How do I change being registered with a tax company/organization to being an individual tax payer?

  Written by Marc   Posted 22 November 2012

How do I change being registered with a tax company/organization to being an individual taxpayer?

Where do I declare dividends on my tax return?

  Written by Marc   Posted 22 November 2012

Would I need to confirm my dividend for the financial year on my tax return and if so where? I have no idea where to put it, what source code to use and also where to show the tax paid on it? Help!

I'm earning above the tax threshold and have not submitted tax returns.

  Written by Marc   Posted 22 November 2012

How do I go about avoiding penalties? Do I just submit for this year on e-filing or do I apply for the VDP to avoid penalties?

Can I claim my prescription glasses as medical expenses?

  Written by Marc   Posted 22 November 2012

I cannot see without glasses and have been prescribed glasses for anytime use and driving. Can I claim this from my tax as medical expenses - they are very expensive!

Was I qualified to pay tax return in 2007-2008?

  Written by Marc   Posted 21 November 2012

I never submitted my tax return for 2007-2008. At that time, I was earning R69000 per annum. Also the tax return was done manually and unfortunately I can't find any copy. Now in 2012, SARS wants me to pay R8000 penalty.

My questions are:

1: was I qualified to pay my tax return?
2: What must do to dispute this penalty as I am not earning much currently?

Thanks in advance for your advice.
Ps: I am a permanent resident(SA).

How do I restart the TaxTim questionare?

  Written by Marc   Posted 21 November 2012

I have changed my status from provisional taxpayer to PAYE. The questionnaire asks me questions relating to source codes eg. 2006, 4002 etc which are not on my IRP5 form. What should I do?

Why is my credit card payment not going through?

  Written by Marc   Posted 21 November 2012

Completed my forms with TaxTim and now submitted my credit card details x 2 and I keep getting a message that I have cancelled. Is this an authentic site?

How do I reflect UIF payouts as an income on my tax return?

  Written by Marc   Posted 21 November 2012

I lost my job and had to claim unemployment for a few months. I then recieved an income after that but need to reflect my UIF on my tax return as my return currently shows a negative income after pension etc.

Start of employment period on tax return

  Written by Marc   Posted 21 November 2012

I would like to know I am permanently employed and started my employment a few years ago and still am. Which dates should I fill in when asked to input earliest month of employment?

How to submit a dispute after IT34 notice

  Written by Marc   Posted 21 November 2012

I am a medical doctor working in a state hospital. I get an IRP5 from Western Cape department of Health. I also earned R12 020 in the last year doing private locums which I have declared. I understand that I will have to pay tax on this amount and have made provisions for this. When I received my IT34, it says I owe R11000 (almost as much as I earned in total). I usually get money back on my returns (from medical aid, income protection and retirement annuity) so I don't know how they calculat...

Read more →

My surname has changed, do I need to change it manually?

  Written by Marc   Posted 21 November 2012

My surname has changed, as I got married. Does it automatically change on my e-filing according to my ID number, or do I need to change it manually? If so, how do I go about that? And is it even necessary to change it on my tax info at all?

Capital gains tax on shares sold

  Written by Marc   Posted 21 November 2012

Hi, In the current tax year I sold shares in my 3 year old business to my other shareholder. The shareholder transferred the agreed amount via an attorney (they subtracted their fees related to this transaction) to my account. The nett amount was in the low millions and I expect the full amount to be subject to CGT.

What kind of documentation do I have to provide SARS with and what kind of documentation should I keep should I ever be audited by SARS? Which amount do I record in my return?...

Read more →

Medical aid codes

  Written by Marc   Posted 21 November 2012

In my IRP5, under deductions/contributions, the following appears:

code 4005: R18 324
code 4474: R11 927

But after using the SARS calculator, under amounts assessed in the SARS calculations:
Code 3810 Medical aid contributions paid on behalf of employee: R11 927

Under tax calculator, deductions section:
Code 4008: Medical expenses (Total) R8640

Is this right? The amount of R18 324 does not reflect in the tax calculator's results.

Tax claim for medical expenses

  Written by Marc   Posted 21 November 2012

Hi Tim

I had to get two hearing aids but the medical aid only paid for one. I was told that I can claim the cost for the other one from tax but if I use the e-filing calculator it seems as if I will only get R5000 back of the R15000 I paid. Is that possible or how do I claim the full amount?

