Am I able to claim additional medical expenses?

  Written by Alicia   Posted 25 May 2016

Hello - I am 52 years old - I have a medical aid - a discovery coastal saver - essentially a hospital plan with a portion of my my premiums going into a savings account every month. I understand that I get a rebate based on my premiums paid. I am trying to understand what constitutes a qualifying medical expense. If money is taken form my medical savings account (which is effectively my money) do these expenses count as "qualifying" - my accountant has told me that only if I spend more than a c...

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Medical aid gap cover

  Written by Alicia   Posted 25 May 2016

What about medical aid gap cover, can I add this to my total for the tax year? I. E. Adding it to the total of what I paid for during the tax year on my medical aid.

Maximum tax deductible contribution towards a RA

  Written by Alicia   Posted 25 May 2016

I am trying to work out the maximum tax deductible contribution to a Retirement Annuity. Person earns R1 000 000 of which 75% is pensionable. Total contributions to pension fund is 13%. He made a capital gain of selling shares at R150 000, received rental income of R180 000 with R50 000 deductible expenses. I'm confused on how to work out this question. It states that max deduction for a RA is 15% of non-pensionable income. I get R250 000 R150 000 R130 000 = R530 000 x 15% = R79 500. However...

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Not a South African resident, but have a local investment, do I need to pay tax?

  Written by Alicia   Posted 25 May 2016

I'm a dual citizen having both South African and British citizenship. I have worked all my life in UK and am in full time employment under a contract with UK employer. I tax return to South Africa once every year and stay for a holiday between 4 to 6 weeks. If I invest in a fixed rate account of some R500 000 over 5 years, am I liable to pay any tax on that investment product as I'm not ordinary resident in South Africa for tax purposes not indeed even have a South African tax number

5 Great Reasons to File Your Tax Return Early This Year

  Written by Vee   Posted 24 May 2016

Are you the type of person dashing into the store to grab a birthday gift en route to a party? Or perhaps you’ve found yourself scratching through your craft box at 11pm the night before to make a ‘World Book Day’ outfit for your son? Or possibly you’re one of the hundreds of thousands of South Africans who waits until the last week of November to file your tax return?

While I’m not suggesting that every minute of your life needs to be pre-planned and organised, there are certainly a number of benefits to getting your tax done early...

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No payslips, no proof of PAYE being withheld

  Written by Alicia   Posted 24 May 2016

Good evening, My fiance has been employed by a small business as from the 1st of February 2015. His employer does not provide him with payslip nor did they provide him with an IRP5 when we needed to do his tax submission. When we submitted his tax returns for tax period 1st of March 2014 to 28th of Feb 2015 we had submitted the month of Feb 2015 blank and only stipulating the company's name. As another tax period is coming up, and no payslips can be provided to SARS, what does my fiance do. I wa...

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Tax return filing for an employee, who's PAYE is borne by his employer

  Written by Alicia   Posted 24 May 2016

Hi Team

If any employee goes on deputation to South Africa from any country and his PAYE is borne by an employer. Then who is responsible to file a tax return in South Africa employer or employee.

Am I required to pay tax?

  Written by Alicia   Posted 24 May 2016

Need to now if I must pay tax. I earn about R6000 but my employer deduct about R141,16 for Uif so that leaves me with R5,858

Medical aid cover in relation to out of pocket medical expenses

  Written by Alicia   Posted 24 May 2016

Is it more beneficial to have a medical aid that covers less so your medical expenses (not covered by the medical aid) that qualifies for a tax return would be more therefore your tax return would be more?

Change in asset value when converting company from a CC to a PTY

  Written by Alicia   Posted 24 May 2016

When converting from a close corporation to private company, will movable assets cost value change in the books of the company. That is the book value in the close corporation at the end of tax year will now be the cost in the company commencement

Increasing rental property loan to reduce home loan?

  Written by Alicia   Posted 24 May 2016

Is it possible to take some equity out of our rental property by increasing our loan on that property to put against our home loan and would the increase in interest on our rental property loan still all be tax deductible?

Business tax assistance

  Written by Alicia   Posted 24 May 2016

I have a small company in the travel and tourism industry. I am the sole owner/director and also am running things by myself at the moment. Do you assist with company tax and submissions as well?

