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?

Can I resubmit 2016

  Written by Alicia   Posted 24 February 2017

Submitted 2016 tax return but i need to know if I can still resubmit the return even after an assessment was issued?

Which base cost to use when calculating CGT?

  Written by Alicia   Posted 24 February 2017

I bought some Satrix Divi through the Satrix Investment Plan in Aug 2007. All dividends were reinvested by Satrix, ie every quarter more shares were bought. In July 2011, I transferred all of my "units" to an online broker and made no further purchases. For the first few months, my statements from that broker show a base cost per share of 0. Suddenly, in the March 2012 statement, it lists a cost per share, which appears to be the share price on March 16 2012. I have just sold these share...

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Do I need to file a tax return with R260 000

  Written by Alicia   Posted 24 February 2017

I am unemployed but earn interest income ( approximately R260 000 annually)from fixed term deposits
I am under 65 and contribute to medical aid and retirement annuity
Do I need to file a tax return

Procedure for replacing present accountant with TaxTim

  Written by Alicia   Posted 24 February 2017

I have an accountant doing my tax return at present, what would be the procedure for taking my present accountant off my tax account, and replacing him with you?

Company Assets

  Written by Alicia   Posted 23 February 2017

I own a small business and sold a company vehicle for more than I owed the bank is this profit on sale of assets?

Do second-hand purchases count towards expenditure?

  Written by Alicia   Posted 23 February 2017

Can I purchase 2nd hand equipment as an asset for my business and then add that full amount to my business costs? The item will come in under R7000, so I believe I can write the depreciation off within one tax year.

Why 2 returns in one month?

  Written by Alicia   Posted 23 February 2017

I have just filed a tax return in February 2017 and have to pay in an amount by end March 2017. Why am I asked to file ANOTHER tax return for provisional tax before the 28th February 2017?

Should he pay tax?

  Written by Alicia   Posted 23 February 2017

My husband is a South African citizen and he is only earning R5500 a month does he have to pay tax?

SARS wont refund me

  Written by Alicia   Posted 23 February 2017

I was a contract employee for 3 months after graduating and was taxed an amount of R4500 on a total income of R18000 for the 3 months. When I submitted my tax return, SARS said that I need to come and verify my banking details, but they dont have my banking details, what can I do to get my refund?

We earn little so should we be taxed?

  Written by Alicia   Posted 23 February 2017

I work for a small company and all of us earn salaries ranging from R3 000 to R4 500 and only the owner earns R25 000. So now the company wants to register for PAYE and UIF. So after reading through most of your articles and many other ones online I discovered there is a minimum amount per year that you have to earn and none of us reach that amount except for the owner. So does this means that the company can register for all those but not deduct anything from the rest of us but himself?

Rebate FAQs

  Written by Nicci   Posted 22 February 2017

What is a rebate?

A rebate is an amount by which SARS takes off the actual taxes owing to them. SARS will calculate the amount of tax that you owe to them, based on your income and expenses throughout the year, then if certain conditions apply, they’ll reduce the amount due.

What does a negative tax refund amount mean?
This means SARS owes you money

What do I do if my refund was paid into the wrong bank account? ...

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Audit FAQs

  Written by Nicci   Posted 22 February 2017

What is the meaning of an audit? What is an audit from SARS? SARS audit What is a SARS audit?

Being audited just means that SARS could be doing a random selection and checking that all the information submitted is the same as they have.

How long does it take for SARS to pay me after an audit? OR Payment pending an audit, how long is that? OR Payment still pending due to audit.
It can take anywhere from 24 hours to a few months. You will receive a letter of completion once the audit has been verified indicating if any changes have been made. You just have to sit tight and be patient....

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Donations FAQs

  Written by Nicci   Posted 22 February 2017

Are donations to political parties’ tax deductible?

They are deductible if the political party is a registered Public Benefit Organisation/Not-For-Profit and is registered with SARS.

Are church donations deductible?
The church should give you a receipt with a PBO/NPO/NPC number, if they don't have a number then you cannot claim the deduction. The number needs to start with a 9. It should be either 9 or 10 digits. 

Foreign gift in the form of donation OR Donation from overseas OR Informing SARS of inheritance OR Donations received from overseas...

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2017/2018 Budget - The rich are going to pay more, but what does that mean for the rest of us?

  Written by Marc   Posted 22 February 2017

Personal Tax Rates (rates below)

Individuals across the country, those qualifying above the new tax threshold of R75 750 (previously R75 000) will be paying increased taxes of R16.5bn (previously R5.65bn in actual tax increase) for the next tax year, most of this will be for high income earners, however. Taxpayers generally across the board will be earning the tiniest bit more money each year as their tax brackets...

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