SARS ring-fenced the loss on my rental property, can I request that they revise my assessment?

  Written by Alicia   Posted 14 October 2016

I had a property that I rented out to tenants for the last 4 years. In the 2015/16 tax year, I made a loss on this, due to the expenses exceeding the rental income I received. I reflected this loss in my tax return. SARS then audited my tax return, and they ring-fenced the loss. However, at the end of the 2015/16 tax year, I sold the property, and have obviously not been receiving rent or incurring expenses relating to the property since then. What now happens to the ring-fenced amount? Am I entitled to ask SARS to re-assess given the circumstances? Or do I just accept it as a loss?...

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Where do I enter source code 4006 info?

  Written by Alicia   Posted 12 October 2016

Where do I enter source code 4006 info? It's on my RA Contribution Certifcate from Liberty Life. It's a monthly debit order from my bank account.

IS there a special code that I should capture on my IRP5?

  Written by Alicia   Posted 11 October 2016

What code should I use on my IRP5 if I am a sole proprietor providing management and labour law consulting services?

How do I get SARS to acknowledge my expenses?

  Written by Alicia   Posted 10 October 2016

I sent through all the supporting documents but SARS ignored my expenses and redid my tax return and are now saying that I owe them?

Old donation, can I claim it now?

  Written by Alicia   Posted 4 October 2016

In 2013 I made a donation of R5000 to a registered charity which I forgot to claim.
Is it possible to claim it in my 2015/2016 tax return?

If I have been medically boarded and receive income protection benefit does this mean I am disabled?

  Written by Alicia   Posted 4 October 2016

I was medically boarded at the end of 2015 but am covered by a Discovery Income Protector policy. Does that mean I am "disabled" for tax purposes?

Am I required to pay tax if my employer is a non profit organisation?

  Written by Alicia   Posted 3 October 2016

I am working for a non profit organisation and earn R6400, do I have to pay the tax over to SARS directly or does my employer do this?

Income tax and a partnership

  Written by Alicia   Posted 3 October 2016

Does a partnership need to register for income tax if they are registered for VAT?

Out of pocket expenses with no medical aid, can I claim?

  Written by Alicia   Posted 29 September 2016

Can you claim for out of pocket medical expenses if i did not have a medical aid and will this decrease my tax liability?

Can I claim for depreciation on my vehicle?

  Written by Alicia   Posted 27 September 2016

Can I claim for wear and tear on my personal vehicle and how do I do it? I kept a logbook because I am getting a non taxable allowance for the km driven for business purposes.

Freelancer and full time employee, how does my tax work?

  Written by Alicia   Posted 27 September 2016

I am full time employee and I have already submitted this current year's tax return.
I am a freelancer in my spare time as I started doing online work and earning dollars.
What is the tax implications and how do I go about it? Could I claim back on the use of my computer etc.?

Can I claim my business travel expenses against source code 3703 if my km travelled exceeded 8000km?

  Written by Alicia   Posted 27 September 2016

Can I still claim travel expenses as my employer pays for the km I drive with my personal vehicle, the Km exceeded 8000km but on my IRP5 it is under source code 3703? I also kept a logbook.

Ending date for tax submittance

  Written by Alicia   Posted 27 September 2016

When is the closing date for the tax 2016 individual tax return submission?

I have medical expenses but no medical aid, can I claim?

  Written by Alicia   Posted 24 September 2016

I don't have a medical aid can I still claim for medical expenses?

Is valuation costs of a building that was sold tax deductible?

  Written by Alicia   Posted 23 September 2016

Is valuation costs on a factory that was sold tax deductible? Or should the fee paid form part of the base cost for CGT purposes?

Special Stopper at SARS: What We Know For Sure

  Written by Vee   Posted 22 September 2016

Over the last few weeks, our helpdesk has received an alarming number of queries from taxpayers asking what they can do as their refunds are being held back by SARS due to a special stopper being placed on their account. It’s a complex situation and the only advice we've been able to provide has been for the individual to make contact with SARS directly to try resolve the matter.

The South African Institute of Tax Professionals (SAIT) issued a statement on Tuesday 20 September 2016 advising that they’re looking into the issue after numerous complaints had been raised...

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Rental property allowable deductions

  Written by Alicia   Posted 21 September 2016

I bought a property and am renting it out. I know I have to submit the rental income. Am I also able to submit the expenses (i.e. Transfer / legal cost to obtain the property) levies paid, rates and taxes and electricity for this property?

Travel Expenses Code 4015

  Written by Alicia   Posted 20 September 2016

I did my SARS eFilling tax return through TaxTim and I completed the Travel Expenses Section, 4015, as R72902. I am being audited and I am not quite sure anymore what that amount includes, they only thing I can think of to get to such a high figure would be my car payments per month? Please advise what deductions are allowed under this code and what proof I need to send SARS to support this?

Will I be taxed on an international bank transfer?

  Written by Alicia   Posted 18 September 2016

I need to make an international bank transfer into an overseas account one similar to PayPal.
The bank is however asking me for my tax number before proceeding, I understand one can take up to R1 million per annum offshore and therefore by asking for the tax number it falls under a purchase/discretionary allowance and not a gift because I am transferring to my own account similar to PayPal.
My question is will I be taxed on the purchase if I give my tax number? There is also an optio...

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What does code 3698 refer to?

  Written by Alicia   Posted 18 September 2016

I have a code 3698 on my IRP5, must I complete this amount under 4006?

How do I submit my returns, TaxTim is asking me to pay again?

  Written by Alicia   Posted 14 September 2016

I paid TaxTim earlier and received a payment confirmation, but whenever I try to complete my return I am requested to make a payment?

Can I claim for my business travel?

  Written by Alicia   Posted 13 September 2016

I submitted my tax return and answered yes to having a logbook, I however cant locate it right now and was wondering if I can resubmit my return and just click the No option on the logbook question instead of yes?

At 82, are you still required to pay PAYE and UIF?

  Written by Alicia   Posted 13 September 2016

If you are 82 years of age, do you still pay PAYE and UIF?

What happens if I use TaxTim already but want to make use of the free Sanlam Reality service?

  Written by Evan   Posted 1 September 2016

I have been using TaxTim for many years, and now I see that Sanlam Reality is offering TaxTim as a free benefit to its members. How can I start using TaxTim for free if I have already registered?

How do I get free assistance with my annual tax return via Sanlam Reality?

  Written by Evan   Posted 1 September 2016

I heard that Sanlam Reality offers the TaxTim service for helping me prepare my annual income tax return forms. Is that true and do I have to pay?
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