SARS E-Filing 2016

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zerocool2009 said:
And if the new shares bought is making a profit, must I leave that totally ?

Sorry for all the questions regarding dividends .... My tax was usually easy with only interest that was added... But with all the documents coming in (I don't know what where who). So I am trying to figure it out
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CGT only comes into play when you sell the shares and the loss/profit is realised. If you still own the shares then you do not include it. The "profit" on shares still held by you is not really a profit until you sell those shares.
 
The_Mowgs said:
As far as I know yes. Just insert vehicle details, cost price of vehicle, opening and closing km and business km driven for the financial year. With 30 000km it should be hefty amount you get back.

Hope you kept a logbook seeing as they will probably ask you to submit it for verification.
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Thank you. What is a hefty amount? I did keep a log book.
 
signates said:
CGT only comes into play when you sell the shares and the loss/profit is realised. If you still own the shares then you do not include it. The "profit" on shares still held by you is not really a profit until you sell those shares.
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Ok, so if I have a few policies, and don't sell anything, don't declare it ?
 
signates said:
Yes, unless they are RA policies where you made a contribution during the tax year.
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Ok thanks ... That answer my question.

I know of only one policy where shares was sold, and bought again because the portfolio did bad !

But then again ...

Interest earned should be declared right ? As well as dividends earned ?
 
wabbit16 said:
You should get close on R13K or so back by my estimations
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Thank you. Was just worried about the amount. Getting back bit more than that but that's also due to ra and medical aid.

Was kinda scared about the value.
 
zerocool2009 said:
Ok thanks ... That answer my question.

I know of only one policy where shares was sold, and bought again because the portfolio did bad !

But then again ...

Interest earned should be declared right ? As well as dividends earned ?
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You should have received an IT3b/c from the investment company indicating interest and dividends earned and if it was local or foreign and should be included in your tax return.
 
signates said:
You should have received an IT3b/c from the investment company indicating interest and dividends earned and if it was local or foreign and should be included in your tax return.
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Thanks ! :) Ok, let me group all the source codes together and add up ! thanks
 
Is it worth using the deprecation section if you have apartments that you rent out, with appliances in ?
 
zerocool2009 said:
Is it worth using the deprecation section if you have apartments that you rent out, with appliances in ?
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I would squeeze out everything that I can legally claim back. If you are in the 20% tax bracket and you have R2k of depreciation for the year, it would equate R400 back or R400 less tax to be paid.

Just bear in mind that if they are replaced, the expense will be a capital one and not included in your tax return.

Keep an asset register showing the annual depreciation. It might be a bit of an effort to setup initially but should be simple going forward.
 
signates said:
I would squeeze out everything that I can legally claim back. If you are in the 20% tax bracket and you have R2k of depreciation for the year, it would equate R400 back or R400 less tax to be paid.

Just bear in mind that if they are replaced, the expense will be a capital one and not included in your tax return.

Keep an asset register showing the annual depreciation. It might be a bit of an effort to setup initially but should be simple going forward.
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Time isn't an issue. My issue is, I had the apartments for a few years now, and the appliances as well !
 
zerocool2009 said:
Time isn't an issue. My issue is, I had the apartments for a few years now, and the appliances as well !
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I would claim the depreciation from the beginning and put it through this year.

E.g.

Microwave = R2000 purchased in 2013. Current value = R500.00. Depreciation claimed = R2000 - R500 = R1 500.00.

If you are selected for verification, you only need to provide the asset register showing how the depreciation was calculated. Don't depreciate to zero as there is always a scrap value attached. If the asset is scrapped, you can then depreciate to zero.
 
Section 10(1)(o)(ii) Exemption from income tax: Foreign employment incom

I worked on a project outside of South Africa. For the 12 month calendar period from 1-Oct-2014 to 30-Sept-2015 I spent 288 full days out of the country including one 66 full day period.

I should be able to claim exemption from income tax for the period spent out of the country.

I have some questions which the SARS call centre agent could not help with. I am waiting for a call back from SARS from someone more technical, but it could take up to 3 weeks to get back to me.

Anyhow, thought I'd post here in case someone has experience with this or can recommend a good practitioner to assist:


Amount received and/or accrued in respect of foreign services rendered:
Which codes from my IRP5 would be qualifying income? I have the following:
  • Income (PAYE) 3601
  • Annual Payment (PAYE) 3605
  • Travel Allowance (PAYE) 3701
  • Gen. Fringe Benefits (PAYE) 3801
  • Medical Aid (PAYE) 3810

Payment received out of the 12 month period
Suppose I worked overtime in Sept-2015, and only received payment with the Oct-2015 payroll. Can I still include this as income related to foreign services even though it was paid outside of the 12 month period considered?


Amounts considered Non-Taxable:
I assume I would take the portion of the above income related to the 288 days spent out of the country?

Which tax return do I use to claim exemption
Do I claim the full exemption with my 2016 tax return, or only the portion that relates to the 2016 tax year, followed by an objection to my 2015 tax assessment? With my 2015 tax return, I had not spent enough days out of the country yet to claim exemption.
 
Muks said:
I worked on a project outside of South Africa. For the 12 month calendar period from 1-Oct-2014 to 30-Sept-2015 I spent 288 full days out of the country including one 66 full day period.



I should be able to claim exemption from income tax for the period spent out of the country.



I have some questions which the SARS call centre agent could not help with. I am waiting for a call back from SARS from someone more technical, but it could take up to 3 weeks to get back to me.



Anyhow, thought I'd post here in case someone has experience with this or can recommend a good practitioner to assist:





Amount received and/or accrued in respect of foreign services rendered:

Which codes from my IRP5 would be qualifying income? I have the following:

  • Income (PAYE)3601
  • Annual Payment (PAYE)3605
  • Travel Allowance (PAYE)3701
  • Gen. Fringe Benefits (PAYE)3801
  • Medical Aid (PAYE)3810



Payment received out of the 12 month period

Suppose I worked overtime in Sept-2015, and only received payment with the Oct-2015 payroll. Can I still include this as income related to foreign services even though it was paid outside of the 12 month period considered?





Amounts considered Non-Taxable:

I assume I would take the portion of the above income related to the 288 days spent out of the country?



Which tax return do I use to claim exemption

Do I claim the full exemption with my 2016 tax return, or only the portion that relates to the 2016 tax year, followed by an objection to my 2015 tax assessment? With my 2015 tax return, I had not spent enough days out of the country yet to claim exemption.
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On mobile so will be brief.

I would suggest you get a professional to assist. Even if only for this year.

Most don't go the Tax Practitioner route because of the assumed costs. Ask yourself, "How long will this take me to do myself and what is my time worth to me?". Time is money, and sometimes more valuable than physical cash spent.
 
signates said:
On mobile so will be brief.

I would suggest you get a professional to assist. Even if only for this year.

Most don't go the Tax Practitioner route because of the assumed costs. Ask yourself, "How long will this take me to do myself and what is my time worth to me?". Time is money, and sometimes more valuable than physical cash spent.
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Any recommendation for a good practitioner?
 
Muks said:
Any recommendation for a good practitioner?
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I'm one but would rather have someone else either vouch for me or to recommend you someone before recommending myself.

I'm based in CT but have clients in Gauteng and here. Email has made the world a small place with no need for physical interactions.
 
signates said:
I'm one but would rather have someone else either vouch for me or to recommend you someone before recommending myself.

I'm based in CT but have clients in Gauteng and here. Email has made the world a small place with no need for physical interactions.
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PM sent.
 
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