SARS 2010 returns turn-around time.

I filed today. Will post once I get any feedback. Has anyone ever used that calculator and not had heart failure?
 
Filed on Friday afternoon, Assesment was done this morning. I owe SARS 8c. :D
 
CodeMaster said:
OK, I have a question.
For the first time ever, I have used up my full MSA with Discovery when my twins were born in January. I ended up footing a bill of around R10k which is reflected on my Discovery Tax Certificate. Where would I put this tax deductible amount on my efiling return? And what % can I expect back?
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That would form part of your qualifying medical expenses not claimed from the medical fund (this paid from your own pocket). I think it is the very next field after the one where you put in your contributions for the year. Add to that the amount of your contributions that exceeds the monthly capping amount, and you get your qualifying medical expenses. Depending on your taxable income after all other deductions but before medical (Lets call it X), the amount of your qualifying medical expenses exceeding 7,5 % of X, is deductable in addition to your capping amount. Say you were taxed at 25% before the medical deduction, you basically save 25% of your medical bill that you paid out of your own pocket. But for filling out the return you only have to state the number of benificiaries for each month, the medical fund contributions and the total expenses paid yourself, the rest is computed automatically by SARS.

My GF had a R26 500 bill that she paid herself, but it only made a difference of about R5 000 to her refund, had she not had the R26 500 expense. Roughly 18% of the amount because she gets taxed at 18%. The more you earn the less the medical deduction above that of the cap, because only expenses exceeding 7,5% of your taxable income is deductable over and above the capping amount.
 
I owe SARS 8c.
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Expect it to accumulate interest :P

k, time for my stupid question. Which one is it that you get back? The negative or positive total?
 
CodeMaster said:
OK, I have a question.
For the first time ever, I have used up my full MSA with Discovery when my twins were born in January. I ended up footing a bill of around R10k which is reflected on my Discovery Tax Certificate. Where would I put this tax deductible amount on my efiling return? And what % can I expect back?
Click to expand...

Section 4020 under medical deductions
 
filed mine today, expexting my refund by wednesday/thursday,
last year was 3 days, and i got the refund on a saturday
 
According to the calculater SARS will owe me R0.99 (99 cents) if just using my salary

Unfortunately i get rental income and they want provisional tax for that, luckily I rent out at a loss. So I deduct those expenses, get a tax return, then use that tax return to pay the provisional tax, sick system huh?
 
Stefanmuller said:
That would form part of your qualifying medical expenses not claimed from the medical fund (this paid from your own pocket). I think it is the very next field after the one where you put in your contributions for the year. Add to that the amount of your contributions that exceeds the monthly capping amount, and you get your qualifying medical expenses. Depending on your taxable income after all other deductions but before medical (Lets call it X), the amount of your qualifying medical expenses exceeding 7,5 % of X, is deductable in addition to your capping amount. Say you were taxed at 25% before the medical deduction, you basically save 25% of your medical bill that you paid out of your own pocket. But for filling out the return you only have to state the number of benificiaries for each month, the medical fund contributions and the total expenses paid yourself, the rest is computed automatically by SARS.

My GF had a R26 500 bill that she paid herself, but it only made a difference of about R5 000 to her refund, had she not had the R26 500 expense. Roughly 18% of the amount because she gets taxed at 18%. The more you earn the less the medical deduction above that of the cap, because only expenses exceeding 7,5% of your taxable income is deductable over and above the capping amount.
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why do you find it necessary to go into unnecessary detail when all the man asked was where he needed to fill in the excess. don't start confusing people.
 
Celine said:
why do you find it necessary to go into unnecessary detail when all the man asked was where he needed to fill in the excess. don't start confusing people.
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He asked how much he is expected to get back from his medical bills, so I indicated how it works and how it is computated. Often people think they get everything back, when in fact it depends mostly on your taxable income, so often they don't understand why they got back so little. Sorry if I confused anyone, if you read my post you will see that I answered his question, and just gave some additional info, and indicated what he needs to fill in.
 
Okay one question, I filed my first return on the 1st but made a mistake on it, so I asked for a recalculate, I sorted out the new return and filed it, but then the next day my company told me to not file any returns cause they submitted the wrong IRP5 forms? I then asked for a recalculate on that return but now for some reason I've gotten an IT34 and an ITSA, with SARS saying they've received my return but it's not been assessed properly yet? Did they get version 2 and are awaiting documentation on version 2?
 
Lupus said:
Okay one question, I filed my first return on the 1st but made a mistake on it, so I asked for a recalculate, I sorted out the new return and filed it, but then the next day my company told me to not file any returns cause they submitted the wrong IRP5 forms? I then asked for a recalculate on that return but now for some reason I've gotten an IT34 and an ITSA, with SARS saying they've received my return but it's not been assessed properly yet? Did they get version 2 and are awaiting documentation on version 2?
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have a look at which version is currently on the system. SARS will indicate if they are waiting for documents to be uploaded or not. if it says "waiting for documents to be uploaded" then you need to submit the documents.
 
All three are currently on the System, but the one is saved as I'm waiting for my IRP 5 to fix it or leave it depending on if the IRP 5 is incorrect.
 
Request to submit supporting docs - so I've just done that - lets see how long now.

I see last year they took about 20-days to pay out after submitting the docs.

Not sure if they'll approve everything, I spent a good R80,000 restoring my S2000 to almost new condition last year, and although some of the things were required, i.e. clutch and roof, totalling already R30,000 - not sure if SARS will see it that way
 
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