What to Expect after Submitting your Tax Return to SARS

  Written by Marc   Posted 23 July 2014

As soon as tax season opens in July, many taxpayers rush to submit their ITR12 tax returns as early as possible, eagerly hoping for a nice refund. After the rush, when nothing happens, they often ask us "Ok I have submitted. What happens now?" In most cases where an income tax refund is due to a taxpayer, SARS pays it out within one or two days. However there are many instances when this does not happen, leaving people feeling unsure as to what is happening with their tax return and tax refund. ...

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Nedbank IT3(b) on my ITR12?

  Written by Marc   Posted 23 July 2014

Hi, Nedbank has posted me my IT3(b) Form and I see it has changed from last year, they now have an amount under 'Net Amount Accrued' which is added to the 'Net Amount Paid' to give total 'Interest' earned. My question is : What amount do I have to declare to SARS, is it the Net Amount Paid (which is what Nedbank has actually paid to me in the tax year ending 28/02/2014 or do I have to declare the total Interest which includes the 'Net Amount Accrued' that Nedbank has not paid tome yet.

Letter of Completion when will I receive my refund?

  Written by Marc   Posted 23 July 2014

I submitted my Tax return and was then asked for supporting documents, which I have submitted, I then got a completion letter a week ago, Do you know how long it will take for me to receive my refund?

Verification of assessment?

  Written by Marc   Posted 23 July 2014

We received a letter from SARS to say we need to hand in supporting documents we did this the next day and I received a letter from SARS a week later that says verification of assessment and they said no adjustments have been made does this mean that everything is OK and that we will get the money paid out to us?

My tax refund, have not received it yet?

  Written by Marc   Posted 23 July 2014

I submitted my documents on monday 21-07-2014,but I haven't got my refund yet its 2days already

When can I expect payment after audit has been finalized?

  Written by Marc   Posted 23 July 2014

Good day. Thanks for all your great advice. my question is I have submitted my tax return via eFiling. then received my IT34. after that I was asked to submit supporting documents which I have done. I have received the second IT34. when I phoned to find out why payment wasn't made as yet I was told it has been send for clearance? They own my R11000.00. When can I expect payment as they say my audit has been finalized?

Working for a boss and using your salary to fund your own private company

  Written by Marc   Posted 23 July 2014

I am permanently employed at a company and receive a monthly salary, which I would like to use to fund my own business which is a registered pty ltd.

At present all my business expenses are coming off my personal account, but I would like to pay them from my business account, which means having to transfer of my salary into my business account.

What are the tax implications and what would you advise I do?

Must you in person hand in your IT77 form and supporting documents?

  Written by Marc   Posted 23 July 2014

When a person has been sequestrated and have to apply for a new tax number for his/her new estate, and completed a IT77 form and have all the the documents required attached, must he/she take it to SARS themselves or can a other person hand it in for them? I have phoned the call centre at SARS and they said the person have to bring it themselves and have to sit and wait for a consultant at SARS to capture it and issue immediately the new tax number. An they have to bring their original ID as wel...

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Whats the take home after deductions on a 50k monthly salary?

  Written by Marc   Posted 23 July 2014

What is the nett take home salary on a 50k per month CTC package?

WHAT ARE THE RETURNS ON COMMISSION EARNERS ONLY, NO BASIC. COMMISSION MONTLY: R45000

  Written by Marc   Posted 23 July 2014

how does commission taxes or whats are the returns. I earn commission only everymonth, no basic. Commission earned monthly is R45000.00. How much can I expect as a refund?

waiting period for audit dept

  Written by Marc   Posted 23 July 2014

Still waiting for audit department! Since I submitted all relevant documents I still don't have an answer how do I find out?

How long will I wait for my tax return

  Written by Marc   Posted 23 July 2014

How long will it take for my tax return to get into my bank account?

Disability form from SARS?

  Written by Marc   Posted 23 July 2014

I just wanted to confirm whether I downloaded the correct form as you informed me. You informed me to download the "DDR FORM".
i needed the disability form for my daughter that diagnosed with Epilepcy. I the form called " CONFIRMATION OF DIAGNOSES OF DISABILITY EXTERNAL FORM-SARS" (ITR-DD)

Please confirm if I downloaded the correct form?

Outstanding IRP5, can I still claim?

  Written by Marc   Posted 22 July 2014

If one has not submitted IRP5 before, can one still claim outstanding amount?

Can I get tax return?

  Written by Marc   Posted 22 July 2014

can I get a tax return

Does community of property includes sole proprietor?

  Written by Marc   Posted 22 July 2014

Does a sole proprietorship form part of joint estate?

Should an accountant ask for an over ride pin from a client?

  Written by Marc   Posted 22 July 2014

Should an accountant ask for an over ride pin for SARS from a client?

eFiling: Relocated overseas, no South African bank account and not returning to South Africa

  Written by Marc   Posted 22 July 2014

I moved to Australia from South Africa in June 2014. I closed my bank accounts as I won't be returning to South Africa. I was studying full time during the 2014 financial year so my tax return is NIL.

My question is how do I fill in the bank account declaration section (on eFiling) since I no longer have a South African bank account? Do I update my details to "I don't have a local bank account" or do I keep my previous banking details on the form as I closed my bank account after the 2014 year end?...

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Claiming a tax benefit for private car use without a car allowance

  Written by Marc   Posted 22 July 2014

i use my private car daily for business - driving to and from client meetings. I do not receive a formal travel allowance or claim for petrol. Is there a way for me to claim depreciation or a tax benefit when I submit my tax return? if so where on the return do I do this

Can changes be made after calculating your return on eFiling?

  Written by Marc   Posted 22 July 2014

When calculating your tax return on eFiling and only saving it, can it be changed if there was a mistake (THIS IS NOW WITHOUT SUBMITTING, JUST CALCULATING)?

Travel allowance

  Written by Marc   Posted 22 July 2014

I have a travel allowance and I am submitting prior years (2012, 2013) and I am under the Threshold R250000. If I do not claim the travel allowance will they forgive the penalty for non submission?

tax rebate on foreign country insurance premium payment

  Written by Marc   Posted 22 July 2014

While residing in New Zealand, my wife and I (both South Africans), took out a life insurance policy each with AIA New Zealand. We have returned to SA and pay the policy premiums annually Paid through my bank, Nedbank, Foreign Exchange. This years premiums totalled r22 000. Premiums increase annually due to the exchange rate. I would like to know whether I can claim a rebate from ZARS when I submit my tax return to ZARS.?

I want to view my completed ITR12?

  Written by Marc   Posted 22 July 2014

I just submitted my tax returns at the SARS Office, Durban. How do I view the completed tax forms

How long does SARS take to process change of bank details and to refund the money?

  Written by Marc   Posted 22 July 2014

I was told that I have a refund from SARS but I was suppose to go and verify my bank details, so I went and changed my bank details because the previous account was inactive. I did that on Saturday, and if I check the status on eFiling it says bank details status processing. How long does the processing take and when can I get my refund because I was told that it only takes 48 hours?

When does tax season close?

  Written by Marc   Posted 22 July 2014

When is the closing date of return of ITR12 forms for 2014
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