Provident Fund Payout

  Written by Nicci   Posted 16 March 2017

I cashed out my Provident Fund when I left my previous employer, I was there for just under 2 years. I paid a higher tax as the first R25000.00 subject to the tax rule of: 18% of lump sum exceeding R25000.00
The financial services company explained that because several years ago I cashed out a portion of my provident fund historically, I don't qualify for the tax exclusion. Is this correct?

How to get a Tax Clearance Certificate

  Written by Nicci   Posted 16 March 2017

How do I get a tax clearance certificate for an individual?

Paying Tax: Age and Income Differences.

  Written by Nicci   Posted 15 March 2017

Does a 78 year old person who earns less than R100 000.00 per annum pay tax and how much.

Do I get Tax back on a loss from selling shares?

  Written by Nicci   Posted 15 March 2017

I bought shares in a private company (cost me 100k). We have now sold the company in full and my portion of the payout is 80k (i. e. 20k loss). Can I claim tax back on this amount? And if so, what do I need to do it?

Retirement Annuity Premiums

  Written by Nicci   Posted 14 March 2017

What happens if I haven't submitted a tax return?

  Written by Nicci   Posted 13 March 2017

Since voluntary sequestration and rehabilitation about 10 years ago I have not submitted a tax return, what will the effects be of this?

Unpacking the Budget Speech: proposed changes to foreign employment

  Written by Nicci   Posted 10 March 2017

Since the announcement of the 2017/2018 budget, TaxTim has been asked many times about the changes to the foreign employment income exemptions rules which could have a very negative effect on taxpayers working overseas.

Currently, if a South African resident works for a foreign employer and is out of the country for 183 days or more, within a 12 month period, and they fulfil various other conditions, their foreign employment income may be exempt from South African Income tax. Please ...

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A notice of objection

  Written by Nicci   Posted 10 March 2017

SARS didn't accept my log books, my 2015 tax return, there's zero KMs for business use.
I now need to object and they require proof of ownership- I have documents from Wesbank. Lastly, can I do this via TaxTim or must I go into SARS?

Do stay at home moms need a tax number?

  Written by Alicia   Posted 7 March 2017

Hi I'm a stay at home mom with no income. I live in South Africa. Someone said I should get a tax number. Do I need a tax number? Will it be necessary in my future in case I divorce or am widowed or a senior? Shall I pursue it? How would it benefit me?

Penalty FAQs

  Written by Nicci   Posted 6 March 2017

What is a recurring penalty? OR What are recurring SARS penalties? OR What does it mean to receive a penalty?
This is a penalty for non-submission of your returns in previous years. You need to see which returns you have not submitted and submit them ASAP. You also need to make payment to SARS for this penalty, but you would have to call them on 0800 00 7277 or log onto SARS eFiling to get a current statement of account and know exactly what they want from you.

Rental Income FAQs

  Written by Nicci   Posted 6 March 2017

Should interest on your home loan be deducted from your rental income?

Yes, it does, the interest would go under the finance costs, the actual bond repayments are not deductible for tax purposes.

Should my rent which is paid by my boss, reflect on my payslip?
Yes, this would be fully taxable at the same rate as your salary. It can reflect as 'other allowances - taxable" and can reflect under source code 3713 on your IRP5.

Is there a VAT payment on maintenance expenses for my car? ...

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Contract Workers FAQs

  Written by Nicci   Posted 6 March 2017

Contracting Benefits vs Salary?
You will still be able to claim deductions for medical, travel and RA directly regardless of how you are earning income.

Contract worker and the tax effects?
Contractors are taxed if they earn above the threshold. This is the same as a full time employee. 

Tax Thresholds? 
For the 2018 tax year, anyone under 65 years of age earning above R75 750 will not pay tax. 

An example of a logbook printout

  Written by Nicci   Posted 2 March 2017

I need an example of what the TaxTim logbook would look like, when printed out.

How's Tax calculated on a monthly bonus?

  Written by Nicci   Posted 28 February 2017

I'm entitled to a monthly bonus. Our salary is split into salary (75%) and monthly bonus (25%). So my salary advice states salary and monthly bonus. How is tax calculated on a monthly bonus? How does it affect the tax calculation on the additional yearly bonus?

What's the exact deadline for annual Retirement Annuity (RA) contributions?

  Written by Nicci   Posted 28 February 2017

I make annual lump sum contributions to my RA. In order for my annual lump sum contribution to qualify for tax deductions for the current year, do I only need to make the payment for my RA before the end of February, or does my financial advisor need to have allocated the funds to my RA before the deadline? i.e. Can I still make a contribution at 23:59:59 on 28 February 2017 which will count towards the 2016/2017 tax year?

How to enter a severance payment in my provisional tax return?

  Written by Nicci   Posted 28 February 2017

I'm doing my provisional tax return and received a severance payments during the year as part of a voluntary retrenchment. My employer applied for a tax directive which was successful and I received the lump sum pay-out with the tax benefits associated on the sliding scale. How do I deal with this in my provisional tax return? If I enter the severance payment gross amount, the SARS eFiling system calculates taxes on it using the normal tax tables (it gets calculated at the highest marginal rate...

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Hospital Plan Rebates

  Written by Nicci   Posted 28 February 2017

Can I claim medical rebates if I'm on a hospital plan only and not a full medical aid? SARS directly advised me that I cannot.

Can my company add rental car fuel to my car allowance?

  Written by Alicia   Posted 28 February 2017

If I have a car allowance and on occasion I am required to use a rental for business travel after flying to a far destination, can my company add this fuel cost to my car allowance and withhold taxes on fuel used in the rental vehicle

I repair appliances and also repair my own vehicles.Do I have to do 2 returns?

  Written by Alicia   Posted 27 February 2017

I'm repairing appliances and my own vehicles. Do I have to do 2 tax returns?I also recently repaired another vehicle. Do I have to show it in 2 tax returns-1 for appliances and 1 for vehicles?I have to repair my own vehicles because I cannot afford to pay for repairs to be done.

Inclusion of rental expenses in CGT calculation

  Written by Alicia   Posted 24 February 2017

If I earned no income from a rental property (which I rented out for about 7 years) and sold it in the same year, can I still deduct the expenses (levies, interest, rates) normally incurred from income, or should I add these costs to the Selling cost or Base cost to reduce capital gains tax?

Tax on income from internship

  Written by Alicia   Posted 24 February 2017

Do I have to pay tax earning R3200 a month?

Will the reason given on a tax directive affect SARS's decision?

  Written by Alicia   Posted 24 February 2017

Will the reason given on a tax directive affect SARS's decision; if the severance benefit is being paid out as a result of a voluntary settlement between employee and employer, is SARS less likely to grant the directive?

Is occupation rent an allowable deduction against rental income?

  Written by Alicia   Posted 24 February 2017

Is occupational rent paid to a developer, of a new-build property, an allowable expense to deduct from taxable rental income? The property in question was rented out in the same tax year as occupational rent was paid.

What is your fee for retired farmers?

  Written by Alicia   Posted 24 February 2017

I am a retired farmer with only rental income which I earn from renting out my farm. My income is R500000 per year. What will TaxTim cost?

Retirement annuity, refund or not?

  Written by Nicci   Posted 24 February 2017

I'm currently unemployed, but submitted a tax return for my retirement annuity which was R3400 in the last tax year. I was surprised that I did not get anything back? Can you explain?
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