Pension tax payout return for tax purposes?

  Written by Marc   Posted 8 August 2014

Can I get a tax return if I was awarded a pension payout from my previous spouse.

What is a reasonable market related interest rate to use on a loan to a family trust?

  Written by Marc   Posted 8 August 2014

Hi Tim, what is regarded as a reasonable interest rate on a loan made by a trustee to a family (discretionary) trust in order to avoid a "Deemed donation" being made in the form of no/too low interest? I would argue that it would be an "opportunity cost" rate - for example a FNB money market rate.

I need an income tax number

  Written by Marc   Posted 8 August 2014

I want to do my tax returns but I don't have an income tax number, I 'be been adviced to get it so we can proceed?

Do you get a tax return if I received IRP5/IT3A?

  Written by Marc   Posted 8 August 2014

If I have received employee income tax certificate IRP5/IT3A stating the tax I paid on the first withdrawal, do I claim this tax back in my tax return?

Aanvra van IRP5 van my boss?

  Written by Marc   Posted 8 August 2014

Ek wil graag my IRP 5 bekom wat ek nog nie ontvang het nie..Ek verneem graag hoe ek dit kan aanvra by SARS siende dat in my omgewing nie SARS kantoor is nie. Die naaste is in Kimberley en die afstand is te ver om te ry. Kan ek dit elektronies via internet aanvra.? En hoe doen ek dit?

I want to know do I need to pay tax if I earn R5000 a month?

  Written by Marc   Posted 8 August 2014

I earn R5000 a month sometimes I pay more according to my hours

Claim from SARS (tax rebate) for prescription spectacles. not on medical aid?

  Written by Marc   Posted 7 August 2014

Got prescription spectacles from Spec savers. Not on medical aid. Have the account plus receipts. Can I claim on my tax return?

RENT TAX..INDIVIDUALS on my ITR12?

  Written by Marc   Posted 7 August 2014

DEAR TAX TIM...I HAVE A PRINCIPAL RESIDENCE IN ONE PART OF THE CITY BUT OWING TO A JOB TRANSFER I AM FORCED TO RENT OUT THIS PROPERTY AND TAKE A LEASE ON A PROPERTY CLOSER TO WHERE I WORK.

Q. CAN I OFFSET THE RENT INCOME RECEIVED FROM MY PRINCIPAL RESIDENT HOUSE WITH THE RENT PAID TO THE HOUSE I NOW HAVE TO RENT..IT SEEMS UNFAIR IF SARS CHARGE TAX ON RENT INCOME IF THEY DISSALOW RENT EXPENTITURE.

Medical contribution for pensioner

  Written by Marc   Posted 7 August 2014

My siblings and I transfer funds to my mum's bank account monthly to contribute to a Discovery executive medical aid plan which is more than R4000/month; she is the main member. My mum gets a state pension fund which she lives on. She obviously will not submit a tax return. Now, can I claim the portion that I transfer to her account on my tax return. I have a EFT going out monthly from my account.

She is not fully dependent on me but obviously cannot afford a medical aid with a state ...

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Your assessment has been concluded? What does my ITA34 mean?

  Written by Marc   Posted 7 August 2014

Dear j______

Thank you for submitting your income tax return for the 2014 year of assessment. Your assessment has been concluded and reflects an amount refundable to you of R -8275.65

Does this mean I am owed money?

Do I submit an IPR6 form with my optional 3rd payment for provisional tax?

  Written by Marc   Posted 7 August 2014

On your provisional tax page, you say "two (or optionally three) payments are made during the tax year at the end of August and end of February, with an IRP6 required for each one."

There are IRP6 forms in eFiling for 2014-01 and 2014-02, but nothing for 2014-03. Do I need to submit an IRP6 form with my third payment (and, if so, where can I find that form in e-filing?), or do I just pay the additional money with no form?

Do temporary workers pay tax?

