MEDICAL TAX CREDIT CALCULATION

  Written by Marc   Posted 24 June 2015

SARS Website quotes the following as an explanation for Medical Tax Credits in 2015 : "An individual who is 65 and older, or if that person, his or her spouse or child is a person with a disability, 33. 3% of qualifying medical expenses paid and borne by the individual and an amount by which medical scheme contributions paid by the individual exceed 3 times the medical scheme fees tax credits for the tax year" My annual medical aid contribution is R11 684 My Tax Credit is for myself and my wif...

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Medical tax credits?

  Written by Marc   Posted 24 June 2015

I am aged 70 retired but working again,, earn less than R11K a month, pay my own medical aid for myself and spouse. . Have no company perks. . Have always got my full paye refunded to me each year. However. I do not understand how the medical credit will affect the situation as from this year? I do not have the tax deduction of R257 for myself and the same amount for my wife as I pay our contributions by debit order each month. Would I still be refunded by SARS, or how does the medical tax credi...

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When do we start submitting 2015 IRP5?

  Written by Marc   Posted 24 June 2015

When do we start submitting 2015 IRP5?

Section 10(1)(o) - "continuous period exceeding 60 full days"

  Written by Marc   Posted 24 June 2015

My question is on Section 10(1)(o): Section 10(1)(o) exempts from tax any remuneration derived by a person in respect of services rendered outside the Republic for an employer if such person was outside the Republic for periods exceeding 183 full days in aggregate during any 12 month period and for a continuous period exceeding 60 full days during that period and those services were rendered during that period or periods For the 60 full day portion: If I travel on day 1 to my place of work out ...

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Do I have to submit a tax return in 2015?

  Written by Marc   Posted 24 June 2015

I was self employed (in my own name) in the 14/15 tax year. I only earned around R11,000 throughout the whole year. Do I need to complete a tax return even though I know I don't have any tax to pay?

Can I claim my housing alowance if I pay rent?

  Written by Marc   Posted 24 June 2015

If I receive a housing allowance of R5000, and I pay tax on the R5000, can I claim it back if I pay rent of R9500

How does TaxTim submit my returns. I have my own eFiling profile

  Written by Marc   Posted 24 June 2015

How does TaxTim submit my returns. I have my own eFiling profile?

What is the tax charge on provident funds?

  Written by Marc   Posted 24 June 2015

What is the tax charge on provident funds?

How can I calculate tax per 6 months period?

  Written by Marc   Posted 24 June 2015

If my contract is 6 months on a monthly payment of R14500. How much should I be paying for tax?

Tax on income from 2 sources?

  Written by Marc   Posted 23 June 2015

We have an agent selling our products on a commission only basis. We have not formally appointed this person and he receives no fixed salary from us, but he does however receive commission a fixed salary from another company. His income from us makes out about 5% of his total income. Do we have to tax him(We have no directive) or can we pay him out in full, so that he can just submit this info on his IRP5 because the amount he receives is less than 5% of his total income?

Does paying bond, cars, etc fall under investment certificates?

  Written by Marc   Posted 23 June 2015

Hi

I would like clarity on the information available on your website pasted below

• Get your Interest and Investment certificates from the bank and financial houses (IT3b and IT3c) These should have been sent already. Does paying bond, cars, etc fall under the above bullet point?

Is there any claim from your office or any submission of documents ?

  Written by Marc   Posted 23 June 2015

About my deceased husband,do I submit anything to your office after they send me his tax certificate and paying his death lump sum from provident fund?

Refund on my returns

  Written by Marc   Posted 23 June 2015

Last year 2014, I was told that l should pay SARS R1600 and was just trying to see whether will I be paid this year when l submit my returns as I have not paid the money.

Is IVF treatment tax deductible since Medical Aids do not cover this?

  Written by Marc   Posted 23 June 2015

Medical Aids do not pay for Fertilisation clinics. If one has paid large amounts to a fertilisation clinic can this be included in amounts not paid for by your medical scheme?

How do I generate a password?

  Written by Marc   Posted 23 June 2015

What password would I use if someone else has been doing my tax on eFiling?

Remote Working Tax Deductions?

  Written by Marc   Posted 23 June 2015

I work remotely from home in South Africa for a South African registered company, what deductions can I make from my tax returns? Like I may hire a desk at another office, or the cost of setting up my home office, use of my computer for doing my work etc? What of those can be deducted?

Is a director of a company a provisional taxpayer or not?

  Written by Marc   Posted 23 June 2015

Is a director of a company a provisional taxpayer or not?

What is the tax threshold for provident fund payouts?

  Written by Marc   Posted 23 June 2015

I had 2 lump sum payouts ,company shares and provident fund pay,and I was taxed on both occasions, plus I was taxed on PAYE. I'm a bit confused. What is the tax threshold on provident fund and the shares payouts? The total for the lump sum was R200 000

Code for severance for voluntary retrenchment severance pay?

  Written by Marc   Posted 23 June 2015

I have paid a severance amount to an employee that took voluntary retrenchment. What code do I use on the IRP5? The value is not very high, as the person worked for just over a year.

Estimate of services

  Written by Marc   Posted 23 June 2015

Good day Tim. I'm now retired (73yrs old). Please give me an estimate in rands of your services you provide & what documents would I need to send you.

Can I claim tax on Co vehicle and fuel where I do not have a travel allowance?

  Written by Marc   Posted 23 June 2015

Hi TaxTim, I work as a vehicle sales executive, which means I have a company vehicle which I use for both business and personal use. I did keep a log book. On my payslip it is reflected under "taxable perks". "I also paid Vat on Co car" which is showed on my payslip under deductions. I also had a fuel allowance but that is not reflected on my payslip because the company I worked for owns a fuel station and we had "fuel tags". The vehicle was not maintained by me, but I just want to find out if I...

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Tax back on buying property cash?

  Written by Marc   Posted 23 June 2015

Hi I got a pension payout when being divorced, it was taxed before payout, I bought a house cash, will I be able to get something back, I am not working.

Does that once off R500 000.00 tax free still apply for a person younger that 55yrs on retrenchment?

  Written by Marc   Posted 23 June 2015

I just want to find out, is the retirement package taxed the same way as the retrenchment/severance package if the person is not yet at the retirement age but his/her employment was terminated?

Fyling tax for working on comission only

  Written by Marc   Posted 23 June 2015

I am a locum at a private occupational therapy practice!! I am 28 years old and only working for commission!!!! My employee did not register me for tax so I will not receice an IRP5 form but will have to work out my tax on my own!! I have kept all the devices from income for. Each patient that I saw as. Well as. The proof of. Payment into my bank account that was made as the clients made the payments!! It. Is difficult to. Determine a set. Montly income as sometimes the clients will pay a month ...

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Personal tax season 2014/2015 open

  Written by Marc   Posted 23 June 2015

When does the tax season for 2014/2015 for personal tax open?
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