Can I claim a lump sum financial lease installment settlement as a deduction for tax purposes.

  Written by Marc   Posted 21 September 2015

If I am currently paying a finance lease for a vehicle and then subsequently decide to request a settlement figure from the bank and pay the remainder of the finance debt off to the bank can I claim the lump sum settlement as a deduction for tax purposes?

Can I used the deemed cost option for vehicle expenses

  Written by Marc   Posted 21 September 2015

Does the option Deemed cost for vehicle expenses apply for the 2015 tax year?

Efilling status says correction filed during audit

  Written by Marc   Posted 21 September 2015

Hi Tim,

I have submitted my tax return through SARS eFiling in the first week of July and was asked for supporting documents which I then took to SARS and my SARS eFiling reflected that they had been received, I heard nothing from SARS and then got a letter in early august saying ive been selected for audit. I heard nothing again and called SARS about 3 weeks back and was told my car value was lower than the estimated value and they require proof of purchase (which I originally gave...

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Calculation of Transfer duty as a deemed VAT input

  Written by Evan   Posted 20 September 2015

How am I supposed to calculate the VAT input claim on a fixed property bought for R850 000?

The purchaser paid R3000 transfer duty to the seller. According to the articles I read online, the purchaser may claim the transfer duty as a VAT input. But now I'm confused as to what exactly the amount should be. May he claim R104 385.96 (R850 000 x 14/114) AND R3000 as a VAT input, or only R3000 as a input?

Could you tell me what Withholding Tax Status means and how do I tell if I am exempt or not?

  Written by Marc   Posted 20 September 2015

Hi there,

I'm planning on investing in exchange traded funds, and on the application form a field requires me to mention my Withholding Tax Status (exempt or not exempt). Could you tell me what this means and how do I tell if I am exempt or not?

Regards
Jarryd

Submission confirmation enquiry

  Written by Marc   Posted 20 September 2015

For the first time ever in my life, I submitted my TAX through TaxTim. However when I access my SARS eFilling site, the submission is not evident. So I would like to know if my TAX was indeed submitted by TaxTim. I completed all the questions on 16 September 2015.

Tax certificate

  Written by Marc   Posted 20 September 2015

How many digits is a tax reference number on a tender tax clearance certificate

Can I register for a tax number in Pretoria while I work at Rustenburg?

  Written by Marc   Posted 20 September 2015

I have been working in Rustenburg and I haven't registered for a tax number so I want to know if i'ts going to be a problem to register for it in Pretoria because that's where I stay?

Additional tax on leave pay

  Written by Marc   Posted 20 September 2015

How to calculate additional tax on leave pay on death of an employee

Why is depreciation and goodwill amortization added back to Tax Computation.

  Written by Marc   Posted 20 September 2015

Please can you help me understand why is depreciation and goodwill amortization added back to my income tax calculation?

What are the tax implications & obligations to SARS of a doner and donee when a Donation is made?

  Written by Marc   Posted 20 September 2015

If I donate R90 000 to my wife and R10 000 to my nephew, I have to submit and IT144 form. Is this in any way tax deductible, and what are the tax implications & responsibility to SARS on myself, my wife (say she earns R260k p/a) and nephew (under 18)?

No IRP5 form

  Written by Marc   Posted 20 September 2015

Hi have not been employed for the tax season of 2015 so therefore do not have an IRP5 form. How do I go about submitting my individual tax form without an IRP5 form?

Do donations to a Section 18A PBO count against the R100K pa amount that is exempt from donations Ta

  Written by Marc   Posted 20 September 2015

Do donations to a Section 18A PBO count against the R100K pa amount that is exempt from donations Tax?
eg: say I donate R50k to a section 18A PBO (assuming my salary is more than R500k so R50K is within the 10% allowed tax free) then does this reduce my allowance from R100k to R50k left pa for tax free donations to say a trust?

Do you deduct the interest exemption plus tax threshold from interest income to get the total income

  Written by Marc   Posted 20 September 2015

Only income earned is investment income thus interest on savings in bank account. Do you deduct the interest exemption of R23800 plus R70700 from the total to establish income e. G R96000 interest income - R23800 - R70700 = R1500 multiply by 18 % taxes due R270

Write offs for computer equipment?

  Written by Marc   Posted 20 September 2015

I would like to clarify wear and tear and write offs for personal items. I am a filmmaker, I was employed for half the tax year but require the equipment in order to be self employed. I purchased computer equipment & camera equipment. I also bought a hard drive for R2000. Can I claim the entire R2000 for the hard drive? Am I only able to claim wear and tear for the computer?

I want to know if im registered

  Written by Marc   Posted 20 September 2015

I'm working for Dusi Electrical so I want to know if I'm registered

How long does it take to obtain a tax clearance certificate?

  Written by Marc   Posted 20 September 2015

I have requested property owned by my husband to be transferred into my name. However, I have capital invested in the property - and can cover the outstanding bond installment. My husband suggested that he donates property to me - our bookkeeper said it has huge tax implication. I checked this through your column - and told him the contrary. He has now replied that he is trying to get a tax clearance - how long should this take? It has been over 4 weeks?

How much will my PAYE be?

  Written by Marc   Posted 17 September 2015

My new annual package is R257600. 00

How do you correct an under deduction of PAYE?

  Written by Marc   Posted 17 September 2015

If an employer has under deducted PAYE in the 2015 tax year, can they account for the under deduction in the 2016 tax year?

Is it safe to register for a tax number after 3/6 months of working?

  Written by Marc   Posted 17 September 2015

I have been working for almost two month and my employer has been deducting PAYE Tax, is it safe to register for a tax number after 3/6 months of working, because I hardly find time to go to the closest SARS for registration?

How do you know you are paying tax:

  Written by Marc   Posted 17 September 2015

How do you know you are paying tax? Especially if you under an agency?

An ITA34 query on Sars.

  Written by Marc   Posted 17 September 2015

At first there is an negative amount in RED on my ITA34.... What does that imply? Then I would like to know how long it takes for SARS to ma a deposit/refund. Please.

What is the % of the profit payable by a natural person

  Written by Marc   Posted 17 September 2015

I used the tax calculator, and according to the calculations, tax is only payable on 33. 3% of the profit. However, in the SARS guide to capital gains tax, it states that a the portion which a natural person would be taxed on, is 25%. (this is concerning fixed asset sold, not a primary residence. ) Is the 33. 3% correct?

Options or rules for claim on depreciation and travelling allowance claim.

  Written by Marc   Posted 16 September 2015

When I complete my tax return can I complete the Travel claim against allowance and the depreciation (4027) section. The form allows me to complete both sections but when my claim was submitted and once audited the removed the depreciation amount(4027). How do I calculate the best method to claim if I am only allowed to complete one section.

SARS wont refund my medical?

  Written by Marc   Posted 16 September 2015

I have taken out medical aid for my wife and kids, wife being the principal member. All premiums were debit from my bank account as my wife is unemployed. SARS wont refund me because the medical aid certificate is in my wife's name. Never had this problem with previous tax returns, audited this year. What can I do, SARS told me to submit 12months of banking statements for prove (march2014-feb2015) at my nearest branch???
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