SARS E-Filing 2016

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I was unemployed for the entire tax season and zero tax was paid. In this period I continued paying for my medical aid for the full period and have additional medical expenses that were not covered.

If I complete my tax submissions will I get the tax credit refunded or will I get zilch because I didn't pay any income tax for the tax year in question?
 
momo235 said:
I was unemployed for the entire tax season and zero tax was paid. In this period I continued paying for my medical aid for the full period and have additional medical expenses that were not covered.

If I complete my tax submissions will I get the tax credit refunded or will I get zilch because I didn't pay any income tax for the tax year in question?
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You will not get a refund and the medical aid tax credit can't be carried forward.

Medical aid contribution is a tax credit on tax already paid.
 
signates said:
You will not get a refund and the medical aid tax credit can't be carried forward.

Medical aid contribution is a tax credit on tax already paid.
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Thanks. Was hoping I get something back to pay for the losses .
 
I apologize if this has been covered already, but I need some advice regarding the rental income section. Under the rental section expenses, there is a section for "Depreciation" and "Interest". Where do I get the official numbers for these, as I believe the interest paid would be my bond payments, as the unit is still fairly new? Also, what would be the supporting documents for these? Just my normal bond statements?

Thanks
 
w@nted said:
I apologize if this has been covered already, but I need some advice regarding the rental income section. Under the rental section expenses, there is a section for "Depreciation" and "Interest". Where do I get the official numbers for these, as I believe the interest paid would be my bond payments, as the unit is still fairly new? Also, what would be the supporting documents for these? Just my normal bond statements?

Thanks
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SA Home Loans has a downloadable tax certificate on their site for example, so you home loan provider is the source of that.

Don't think you will have depreciation.

And your bond payments are not enough, because you do pay a portion towards repaying your capital and that has to be excluded.
 
supersunbird said:
SA Home Loans has a downloadable tax certificate on their site for example, so you home loan provider is the source of that.

Don't think you will have depreciation.

And your bond payments are not enough, because you do pay a portion towards repaying your capital and that has to be excluded.
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just the interest can be claimed back on the bond front. this issue and the shares thing might make me go to a tax person for the first time.
 
supersunbird said:
SA Home Loans has a downloadable tax certificate on their site for example, so you home loan provider is the source of that.

Don't think you will have depreciation.

And your bond payments are not enough, because you do pay a portion towards repaying your capital and that has to be excluded.
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Thanks for the feedback, managed to get the Tax certificate from ABSA for the home loan.
Ai, ok I need more help please. Some more details:
I have only started to rent out the unit since November last year, so 4 months worth of rental income.
So when I calculate my tax return using this 4 months income and 4 months worth of bond interest (calculated from tax certificate) and 4 months of levies as expenditures, I get a nett income loss. (Which is true as the rental income does not cover all the costs and levies). I phoned SARS and according to the agent, I must only include the income and not the expenditures. This does not give me a good tax return as can be expected. Why should I not include my expenditure?

SO even on SARS website it says that levies and interest paid can be used to reduce the rental income. So why would the SARS agent have a different story? :mad:
 
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w@nted said:
Thanks for the feedback, managed to get the Tax certificate from ABSA for the home loan.
Ai, ok I need more help please. Some more details:
I have only started to rent out the unit since November last year, so 4 months worth of rental income.
So when I calculate my tax return using this 4 months income and 4 months worth of bond interest (calculated from tax certificate) and 4 months of levies as expenditures, I get a nett income loss. (Which is true as the rental income does not cover all the costs and levies). I phoned SARS and according to the agent, I must only include the income and not the expenditures. This does not give me a good tax return as can be expected. Why should I not include my expenditure?
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You can include them, i will go check my ITR12 when back at my desk.
 
The tax paid by my SO varies every month. anyone know why?
She has a fixed monthly salary...

In Jan, she paid over R1000 more tax than what I calculated she should and every month since then there's been a difference of R100-400 from the previous month.

Is it just her payroll people messing up?
 
w@nted said:
Thanks for the feedback, managed to get the Tax certificate from ABSA for the home loan.
Ai, ok I need more help please. Some more details:
I have only started to rent out the unit since November last year, so 4 months worth of rental income.
So when I calculate my tax return using this 4 months income and 4 months worth of bond interest (calculated from tax certificate) and 4 months of levies as expenditures, I get a nett income loss. (Which is true as the rental income does not cover all the costs and levies). I phoned SARS and according to the agent, I must only include the income and not the expenditures. This does not give me a good tax return as can be expected. Why should I not include my expenditure?

SO even on SARS website it says that levies and interest paid can be used to reduce the rental income. So why would the SARS agent have a different story? :mad:
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The SARS agent is incompetent.

As Supersunbird says, all expenses related to renting out the property can be taken into account. If you need to drive to the property once a month to do an inspection, this travel expense can be included, telephone calls to the tenant can also be included. Basically any expense that you would not have incurred had you not owned the property and rented it out.
 
PsYTraNc3 said:
The tax paid by my SO varies every month. anyone know why?
She has a fixed monthly salary...

In Jan, she paid over R1000 more tax than what I calculated she should and every month since then there's been a difference of R100-400 from the previous month.

Is it just her payroll people messing up?
Click to expand...

The tax rates change in March every year so there should only be a difference in PAYE between Feb and March.

If there is a difference every month then its most likely that the payroll is being done manually and not through a proper payroll software like Sage.
 
signates said:
The SARS agent is incompetent.

As Supersunbird says, all expenses related to renting out the property can be taken into account. If you need to drive to the property once a month to do an inspection, this travel expense can be included, telephone calls to the tenant can also be included. Basically any expense that you would not have incurred had you not owned the property and rented it out.
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Thank you. This corresponds exactly with SARS website and how I understand it. Must be a rookie SARS agent.
 
I deducted my interest on the home loan, the municipal rates, the levy and the tiling that had to be done in the bottom storey (the carpets were f'kd)
 
Thanks for all the feedback. Would you agree that I ratio the total yearly interest paid on the bond (total on bond tax certificate) to monthly amounts, to calculate the interest paid for the 4 months I have been renting the property out?

I only started renting the place out since November last year, after I moved to a different home.
 
w@nted said:
Thanks for all the feedback. Would you agree that I ratio the total yearly interest paid on the bond (total on bond tax certificate) to monthly amounts, to calculate the interest paid for the 4 months I have been renting the property out?

I only started renting the place out since November last year, after I moved to a different home.
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Ah, so you lived in it and paid the bond before you started renting it out? You might need to look at your statements to see the interest paid for those 4 months, it fluctuates.
 
supersunbird said:
Ah, so you lived in it and paid the bond before you started renting it out? You might need to look at your statements to see the interest paid for those 4 months, it fluctuates.
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Yes exactly. I will look at the statements thanks
 
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