Medical Tax Credit - 2015 Tax Year

  Written by Marc   Posted 19 March 2014

2015 tax year.

I pay R150.00 per month toward a medical aid fund for myself and my daughter (6 years).
Do I qualify for the full monthly tax credit of R257.00 X 2 = R514.00 or will this be limited to my actual monthly fund contribution?

Do I need t pay the non-compliance penalty fee with SARS?

  Written by Marc   Posted 18 March 2014

I registered with SARS in 2010 and have been filing ever since. I recently received a non compliance penalty fee for 2008 and 2009. It's only R500 (R250 for each year) Do I have to pay this if I wasn't even registered in those years and did not receive IRP5's from my employer then either?
I managed to get the IRP5's and I filed them last week but still am being told I need to pay the penalty fee.
If I am going to dispute it, will I be charged interest or more penalties whilst it is busy being disputed?...

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PAYE incorrectly stated on my IRP5?

  Written by Marc   Posted 18 March 2014

I submitted my tax returns via eFiling and got an assessment saying I owed SARS. The reason was PAYE incorrectly stated. How can I dispute this assessment and is it possible that you can assist?

Income tax on R120000 pension fund payout

  Written by Marc   Posted 18 March 2014

I resigned from my previous company and requested that my pension fund pays out. the amount due to me is R120 000. how much income tax will I pay on this amount.

Total of the budget speech 2014

  Written by Marc   Posted 17 March 2014

While I was busy watching the budget speech our power went down and I missed the part where the
minister of finance stated the rand value of the 2015 budget?%u20AC%u2122s income in total as well as where all of it
will come from. Can you please inform me on how much money the government budgets it will have
for the 2015 year of assessment as well as how much of this money will be covered by individual
income tax? Will you also tell me what government sector will receive the biggest cut of the budget ...

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Medical aid contributions and subsidies for over 65 years. how are these treated in 2015 year?

  Written by Marc   Posted 16 March 2014

76 year olds. medical aid contributions deductable? and medical aid subsidies taxable? 2015 tax year.

What sort of tax should I register for as an independent IT contractor?

  Written by Marc   Posted 14 March 2014

I'm an independent IT contractor working from home. I work for different clients at the same time. Some pay a fixed fee.

What sort of tax should I register for taking into consideration that I use my house, electricity, internet, etc?

Deemed disposal of assets after being away from SA for work?

  Written by Marc   Posted 14 March 2014

I have been given the advice that I would automatically be considered a non-resident if I spend more than 183 days and more than 60 consecutive days outside of South Africa by SARS and would therefore have my tax status changed to non-resident. SARS would then deem my assets as sold (even though I have not actually disposed of them) and I would be liable to pay CGT.

Is this the case?

Is tax payable to the government from the salary I earn in South Africa?

  Written by Marc   Posted 14 March 2014

I am going to work in South Africa. Is there any money I have to pay to the government from my salary.

What can I claim for medical expenses under new system?

  Written by Marc   Posted 14 March 2014

Under the previous system pensioners could claim all expenses. Now my expenses come to R110 000 this year. Am married and would like to know under under new system what would I be able to claim. I am 80 years old

What is an IRP5?

  Written by Marc   Posted 14 March 2014

What does the acronym IRP mean and what is an IRP 5?

Depreciation calculation of earth moving equipment?

  Written by Marc   Posted 13 March 2014

I need to calculate the depreciation on the following items: (all of the items is earth moving equipment)

- a bucket (which forms part of a machine)
- a TLB
- a Tandem Roller

I don't know over how many years I should write of these equipment.

Where is my tax number on my IRP5?

  Written by Marc   Posted 13 March 2014

Do my tax number appear on my IRP5. If so, where on my IRP5.

Can we combine our three taxpayers, i.e. my own, my wife and our family trust?

  Written by Marc   Posted 13 March 2014

I am a Sassa pensioner and also a property valuer working for my own account from time to time for agreed upon fees. My wife, to which I am married out of comm. of property, helps me with the travelling by driving me around in her vehicles. We pay for the fuel and services from my bank account as well as from hers and she pays for the insurance. Our accommodation and food on the road is a big expenditure. At home, which is owned by our children, we uses an office and pay rent for it. We also hav...

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Tax payable for one man business?

  Written by Marc   Posted 12 March 2014

My husband will now be starting to sub contract for his company, instead of being "employed" by them.

He will only supply labour. He will invoice them once every two weeks and the total monthly invoice will be R26,000.00.

Do we have to register his company and how will the tax work?

Understanding the primary rebate by SARS?

  Written by Marc   Posted 11 March 2014

I just started my first job. I am having trouble understanding what the primary rebate? is that is specified on PAYE STATUTORY RATES AND TAX TABLES. Can you tell me when this rebate is applicable to an individual?

good job!

  Written by Marc   Posted 11 March 2014

No question, just wanted to say this is a GREAT website and service. Will sign up before the next tax season opens for sure. So very helpful!

Donation in the hands of the receiver?

  Written by Marc   Posted 11 March 2014

If I make a donation to my child of R100k I know I don't have to pay "donations tax" because this is within my yearly allowance BUT how is the income treated in that year in the hands of my child?

Country code for Centurion

  Written by Marc   Posted 11 March 2014

what is the country code for Gauteng South Africa?

Which is the best way to maximise your return using the travel allowance?

  Written by Marc   Posted 11 March 2014

There are two ways to calculate travel allowance that is deductible. One is where you keep actual expenses and the other is where there is a table of fixed costs, maintenance etc depending on the value of the car. Which can maximise your refund? And can the capital value of the vehicle be deducted or considered besides for the purposes of determining running costs?

Company income tax registration - who should be present?

  Written by Marc   Posted 11 March 2014

Should all company members be present when applying for income tax registration?

Can I declare extra income at the end of the year, or must I register for provisional tax now?

  Written by Marc   Posted 10 March 2014

If I did some freelance work in 2013 / 2014 tax year, will I pay a penalty if I only declare my extra income when I do my regular return?

How are individuals going to experience the tax relief of 9.25 billion in the 2015 tax year?

  Written by Marc   Posted 10 March 2014

How are we as individuals going to experience the relief announced in the budget speech which made a provision bringing a tax relief of R9.25 billion to individuals in the 2015 year of assessment. as well as an estimated 40% of the relief will go to South Africans whom receives less than R250 000 a year?

Results of Notice of Objection - nothing from SARS yet?

  Written by Marc   Posted 10 March 2014

I have not received a response to my Notice of Objection which I filed in November 2013. How long does it normally take to get a response?

tTax on R15 000 and medical aid deduction and pension fund deduction

  Written by Marc   Posted 9 March 2014

Hi, what would my tax be if I earn R15 000 a month, and have pension fund deduction of R700 and and medical aid of R1 500.
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