TAX SEASON ( the tips and tricks thread)

[nathank]

I need some advice:

My employer gives us lunch at work. They add this as a benefit on our cost to company. I am then taxed on this benefit. Is this right? From what I read on SARS website, if the food is provided by the company then it should have no taxable value, and thus not be taxed.

[Celine]

is it reflected under code 3804 on the IRP5 certificate? if so then it is correct and it hasn't been taxed.

[mike99]

I need some advice:

My employer gives us lunch at work. They add this as a benefit on our cost to company. I am then taxed on this benefit. Is this right? From what I read on SARS website, if the food is provided by the company then it should have no taxable value, and thus not be taxed.

In terms of para 8(3)(b) of the 7th Schedule, it should be exempt: "No value shall be placed on ... any meal or refreshment supplied by an employer to an employee during business hours or extended working hours or on a special occasion."

[mon100]

hi there.
Have a question related to tax on bonuses.
every quarter, we receive a performance bonus. this is worked out as a percentage of monthly salary. so if i earn R10000 and my percentage was 50%, then i would receive R5000 on top of my salary.
there was a discrepancy last quarter where the %'s used to calculate the bonus, where incorrect.
they went ahead and paid the incorrect amounts out.
e.g.
Monthly earning - R10000
% suppose to have been paid - 50%
% actually paid - 60%.
difference of 10% = R1000 paid extra to me.
total supposed to have been earned - R15000
total actually earned - R16000
the following month, they deducted the difference (R1000) from my salary.
my question is this: i paid tax on that difference. how would this be corrected?
Thanks

[dheshenp]

Anybody know if I make a capital gain in my trust and want to distribute it to the beneficiaries, must I distribute the whole gain or can I just distribute part thereof? Thanks in advance..

rather distribute the entire capital gain or vest it to the ben.

Reason, natural persons have a lower inclusion rate and also have a R20 000 annual exclusion.

PS: there is a way that a natural person can get 10 times(200 000) their annual exclusion...and its easy.... And will make the world a better place.... Any1 wants to know how?

[CrazyFig]

I just did a tax calculation and the value is -R4000 odd, does this mean I pay in or SARS are paying me? Thought they were making it even easier this tax season

[bilal786]

I just did a tax calculation and the value is -R4000 odd, does this mean I pay in or SARS are paying me? Thought they were making it even easier this tax season

If The TAX calculation show -Rxxxx then it means a refund is due to u

[CrazyFig]

If The TAX calculation show -Rxxxx then it means a refund is due to u

Thanks for the info. Well that's a pleasant surprise...lets just hope I have entered everything correctly

Only had med aid details to add and one RA value...so couldnt have stuffed if up that bad to mess up my return. Think its right

[GrootBaas]

Thanks for the info. Well that's a pleasant surprise...lets just hope I have entered everything correctly

Only had med aid details to add and one RA value...so couldnt have stuffed if up that bad to mess up my return. Think its right

I find that people do the medical aid one incorrectly sometimes if some of the amounts are already included on your IRP5. For some reason it is setup so that you should only enter medical aid costs that doesn't reflect on your IRP5, yet for the annuity you have to enter the total amount of contributions (including the amounts on your IRP5).

Submitted my return on the 1st, got my money this morning.

[genetic]

I just got short of R3,000 back from SARS!!

Going straight into my credit card! I wish every government department was as efficient as SARS.

[czc]

Which IT3b do I use the one ending the year 2011 or do I have to wait for one to still arrive?

[STS]

"Saved with invalid bank details"

oh boy ...

[AirWolf]

"Saved with invalid bank details"

oh boy ...

Did you change the details from last year?

[isie]

Hi Tax Fundies

I normally have a pretty simple tax return, but I now have a Life insurance policy, and recieved a document proof of payment for INCOME DISABILITY BENEFIT , do i need to add this to my tax retuern and if yes where?

[eehellfire]

Hi Tax Fundies

I normally have a pretty simple tax return, but I now have a Life insurance policy, and recieved a document proof of payment for INCOME DISABILITY BENEFIT , do i need to add this to my tax retuern and if yes where?

If it's a PPS policy, don't bother.
If it isn't a PPS policy, then I'm sure someone here can help you.