I'm 16 years old and I run a small business. Do I need to pay tax?

  Written by Marc   Posted 20 November 2012

I started a small online business at the age of 15 and I make some money from it. It's sort of like an on-off thing because I have school as well to worry about. What I mean is we'll get a new client like once every 2 months and get paid then only. Our overall turnover is not more than R50000. What I'd like to know is do I need to pay tax on this income or am I too young to? Also are people below 18 years of age allowed to run small businesses? I'm a sole trader, not a compan...

Read more →

I live overseas do I need to change my address with SARS?

  Written by Marc   Posted 20 November 2012

I moved out of SA and do not currently earn any money, my address on my tax return is still my SA address, do I need to change it to my overseas one? I have not emmigrated and still have active accounts in SA. I return only for short holidays and am not sure if I intend returning at this stage.

ITR12 and Provisional Tax, how does it all work?

  Written by Marc   Posted 20 November 2012

Hi Tim, I am registered as a provisional tax payer as I run a sole prop but I am also registered for PAYE as I am employed by a CC I am a member of and I draw a salary. The ITR12 takes into consideration only the PAYE and UIF paid but not the provisional tax paid. Will SARS make the connection that the amount showing as owed on the ITR12 for the provisional tax has already been paid when I submitted my IRP6's? The amounts are correct (what the ITR12 says I owe and what I actually paid as provisi...

Read more →

I am from the UK, but will get permanent residence in SA, but I have money overseas, will I pay tax

  Written by Marc   Posted 20 November 2012

If i bring funds into SA and earn interest do I have to pay tax on it, what is the free allowance and then how much is it thereafter please?

How long would my refund take to pay out if its under Verification Audit?

  Written by Marc   Posted 20 November 2012

I submitted my tax for 2009,2010, 2011 and 2012. they are doing a Verification Audit for 2012 and I submitted my documents, how long will that take and how long will my refuind take to get paid out?

Do I need actual sale slips or would bank statements suffice?

  Written by Marc   Posted 20 November 2012

I don't keep all the sales invoices / slips for medical expenses (OTC stuff). I do however have some expenses which I know will show up on my bank statements and also the monthly stuff like birth control which I pay for. Do I need the actual slips or will make bank statements do?

What to do if I received two IRP5's?

  Written by Marc   Posted 20 November 2012

I moved jobs in January 2012 and thus received two IRP5's from my old and new employers. How do I go about submitting this on efiling as only one is currently shown (loaded)?

How do I deduct for donations made to a NGO?

  Written by Marc   Posted 20 November 2012

I make regular donations to a registered NGO - can I deduct this from my personal income tax (under contributions) and what source code should I use?

Income Tax Verification

  Written by Marc   Posted 20 November 2012

Hi Tim, My accountant has phoned and stated that "SARS now needs supporting documents to verify my return submitted by my accountant." Could this mean that I mite well be up for selection for an audit? if not, how long does this verification process take before I receive my return?

How long does it take to process a manual assessment?

  Written by Marc   Posted 20 November 2012

Is it true that a manual 2007 assessment can take upto 12 months to process. I am waiting for my refund from my 2012 assessment but will not get it until they assess 2007.
I have been overseas for 5 years and the accountant failed to submit my returns resulting in penalties. I currently owe R7500 and have a credit for my 2012 assessment. Will not get this until they assess the 2007 return. Please can you confirm the time it will take to process this. Can I pay the penalty in the interim to ...

Read more →

How do I go about submitting documentation for backdated claims?

  Written by Marc   Posted 20 November 2012

Two of my stepchildren have brain irregularities, one Dandy Walker syndrome, the other Landau Kleffner Syndrome. I have never claimed for any medical or other expenses ito these two children which are dependants on my medical aid. However when the one with DW Syndrome turned 21 I had to go through the motions of proving his dependance to keep him as adult dependant on my MA. Then I was told to indicate on my tax return that I have a disabled dependant. Question is, what is the procedure to claim...

Read more →
Older posts →← Newer posts    318  319  320  321  322  323  324  325  326  327  328  329  330  331  332  333  334  335  336  337  338