SARS E-Filing 2017

[srothman]

You guys would't happen to have an Old Mutual RA by any chance?

Liberty though...

 

[C_4]

Hi all, I have a few questions about property rental tax:

1. If the income I receive is (base rental + electricity), do I include this total as 'Rental Income' on the ITR12? Or is it just the base rental
part? I'm also deducting the electricity as an expense
E.g. Is 'Rental Income' (R7000 base rental + R200 electricity) x 12 or just R7000 x 12?

2. Do I need to enter the unique identifier from the previous year? What is it used for?

3. If I received March 2017 rental money end of Feb 2017, do include it? Likewise, if I received Feb 2017 rental in March 2017, do I include it?

Thanks!

 

[meduffield]

Hi there. I submitted my return via e-filing 1 July. As I changed my bank account details I was requested to supply verification documents. I did so and got a assessment letter confirmation on the 4th of July that my return had been verified and that there were no changes to the original assessment. It is now the 9th and I haven't received my refund. Usually it shouldn't take this long after everything has been finished up. Any idea why it could be taking so long? And when I could expect my payment?
Thanks

 

[Dianysis]

Hi there. I submitted my return via e-filing 1 July. As I changed my bank account details I was requested to supply verification documents. I did so and got a assessment letter confirmation on the 4th of July that my return had been verified and that there were no changes to the original assessment. It is now the 9th and I haven't received my refund. Usually it shouldn't take this long after everything has been finished up. Any idea why it could be taking so long? And when I could expect my payment?
Thanks

Some have already been paid out.
Others are still waiting (e.g. I submitted on 30 June and I am still waiting).
Kind of luck of the draw at the moment.

 

[PhireSide]

Best would be to request a correction.

You will get a letter stating that your current verification failed (or something to that effect). You will get another letter stating that you have been selected for audit and need to submit supporting documents. Practically there is very little difference between verification and audit (at least at this stage)

Thanks Koosvanwyk. Do you work with tax for a living? I see you are quite knowledgeable in the Efiling threads on here.

I am busy with my correction but I see that the corrected IRP5 that I have been sent by my previous employer has an amount under the Dceductions/Contributions/Information fields with a source code of 4582 which is defined as the following:

REMUNERATION - Value of remuneration included in codes 3701/3752, 3802/3852, and/or 3816/3866 for the purpose of the allowed deduction i.r.o. pension, provident and retirement fund contributions.​

This amount is not totalled up under the 'Total Deductions/Contributions/Information' field and also does not reflect on SARS' side under the prepopulated fields in my e-filing form.

Is this something I need to be worried about before I submit? I presume this amount is some calculation to do with my travel allowance but I would rather double check before submitting and realising afterwards I made a bugger-up

 

[AadilG]

Hi there. I submitted my return via e-filing 1 July. As I changed my bank account details I was requested to supply verification documents. I did so and got a assessment letter confirmation on the 4th of July that my return had been verified and that there were no changes to the original assessment. It is now the 9th and I haven't received my refund. Usually it shouldn't take this long after everything has been finished up. Any idea why it could be taking so long? And when I could expect my payment?
Thanks

Bud did you just have to upload your new baking details or did you have to go into the branch

 

[supersunbird]

You guys would't happen to have an Old Mutual RA by any chance?

Moms got an RA, it didn't roll over like it should, lodged dispute, the money SARS shows as due still has paid out.

 

[AndyT1]

Hi all, I have a few questions about property rental tax:

1. If the income I receive is (base rental + electricity), do I include this total as 'Rental Income' on the ITR12? Or is it just the base rental
part? I'm also deducting the electricity as an expense
E.g. Is 'Rental Income' (R7000 base rental + R200 electricity) x 12 or just R7000 x 12?

2. Do I need to enter the unique identifier from the previous year? What is it used for?

3. If I received March 2017 rental money end of Feb 2017, do include it? Likewise, if I received Feb 2017 rental in March 2017, do I include it?

Thanks!

1. You must show all income from your rental property, even if it is " in and out again" - like your electricity expenses.
Then show it as an expense as you said.

2. Yes you must use the unique identifier. They will use the lack of one to pick up if you have added additional rental properties, as they did with me. Then it's audit time ...................

3. I stand to be corrected, but you must show all income received in the actual year of assessment, even if it was for the previous / following month. Any money received in March 2017 should be declared in the next tax year. If you received March 2017 rental in Feb 2017 then declare it.

 

[C_4]

1. You must show all income from your rental property, even if it is " in and out again" - like your electricity expenses.
Then show it as an expense as you said.

2. Yes you must use the unique identifier. They will use the lack of one to pick up if you have added additional rental properties, as they did with me. Then it's audit time ...................

3. I stand to be corrected, but you must show all income received in the actual year of assessment, even if it was for the previous / following month. Any money received in March 2017 should be declared in the next tax year. If you received March 2017 rental in Feb 2017 then declare it.

Great, thanks for the help

 

[Ho3n3r]

You guys would't happen to have an Old Mutual RA by any chance?

Nope.

No. My refund is just made up of tax credits for medical aid.

Same, and not selected for audit either. It showed Assessed on Monday already.

