Personal Tax Filing Season - 1st July 2012

[Lupus]

I filed on the 3rd, I got my first payment on the 3rd, the first submission wasn't 100% right, and only got picked up after I hit submit. So I put in a revised claim hopefully it will be fine, it's only 3 docs I had to put on.

[xrapidx]

Awesome- just checked on my Status:

Dispute Case on Hold.

Someone at SARS is obviously sleeping, they disallowed the depreciation of an asset, yet taxed me on "profits" for selling the asset, you cant't do both of those.

[marco79]

Why so anxious then?

20% of return will go towards booking my December vacation accommodation.
20% repay some debts.
10% some minor home improvements.
10% shopping spree.
40% towards purchasing an investment property, or invest.

[xrapidx]

SARS have paid out less than a 1/3 of what I was expecting - while they deal with my dispute, so at least that's something in the meantime.

[Priester]

hi guys

taking a long shot here but any advice or guidance would be higly appreciated

my fiance went into labour last year and we had to fork out the whole procedure by paying cash cause she was not on medical aid, yes lesson learnt

would i be able to get something back from SARS? or is it too late to claim back because a year has gone past?

cheers

[xrapidx]

When last year?

If its between 2011/03/01 - 2012/02/29, its part of your current return.

[Priester]

it was between those dates

i read through some of the comments at www.timtax.com and found the following:

In the event that a taxpayer does not have any medical aid, but all expenditure is covered by themselves then unfortunately no tax credit will be allowed. HOWEVER this does not mean that you won’t be able to deduct any of these expenses.

What would happen is you would calculate your taxable income. Then multiply that by 7.5% and anything over the 7.5% that was spent on medical expenditure by yourself will be allowed as a deduction

[Celine]

it was between those dates

i read through some of the comments at www.timtax.com and found the following:

In the event that a taxpayer does not have any medical aid, but all expenditure is covered by themselves then unfortunately no tax credit will be allowed. HOWEVER this does not mean that you won’t be able to deduct any of these expenses.

What would happen is you would calculate your taxable income. Then multiply that by 7.5% and anything over the 7.5% that was spent on medical expenditure by yourself will be allowed as a deduction

why are you reading the USA tax returns????????

[Sinbad]

why are you reading the USA tax returns????????

Looks like correct info though...

[Celine]

Looks like correct info though...

no it's not. the 7.5% is now after "medical scheme contributions in excess of four times the total credits and out-of-pocket medical expenses can be claimed as a deduction from taxable income."

this is the SA tax version.


Medical deductions to be converted to tax credits for persons below 65 years of age
As announced in the 2011 Budget, income tax deductions for medical scheme contributions for taxpayers below 65 years will be converted into tax credits as from 1 March 2012.
The medical tax credit is a fixed amount that will be offset against tax payable. It will replace the tax deduction that was granted for medical scheme contributions, and is applicable to a person or a dependant with or without a disability.
Where a person with a disability is not involved, medical scheme contributions in excess of four times the total credits and out-of-pocket medical expenses combined in excess of 7.5% of taxable income, can be claimed as a deduction from taxable income.
For a person with a disability or with a dependant with a disability, medical scheme contributions in excess of four times the total credits and out-of-pocket medical expenses can be claimed as a deduction from taxable income.
As from 1 March 2014, these additional medical deductions claimed by taxpayers aged below 65 years will also be converted to medical tax credits at a rate of 25 per cent (33.3 per cent for persons with disabilities or dependants with disabilities).

[CrazyFig]

Ah man....submitted supporting docs they requested last week, still no refund payment yet. So I phoned them, they said its still being reviewed but they have all they need. So now I gotta wait....dammit

[Pho3nix]

Just found out I have to submit my tax returns for the first time but dont know the procedure.. Do I have to register for a tax number or do the accountants at work do it on my behalf?

[Zarathustra]

@Pho3nix, I think that you may have to do this yourself:

http://www.sars.gov.za/home.asp?pid=216

I have heard mention that via the employers e-filing software (E@syFile), applications for employee tax numbers can be done, but I cannot confirm this.

You may also find that you already have a tax reference number because one or two years ago, employers couldn't submit IRP5 via E@syFile information without having a tax reference number for each & every employee.

Maybe just phone the call center 0800 00 7277 and ask them to check using your ID number.

[Pho3nix]

Just called after speaking to the Finance Dept. at work and I do have a Tax Ref number . Going to try E-Filing tonight..

[R13...]

Just called after speaking to the Finance Dept. at work and I do have a Tax Ref number . Going to try E-Filing tonight..

You must first register for efiling if you are not yet. And because some ID verification is required it is best you do the reg during office hours because you must fax them some docs.