  Written by Marc   Posted 7 August 2014

I work as a substitute teacher,do I have to pay tax?

PAYE as SITE on IRP5

  Written by Marc   Posted 6 August 2014

PAYE is deducted from my salary, on a monthly basis. On my IRP5/Tax return my employer has submitted the total PAYE for the period as SITE. Is this correct?

Can improvement be expensed if they are done specifically for an increased rental?

  Written by Marc   Posted 6 August 2014

I own an investment property. The rental agent has advised me that in I can increase my monthly rental markedly by doing various improvements. Can this be construed then as expenses in the production of income, or must the improvements be capitalized? Ideally I would want to expense at least a portion of the improvements.

How to calculate vehicle depreciation and home office space for tax deductions?

  Written by Marc   Posted 6 August 2014

how to calculate vehicle depreciation and home office space

Received a Reduced Assessment due to provident fund discrepancy

  Written by Marc   Posted 6 August 2014

Help, I just received a REDUCED ASSESSMENT ITA34 from SARS. I submitted my tax return but at that time for tax period 2013/2014 I hadn't received a small portion I cashed from my company provident fund to settle study debt when I left me previous company on the 28th Feb 2014.

My original assessment indicated I was due -R9,460.29, the latest assessment indicates that I'm only due -R0.19. Reason for the Reduced Assessment is "Income no declared".

The Provident Fun withdrawal amount was R137,769, I withdrew R32,152.29...

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I want to know my tax refund?

  Written by Marc   Posted 6 August 2014

I want to know my tax refund

R3000 per month, what is the tax payable?

  Written by Marc   Posted 6 August 2014

how much tax should I pay on a monthly income of R3000. I am self employed

Do you need to register for PAYE if employees below tax threshold?

  Written by Marc   Posted 6 August 2014

Company not registered for PAYE since the four employees are below tax threshold but registered for UIF. Do they need to register for PAYE to issue IRP5's to employees?

Do I need to declare my foreign income on my ITR12?

  Written by Marc   Posted 6 August 2014

I was living and working outside of SA for more than 6 months in the last tax year. On the first page of the tax return, it asks if I was unemployed for the full tax year. I called an agent at SARS and explained that I was unemployed in SA but employed in the UK for the tax year. She asked if I have an IRP5, which I don't as I didn't work in SA for the tax year. She then said that I would then say that I was unemployed.

I am wanting to check if that is correct. I understand that my i...

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As a salaried employee can I claim my cellphone expenditure as I only get a R500 allowance?

  Written by Marc   Posted 6 August 2014

As a salaried employee can I claim my cellphone expenditure as I only get a R500 allowance?

What's the delay with getting my SARS Refund?

  Written by Marc   Posted 6 August 2014

SARS has typically been quick to refund taxpayers who have filed their tax returns and are due a refund, with money appearing back in their bank accounts smoothly and reliably, often within a day or two.

However since the opening of this tax season on 1 July 2014, the process appears to have changed and suffered a few hiccups along the way. From the queries we have received over the last month from multiple confused taxpayers, it would seem that thousands of refunds were first paid out, then reversed...

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Closing date of tax return?

  Written by Marc   Posted 6 August 2014

When is your deadline date of tax return?

Is there any refund due to me for 2012 and 2014?

  Written by Marc   Posted 5 August 2014

On 2012 I did my eFiling and my return was R-1478.05 this year 2014 I received Notice issued on SARS for ITA34 for 2012/1
Thank you for submitting your income tax return for the 2012 year of assessment.Your assessment has been concluded and reflects an amount refundable to you of R-1478.05
please note that this amount only reflects your income tax assessment and does not reflect tax payable under any previous assessment or any othre balances on your account.The current balance on your ...

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What is a disabilty on vision?

  Written by Marc   Posted 5 August 2014

Hi Tim. Thank you for the useful information on tax matters. I just want to know the meaning of a disabilty.My wife cannot work without using prescription glasses. Is that a disabilty?
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