Tax Q&A

I have started working in July 2011 and tax is deducted in my salary. Will I get my tax money back?

As I was not supplied with the IRP5 and just got it this month. Will I get all my money back as this is the third year without claiming the money? You will o

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Are some tax payers exempt from completing a tax return in South Africa?

Are some tax payers exempt from completing a tax return in South Africa? Second question: What is the current tax threshold which I understand as not having to p

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Can I claim study fees reimbursement?

I am a salaried, permanently employed person. I claim on a semester basis (based on what I pass), the module registration fees and textbook fees. Up until abo

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IRP5 figures differ from eFiling IRP5?

My IRP5 figures (amounts of money in codes ) differ from IRP5 figures on eFiling? You need to go back to the employer and show them this and request to see t

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Why do I need TaxTim if I have eFiling?

Why do I need TaxTim if I have eFiling? THANK YOU You can deregister by logging in, and clicking your name up at the top right-hand side of the screen. This w

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Can I claim for the depreciation of my vehicle for which I get an allowance or is that included?

I get an allowance of R48 000 p.a and I incured costs of R75 000 inlcusive of the lease payment for the vehicle in my name. I also incured personal expenses of

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Provident fund payout in 2013 assessment year

Hi Tim, I received an IRP5 for provident fund for Year of assessment 2013. I included the amount of R416 363 (source code 3920) in my "income received" column,

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Registering for VAT threshold?

Do you have to register for VAT if your gross income is over R1 000 000 or only if the taxable income is over R 1000 000. Turnover needs to be more than R1 0

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I bought a flat and hire it out in order to supplement my income, how does the income tax work?

Due to medical reason I am on early retirement and receives a monthly pension. With my lumpsum I bought a flat for R840 000.00 in July 2012. My rental income is

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Timing of Bonus Payments, taxable or not?

I received a bonus for the calendar year 2011. The bonus was paid in March 2012 (after tax year 2012 ended) as the company needed to finalise year end etc. I le

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I want to know how much you must earn to be taxed?

How do u get taxed? For the 2014 tax year you would need to earn more than R67 111 per year to start paying tax.

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I received tax certificate from the medical aid there was R18 400 on it does it mean I will get that

I want to know if I will get that money after they calculated? How does it work? This means that you paid R18 400 towards your medical aid contributions.

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What does SARS mean by a Verification of Assessment letter?

Does this mean that everything is sorted and done? It means you have to submit supporting documentation in the form of all the documents you used to complete

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What about monthly expenses incurred like loan repayments and clothing ,school fees.car payments?

do we claim for tax purposes? You cannot claim personal expenses against income earned unfortunately so none of the items listed would be able to be claimed

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Over 65 tax returns. Are they still required?

I am over 65, a UK national with SA permanent residence. I have been out of SA for a number of years. My last SA tax return was in 2002. Some of my pensions are

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Tax and business Registration?

Hi TimI am looking to start a business from home. Myself as the owner and 8-9 employee's. Business could generate about R40 000 pm before deductions. Employees

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Can a wife claim on her late husband's tax?

When a spouse dies (it was after the tax year), is the spouse entitled to claim this? If so, would it need to go through the estate or would it go directly to t

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How do I know if SARS has completed assessing my return?

HI thereI have submitted my return and my eFiling status says assessment received. I have received my ITA34 and have drawn up my Statement of accounts on my pro

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How much will I get out from a R500 000 cash prize in a competition after tax.

What amount will be paid for tax when I receive R500 000 lump sum in prize money from a competition? It would not be taxable as it seen as a "fortuitous gain

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Claim back for giving to PBO?

What is the source code to claim on my tax return from giving to a public benefit organization? You would include this amount under the "other deductions" p

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Are student loan repayments tax deductible?

I am employed full time, and was wondering if student loan repayments are tax deductible? Unfortunately student loan repayments are not deductible for tax pu

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I am part of a CC and I work for another company as well, what are my tax obligations?

I am part of a CC and work for another company as well, what I would like to know is, when I do my tax return it asks me if I am a member of a CC and then asks

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Retirement Annuity and Pension Fund claims on the ITR12 tax return?

I know you claim the RA under the deductions on the ITR, but can you claim the premiums paid toward a pension fund as well and if you can where? Did you cont

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What do I Submit my ITR12 Income tax return?

Good Day,In 2011, I finished at a company at the end of April 2011. I received an IRP5 and submitted this. In September of 2011 I started work at a new company

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I would like to print a IRP5 from my company from the SARS website?

My previous company are taking their time in sending me my IRP5 and so would like to download it from the SARS website so I can complete my tax return? If it

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