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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Refunded tax-invoice does not include the tax portion only the service fee before tax.

  Written by Alicia   Posted 22 February 2017

I pay Eskom directly for electricity. Every few months they overcharge and I have get them to refund and rebill. The issue here is that they only refund the service fees, never the tax portion. For example, last month they charged me R 1223. 22 Inc vat. This was incorrect. They refunded me R 1073. 00. And then charged me the correct amount + vat. How do I claim for the money paid in vat, if I even can?

I'm not sure if this is the correct forum for my query but I have no idea wher...

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How will tax work on my bank account with other peoples money in it?

  Written by Alicia   Posted 21 February 2017

Me and five members of my family want to start investing. Before the profits will be paid out the company that does the investments does the tax part on it and then pay us the profits. What I want to know is, if they pay the family members profit into my bank account with my profit will there be any problems with tax on my side because all the money is going to my account. The company will send each of us an IRP5 at the end of the season so that each of us can fill in our tax return.

SARS refund document verifiction

  Written by Alicia   Posted 21 February 2017

Hi, I have filed tax returns with SARS through a practitioner in 2016 for the period (Aug 2015 - Jan 2016) when I was working in SA but I have been notified by SARS to verify bank account and address. As I am not staying in South Africa any more and currently in USA, can not go personally to SARS branch. There are some additional things to this now. I sent scanned copied of the documents like address proof and FNB bank account confirmation along with employment proof and passport to practitione...

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Getting paid in dollars

  Written by Alicia   Posted 20 February 2017

Hi, I am working for an overseas startup. I get paid in dollars. For the last six months I have been getting $500 a month. Starting this month I will be getting incentives as well. It is below the salary for tax but I'm not sure how it works with an overseas company?

Rental expenses claim during the next tax year

  Written by Alicia   Posted 20 February 2017

If I spent more on maintenance of my rented granny flat than I earned in rent can I offset it over several years?

Is this allowed by SARS?

  Written by Alicia   Posted 20 February 2017

Can I contribute 27.5 of my income to a pension even if my employer only allows me to contribute 10% through them to our work pension fund?

Tax on CCMA settlement

  Written by Alicia   Posted 17 February 2017

I am about to receive a CCMA settlement and was told by my previously employer that I will be taxed on it, is this right as this will be my first income after 8 months of fighting for it?

Sale of rental property

  Written by Alicia   Posted 17 February 2017

My son works abroad, but he owns a rental property in South Africa which he sold recently. Is he required to pay capital gains tax on the proceeds?

Are foreign students required to pay tax on their earnings for part-time work?

  Written by Alicia   Posted 17 February 2017

My son is a foreign student studying for his degree at a South African University. He has a valid Study visa and is permitted under this visa to work 20 hours per week. His employer wants to pay him a salary of R10,000 per month. Firstly does my son have to pay tax on this and if so, how does he register with SARS without a SA Identity document?

Depreciation FAQs

  Written by Nicci   Posted 17 February 2017

What constitutes wear and tear? What is depreciation? What is the depreciation limit?

Wear and Tear or Depreciation is the decrease in value of an asset. SARS allows you to deduct this decrease each year based on the tables. See here for the latest Depreciation Calculator

Can I claim depreciation for my car as a sole proprietor if I have a log book by using the tax table?
You would be able to depreciate your car over 5 years, but you need to then apportion it for the use of business travel based on the logbook...

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Do I need to file old returns to obtain refund, even if I fell below the tax filing threshold?

  Written by Alicia   Posted 17 February 2017

SARS want to me file all my previous tax returns in order to receive my refund for this year. In 2011 I tutored at a university and earned below the tax filing threshold and therefore did not file my tax return. How do I file my tax return now for 2012 or how do I show SARS that I didn't need to?
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