Sole prop lending money from owner

  Written by Evan   Posted 15 November 2015

We are running a sole prop from home. During bad months we find ourselves batting to get work. We have taken money from our own personal accounts to put into the business - R20 000 one month and R15 000 another month in the same tax year.

My question is, I have taken the R35 000 and added it in as income. We pay it back monthly until the loan is complete. Where do I declare the R35 000 as it was used solely for the business?

Thank you

Need help to reconcile my filing, not filed since 2013!

  Written by Evan   Posted 15 November 2015

I haven't filed since 2013, can you help me reconcile my outstanding filing?

Does a foreigner with a 5 year contract to work in SA need to file a tax return?

  Written by Evan   Posted 14 November 2015

If a taxpayer from Germany has a 5 year contract to work in South Africa for a South African employer (of an international company), would that taxpayer need to file a tax return? The employer registered the taxpayer for income tax and is deducting PAYE on a monthly basis. The taxpayer earns more than the threshold and will be tax returning to Germany after the contract.

Those who pay own medical - where do I input Medical Tax Credit (MTC) on efiling?

  Written by Evan   Posted 14 November 2015

If you pay your own medical aid (employer contributes nothing) and you wish to get your Medical Tax Credit (MTC) do you input the MTC on e-filing under code 4116? Or is that only for when an employer contributes. If not where do you put it or does SARs calculate it based on your medical deductions section?

Foreign service income exemption

  Written by Evan   Posted 13 November 2015

I was hoping to pick your big tax brain before I submit my tax return and cause chaos at SARS.... I qualify for S10(1)(o) in terms of foreign services rendered as I meet the requirements in this regard. My dilemma is I don't know which part of my income I can use to claim the applicable portion of this exemption i.e. Income (3601); Annual payment (3605) etc. To further complicate the situation I had share options exercised in the same tax year!

Would you mind confirming which source codes I can use in the claim?...

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Travel allowance offshore

  Written by Evan   Posted 13 November 2015

Is the offshore allowance for travel R3000 for 2015?

Whats a rate for R5000 salary p\m

  Written by Evan   Posted 13 November 2015

How much tax should I pay from a salary of R5000 per month?

Auto completion letter

  Written by Evan   Posted 13 November 2015

Hi Tax Tim. I received a email yesterday from SARS. The letter stated... Auto completion letter. Does this mean I can expect the money SARS owes me anytime soon?
Thanks

What should I take into account as "Financial Instruments listed"

  Written by Marc   Posted 13 November 2015

I am a director of a private company. On my ITR12, I am required to complete the SOLALA01 section but I am not sure what should be listed under "Financial Instruments Listed"

Daddys Deals voucher

  Written by Evan   Posted 13 November 2015

I bought a Daddys Deal of 50% discount. Where do I enter the code?

Incorrect medical expenses, can I correct my tax return that is already submitted?

  Written by Evan   Posted 13 November 2015

I calculated the incorrect amount for my medical expenses, but I see my tax return is already submitted. Can I still change the amount? And how do I upload my documentation?

Can you complete the tax return for me?

  Written by Evan   Posted 13 November 2015

I have all data available. No patience or time to complete tax return.
Can you please assist?

Where do I declare full cash payment from pension fund?

  Written by Evan   Posted 13 November 2015

I transferred from one company to another that outsourced their information systems department with a section 197 transfer a year ago. I decided to withdraw the full cash from my pension fund, as the money in my pension fund could not be transferred to a provident fund without being taxed (not sure it this is correct). Could you please advise where to declare the full cash payout / income that I have received?

Is there any entitlement from GEPF after my pension money was paid?

  Written by Evan   Posted 13 November 2015

I have worked for the public service for 15 years and resigned end 2014. I received my pension pay out around February 2015. Is the anything that I still need to claim back from GEPF? by means of tax returns???

Documents for SARS

  Written by Marc   Posted 13 November 2015

Hi Tim,

yesterday I downloaded documents for SARS to the site. I just wanted to find out whether they have been submitted. Thanks
Deano

Stipend and Capital Gains Tax for student studying abroad

  Written by Evan   Posted 13 November 2015

I am a South African citizen who used to work in SA (tax registered), but have been studying full time in the UK since February 2015, being paid a monthly stipend of 1150 pounds by my financial sponsor (It sounds like a lot if converted to Rand, but it is barely enough). Do I have to pay tax on this income in South Africa?

I am about to sell a property in South Africa which I inherited from my Dad and the Taxable Capital Gain ((Proceeds - Base Cost - Annual Exclusion)*33.3%) will be r...

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Do you submit my tax return automatically once done to SARS?

  Written by Evan   Posted 13 November 2015

I have just completed my tax return with TaxTim's help and I've paid via EFT. Will my tax returns be automatically submitted to SARS? What is the process now?

Deductions for 3713 motor vehicle allowance

  Written by Evan   Posted 12 November 2015

I receive a car allowance listed under code 3713 on my IRP5 in addition to my reimbursive travel claim, listed as 3702. Can I claim any deductions against the 3713 allowance and if so, what deductions will be allowed?

Part-time home studies tax rebate for bond/rental?

  Written by Evan   Posted 12 November 2015

Which section of the Income Tax Act allows one to claim a deduction for bonds/rent if one is studying part-time from home?

How to calculate deductions for a director who does not draw a salary every month

  Written by Evan   Posted 12 November 2015

I am doing basic bookkeeping functions for a company. The director has never drawn a salary but intends to do so for the next 2 months at R50000 per month. How do I calculate the deductions and pay UIF etc. over to SARS?

Supporting documents for capital gains

  Written by Evan   Posted 12 November 2015

I just got notified that you submitted a revised ITR12 which records the primary residence exclusion of R2000 000. The new ITA34 I received now reflects an amount of -R14 290. 15. But now I am being audited. They are not clear on the documents that I have to submit. They ask for my IRP5, medical aid certificate, IT3B tax certificate. With regards to the capital gains part, there are no specific requests. Should I submit the final statement of accounts for the purchase and sale of my former resid...

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How to treat PAYE for a post doctorate student

  Written by Evan   Posted 12 November 2015

Will a person busy with a post doctorate receive any tax breaks or will they have to pay PAYE based on the monthly "salary" received as normal?

How do I get an IT150

  Written by Evan   Posted 12 November 2015

I have been out of South Africa since April 2011. I have been paying tax in Namibia and have a certificate of good conduct from the tax authority. I have now applied for work here in RSA but they are asking me for a IT150. What is it and how do I obtain it?

How much should I be taxed?

  Written by Marc   Posted 12 November 2015

I am employed as an independent contractor working 6 hours a week for R5625 monthly before tax. I only work 8 months of the year and have been told by law I should be taxed 25% as PAYE. Is this correct?

Requests for documents

  Written by Marc   Posted 12 November 2015

I submitted my forms and got asked to submit some documents, which I did, but I'm not sure I did it correctly, as I haven't gotten any feedback after the first requests for documents. How will I know if they need more from me? Must I call them? I'm scared that they will fine me. Regards
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