 children and he claims the tax credit back for this. There is no point in him claiming additional medical tax credit for other medical out of pocket expenses as he earns too much to qualify for this. I however earn much less. Can I on my tax return claim additional medical tax credit for any medical out of pocket expenses for myself and my 2 children.
I submitted an income tax return as farming sole prop for 2016. SARS requested supporting documentation and then I uploaded an income statement. I then received an Operations Audit letter from SARS asking to furnish them with the reason of farming income loss. The letter was emailed and does not appear on SARS eFiling. On SARS eFiling they sent a new letter the same as the old one requesting supporting documentation and the generic letter that says if you dont agree re-look at your tax return. I...
I pay my medical aid via my employer but they dont help me with the contribution. They do give me a medical tax credit every month, is this the right way to do it or should my medical aid only show on my tax return?
I have submitted my return and my medical aid which I pay for my wife and child was disallowed. After carefully looking into the notes I found that I had incorrectly stated on my IRP that I am married out of community of property instead of in community of property. Please can you advise me on how to change this as I have already been audited and I cannot request a correction?
My wife and I are married out of community of property and we are both normal salary earners. My wife is the primary medical aid member and pays the premiums from her account. She claims all our medical expenses with her tax return and usually get a significant amount back. Would it make sense to split the medical costs in half and each claim that on our tax returns? Or if one of us earns more than the other, who should be making the claims/be main member (especially if one of us falls marginall...
Is there any way to fill in tax returns from 2011-2015? I have been able to successfully file for the 2016 tax period. For the period from 2011 to 2015 as was a salaried employee and had no other additional income. My income tax over the period was fully paid as my employer was responsible for paying this directly to SARS. Is it possible to file for previous years? Are there likely to be any penalties, and are is still possible to claim for previous deductions such as pension fund contributions ...
I am on the Government Medical Aid Fund (GEMS). My employer contributes a portion and I contribute as well. Both amounts go directly off my salary as a lump sum monthly. How does this affect my tax refund?