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Big trouble! SOS

Posted 4 June 2013 under Tax Questions


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Hi Tim - I stumbled on this website today and it looks very helpful!Owing to a number of reasons beyond our control and sheer overwhelm by a 'black swan'-type situation since 2005, both my husband and I were not able to resolve our business and personal tax situation to date. Could we use TaxTim to complete Tax returns backdated to 2005?Hope you can help!

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TaxTimTaxTim says:
4 June 2013 at 15:09

Thanks, hopefully we can help!

You can use TaxTim to do your personal returns back to 2005, however some of the questions may result in lines not applicable to the very early returns, however the system will ask you everything you need to be asked for all the years as SARS modifies the older returns to look like the latest one and then applies the old tax rates. So please go ahead and me know if you have any questions along the way.


Rose says:
4 June 2013 at 16:19

Thank you for the prompt response. I completed a trial of my return on TaxTim, but my challenge is that I own four businesses (one in partnership with my husband) and one private property together with my mom (who passed away last year - so now half of that property is shared by myself and my two siblings). The businesses are very simple, and one is completely inactive after it lost its only consulting client owing to the global economic crash in 2008. But TaxTim only allows one to add one business and does not make provision for shared ownership of property. Does this mean I can't use TaxTim? Or did I miss something?


TaxTimTaxTim says:
4 June 2013 at 16:36

When you are finished including the business income from the first business, it will ask you whether you wish to enter information from another local business, if you click yes then you will complete that process again, but with the other business.

Do you own these businesses as a sole prop or are they registered?

If you have shared ownership of a property then the income generated and expenses incurred will be attributed to you based on your percentage ownership and this will be included in your personal return. There is no separate return for the actual property.


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Hello.
Is it me you're looking for?
I'll help you do your Tax Return with Confidence
Quickly, Easily
And Correctly
Do your own
Tax Online with Expert Help from Me, Step-by-Step.
LEARN MORE