A thread for sharing advice.
TAX SEASON ( the tips and tricks thread)
A thread for sharing advice.
Tip nr 1: Avoid at all costs.
be honest, bubba is not going to be friendly.
Last edited by gboy; 28-08-2008 at 10:22 PM.
Speak to a tax consultant before doing anything. They are worth their fees in gold.
agreed....
....flip, i only earn a small salary with just pension and med aid, and normally i only for something like r1 back or owe r1. then for the last 2yrs i got someone to do it for me (for about r250) and each time i got way more over that amount back..
Me fail English? That's unpossible.
you have to know the 5 "D"s of dodgeball;..dodge;.duck..dip;..dive and dodge
riiiiiight - i haz efiled
/now the wait to see what i get if any
"The oldest and strongest emotion of mankind is fear, and the oldest and strongest kind of fear is fear of the unknown" - H.P. Lovecraft
Last year's tax I eFiled on the 29th of this year - got R2500 back 5 days later!!! eFiling rocks... Hope this yr (w/ travel allowance and crappy mediacl aid) I can multiply that by 10!
I cannot seem to submit on efiling.
I keep on getting an error after i press 'file' or 'save online'.
Any advice?
what is the error you are getting, last year i had to save it to pdf and from there send the file to sars which worked.Originally Posted by marco79
tax calculator, in the last bit where it says Tax Calculation. (...not being the final reflection/findings...)
if its like this for example:
Normal Tax on Taxable Income: R100
Rebates: R20
SubTotal: R80
Employees' Tax and Tax Credits: R50
Calculated Result: R30
does that mean i would have to pay in R30, when the Employees' Tax and Tax Credits is less than SubTotal ?
Last edited by Pr⊕phet; 18-09-2008 at 09:46 AM.
"The oldest and strongest emotion of mankind is fear, and the oldest and strongest kind of fear is fear of the unknown" - H.P. Lovecraft
offline
6 years on this forum...but will I survive another 6
...
anyone know of an efiling simulator with a little more input boxes than this http://yourtax.co.za/tax-calculator.py/tax_2008
Ok, I see that once you have submitted your return, it opens a box where you cab calculate or see whats the amount that will probably be required to pay....it was very close (withing a few bucks) compared to the one in my post above.
yay, got assessment and sars is paying me *phew* allot better than me paying them
"The oldest and strongest emotion of mankind is fear, and the oldest and strongest kind of fear is fear of the unknown" - H.P. Lovecraft
It's very important to know what you are entitled to deduct from your income when it comes to tax return time.
For the landlords out there renting out property:
1. Remember that you can claim financing costs as a business expense i.e. the interest portion of your bond repayment.
2. Repairs to your property are also deductible as long as its not expenses of a capital nature i.e. improvements
Don’t push this too far and make huge losses on your property or SARS will “ring-fence” the losses and the income received from that property which means you can’t subtract any of those losses from your overall income. If you read the “ring-fencing” article of the Act, you’ll see you can prevent this by showing your business will be showing a profit soon.
Also note that later you should try and balance the income you receive from the property with the interest portion of your debt. If the property is mostly paid off, the interest portion may be smaller than the income you receive resulting in the extra income being taxed at your marginal tax rate. It could be to your advantage to refinance, take money out of your bond to make sure your interest payments and income just about cancel out and reinvest the money you’ve taken out the bond elsewhere in your portfolio. Excel is your friend
For the past three years I've had to write SARS and explain to them where they've made mistakes with my yearly returns. Usually end up having to quote legislature to prove my point since they are quite used to work from rule-of-thumbs.
Been worth it though
Of course tax evasion is illegal. Tax minimization on the other hand is your right.
Id like to know this also.. anybody?
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