Can I deduct the commission earned by the attorney on a deposit?

  Written by Evan   Posted 24 May 2016

We bought a house and gave a large cash deposit to the attorney to hold. The transfer of the house took a while so the interest accrued amounted to some R65000. However, the attorney took as a commission about R10,000. Both amounts are shown on the IT3b. SARS included the total interest on my tax return but disallowed the deduction. Is there any way to get the deduction?

Return completion?

  Written by Alicia   Posted 24 May 2016

What are this code for 3696, 3697 & 3698?
where should we put the amount from certificate for income tax purposes from SANLAM?

Meaning of non taxable income

  Written by Alicia   Posted 24 May 2016

What doe a non taxable income means on my IRP5 code 3696

SARS Penalty for late tax return submission 2015

  Written by Alicia   Posted 24 May 2016

I haven't done my taxes for 2015. Will I get a fine?

Correct calculations for income tax for a small business

  Written by Alicia   Posted 24 May 2016

Please could you direct me onto the right path. I am in the process of starting a small agricultural business, small here meaning the minimum amount of employed staff as required by SARS to be classified as a small business, but the business has a very high income potential which does not correspond to the financial numbers required to be classified as a small business as stipulated by SARS. The figures exceed the indicated numbers as set forth by SARS. How do I calculate the correct business ta...

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How much CGT am I due to pay?

  Written by Alicia   Posted 24 May 2016

I inherited a property in 2007 (it was transferred into my name in 2007, although my dad passed on in 1997) - delay caused by issues with executing the will. I valued the property in 2002 for Capital Gains Tax and it was valued for R760 000 at the time. I want to sell the property now for R3. 95 million. I earn a salary of R480k per year. How much CGT will I have to pay?

Tax directive withheld due to tax debt

  Written by Alicia   Posted 24 May 2016

If tax payments to SARS is outstanding, why won't SARS issue a provisional taxpayer with a tax directive

Tax due on R24000pm

  Written by Alicia   Posted 24 May 2016

I am a Casual worker earning less than R24 000 a year a 25% tax is taken from my salary every month. Am I supposed to be taxed?

Can i claim back Transfer duty?

  Written by Alicia   Posted 23 May 2016

I recently purchased a property for residential use. The conveyancers submitted a Transfer Duty to SARS and the transfer fees equated to R12600. I normally get an IRP5 and medical aid forms from my company and submit my income tax when season opens. My question is what do I do with the transfer duty declaration for SARS issued me to be considered and is there any way of getting any refund on this transfer fees.

Calculation of 183 & 60 days by working backwards a 12 month period from the last day of employment

  Written by Alicia   Posted 23 May 2016

I started working abroad in Hong Kong on 1 Jun 2014 and am comfortable meeting the 183 & 60 days requirement for the 2014/2015 & 2015/2016 SA tax year of assessments. However, I need clarification on the 2016/2017 SA tax year of assessment as I will be tax returning back to SA permanently on 30 Sept 2016. I would have met the 60 days continuous requirement, but not the 183 days, it will only be a 122 days from 1 Jun 2016 to 30 Sept 2016. Reading Income Tax Interpretation Note No. 16, specificall...

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Donations from abroad

  Written by Alicia   Posted 23 May 2016

I am a south African working and living abroad. I would like to transfer some money to my retired parents. Will they pay tax on the money I transfer to them?

PAYE vs Provisional tax for a member of a CC

  Written by Alicia   Posted 23 May 2016

I am a member of a CC and have 80% interest in the company. I run the operations of the company and have been paying myself salary. The company never registered for PAYE as I was paying provisional tax and I was the only one earning a salary. Now the company is hiring more people and we have registered for PAYE/UIF. DO I carry on submitting provisional tax instead of PAYE or do I cancel Provisional tax and start paying PAYE. If I don't register for PAYE, what can the company provide me with to p...

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What will my tax liability be if I start a business?

  Written by Alicia   Posted 23 May 2016

Hi, I can provide services such as graphic design, animation, music production and web development. I recently caught attention of few business owners wanting me to do work for them, will I need to pay tax approaching them as self employed individual? I am prepared to charge everything once off based.
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