 

[meduffield]

Hi. I just uploaded the document from the bank to e-filing, can't remember the code, but it was the same one that sars requested. Just for good measure I also uploaded my IRP5 and medical aid tax certificate. My current efiling status is "correction filed" and Sars status is "return assessed". Then, I received a completion letter, with subject line "verification of assessment". I which states that no adjustment has been made to the assessment.
So I am presuming that the verification was all good and that the amount originally calculated as owed to me should be paid out?

 

[supersunbird]

Hi. I just uploaded the document from the bank to e-filing, can't remember the code, but it was the same one that sars requested. Just for good measure I also uploaded my IRP5 and medical aid tax certificate. My current efiling status is "correction filed" and Sars status is "return assessed". Then, I received a completion letter, with subject line "verification of assessment". I which states that no adjustment has been made to the assessment.
So I am presuming that the verification was all good and that the amount originally calculated as owed to me should be paid out?

Yes

 

[FlashSA]

From recent media articles, I understood it as a change in banking details required the taxpayer to visit a SARS branch with proof of new banking details and his ID. Said taxpayer would need to also have fingerprints verified in branch.

It's the reason I keep a R5 a month Easy account open at FNB so that I can keep that account number, which SARS has on record, open for annual refunds.

 

[AadilG]

From recent media articles, I understood it as a change in banking details required the taxpayer to visit a branch with proof of new banking details and his ID. Said taxpayer would need to also have fingerprints verified in branch.

It's the reason I keep a R5 a month Easy account open at FNB so that I can keep that account number, which SARS has on record, open for annual refunds.

Thanks bud ...

Will tell my dad to go in to the branch

 

[srothman]

Statement of Account now says "No outstanding payments", but still no cheddar

 

[meduffield]

Found this on their site in relation to efiling : For Personal Income Tax, individuals may change banking details when
completing and submitting an individual Income Tax Return (ITR12),
So, it shouldn't be an issue, but who knows?!

 

[Bahrahsimo]

So I filed on the 1st.
Got request to submit documents for review the same day. Uploaded them within the hour.
On the 5th I got the completion letter.
Today at 19:00 got another request to submit supporting documents. Will call them tomorrow to see what is still outstanding...

 

[Koosvanwyk]

Thanks Koosvanwyk. Do you work with tax for a living? I see you are quite knowledgeable in the Efiling threads on here.

I am busy with my correction but I see that the corrected IRP5 that I have been sent by my previous employer has an amount under the Dceductions/Contributions/Information fields with a source code of 4582 which is defined as the following:



This amount is not totalled up under the 'Total Deductions/Contributions/Information' field and also does not reflect on SARS' side under the prepopulated fields in my e-filing form.

Is this something I need to be worried about before I submit? I presume this amount is some calculation to do with my travel allowance but I would rather double check before submitting and realising afterwards I made a bugger-up

Hi

This is a complicated question. Source code 4582 is new and is being used for the 1st time in the February 2017 tax year.

It is suppose to be the "remuneration" (as defined) that is included in your
- travel allowance
- reimbursive travel allowance
- value of use of company car

which in turn is used to determine the section 11(k) Income Tax deduction.

Remember that the formula to calculate the maximum allowable deduction (11(k)) for contributions to Pension funds/ Provident Funds and RA Funs changed from the 01 March 2016. The deduction allowed is now the pension, provident and retirement annuity fund contributions (added together) but limited to 27.5% of the greater of remuneration OR taxable income or R350,000.

Simplistically, I assume that you received a travel allowance, part/or all of that travel allowance is defined to be remuneration which in turn impacts what you can deduct for 11(k).

My logic is telling me that this is not a "real" deduction which is why it is not included in source code 4497 (total deductions and contributions"

 

[supersunbird]

Found this on their site in relation to efiling : For Personal Income Tax, individuals may change banking details when
completing and submitting an individual Income Tax Return (ITR12),
So, it shouldn't be an issue, but who knows?!

It's a totally new thing, if changing ANY details one has to go into branch for fingerprint to be taken and stuff.

 

[Koosvanwyk]

Hi all, I have a few questions about property rental tax:

1. If the income I receive is (base rental + electricity), do I include this total as 'Rental Income' on the ITR12? Or is it just the base rental
part? I'm also deducting the electricity as an expense
E.g. Is 'Rental Income' (R7000 base rental + R200 electricity) x 12 or just R7000 x 12?

2. Do I need to enter the unique identifier from the previous year? What is it used for?

3. If I received March 2017 rental money end of Feb 2017, do include it? Likewise, if I received Feb 2017 rental in March 2017, do I include it?

Thanks!

On question 3, I stand to be corrected, but one should look at the definition of gross income (from the Income Tax Act) which basically determined that for any person who is a resident, gross income is the total amount of worldwide income, in cash or otherwise, received by or accrued to or in favour of that person.

So, if you receive the Feb 2017 rental in March 2017, it should be included in the Feb 2017 return (as it accrued to you in Feb 2017 and was due and payable by the lessee in that month).
If you received the March 2017 rental in Feb 2017, it should be included in the Feb 2017 return as it was received by you