Tax Q&A

Over how many years can you depreciate earthmoving equipment

Whats the depreciation on a 2006 bobcat? kindly refer to our Wear and Tear calculator

Add more than one depreciation expense

I have a laptop, tablet and cell phone that I need to depreciate, how do I do this? You calculate them individually on our Wear and Tear calculator and th

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Can I claim tax back on the materials I bought?

I am self employed and bought materials for my business, can I claim a deduction for this on my return? Yes you can, kindly ensure that you capture this ex

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Depreciation on office equipment

I am hiring office equipment such as chairs, tables etc. can I claim depreciation on it? You unfortunately can't claim depreciation on hired office equipme

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Divide pension between spouses

I am married in community of property and my wife and I are both individual provisional tax payers. I have been retired for 20 years. Can i divide my pension

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Legal tax deduction?

Good Day I would like to know who is right in this scenario: a SA resident and the SA company I work for received a construction contract in Sierra Leone, Nov

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Can TaxTim change my banking details?

I was asked by SARS to come and verify my banking details in person, can TaxTim go and do it for me? We are unfortunately not able to as SARS needs to upda

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When do I declare interest income?

I earn interest on my medical aid savings, do I declare it to SARS the day I leave the medical aid or at the end of the year I earned it? Yes you are requ

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Rental Income Tax for Foreign Non Residents

Dear Tim, I am a foreign non resident and own a property in South Africa from which I gain rental income of about R6500 gross per month, or around R4000 after

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Resignation and taxes

I have 30 years service at my current employer and my pension lump sum is R1820000. Id like to know what my taxes will be if I resign? are my 30 years taken

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How do I know the verification process are completed

Hi. I was requested to send documents for verification which I did. About four weeks later I was issued an additional IT34 (assessment) that showed no changes

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Claim for out of pocket expenses

I dont have a medical aid but I need to see a physio every week after being in a car accident last year. Cam I claim this expense on my tax return? Yes you

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Tax clearance application

How do I apply for tax clearance certificate via eFiling? You can apply for a tax clearance certificate by logging into your eFiling profile and clicking o

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Change of banking details

If I update my account details on eFiling will that be updated with SARS immediately? If your IRP5 has the same banking details then it will be changed imm

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travel claim

Can I claim for a travel expense from SARS if I was only given a travel allowance for one month in the last tax year? Yes you are still allowed to claim fo

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TAx number, where do I get it?

I lost my tax number, are you perhaps able to get it from SARS on my behalf? We are unfortunately not authorised to call SARS our behalf as you are not con

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Which package to sign up for

We are starting a new pty ltd and will be employed by the company as directors, should we sign up for SMART or ULTRA package, the company turnover is more tha

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Medical aid contribution

I pay my medical aid via my employer but they dont help me with the contribution. They do give me a medical tax credit every month, is this the right way to d

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Tax on severance package

I am about to take the voluntary retrenchment package and wanted to know if I will be taxed on my last salary along with my leave days and severance package?

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Transfer a tuck shop in my name

I am buying a tuck shop but need to know how I can register it in my name, its a sole proprietor. You don't need to register it in your own name. You would

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Can I estimate my own tax

I'm a freelancer, and I've been putting 25% aside for tax as I used to pay this amount of tax when I worked as an employee. Can I keep doing this as I am stil

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Tax due on resignation benefit

My total resignation benefit is R666 120.00 what will be my payout after tax? I'm 41 yrs old Please make use of our Lump sum calculator to work out the payo

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Donation to household family

Is monetary gifts to a spouse and kids a deductible expense and how much is allowed per year It is not deductible unfortunately.

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Donation to family members

I gave my mother and sister R25000 each, can I deduct it as an expense against my income and how much donations tax should I pay on it? You cannot deduct t

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Tax on donation

if I donate my clothes, and I get paid for it, can I claim a tax deduction for the expense? You unfortunately can't claim a deduction for income earned so

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