SARS E-Filing 2017

[srothman]

Had to submit documents for verification this morning. Feels odd only submitting two documents.

Yeah, I had the same, IRP5 and RA contribution certificate. Felt very underwhelmed... and now waiting....

 

[Lupus]

Yeah mine was IRP5 and medical aid, I had accidentally ticked RA which I cancelled way back in 2015 cause my current company's retirement is enough.

 

[tin4444]

Submitted return on Tuesday and money was my account this morning. Granted was only medical aid rebates.

 

[Koosvanwyk]

Question for experts:

I have a property that I rent out and I file income and expenses accordingly. Soon family will stay there rent free. Can I still claim the expenses although income is zero?

You can still claim the expenses, but the tax loss will not be offset against your other income. The loss will be ring fences ito Section 20A. You will therefore not get any tax benefit in the year that you lease the property to relatives

 

[Joeboy69]

You can still claim the expenses, but the tax loss will not be offset against your other income. The loss will be ring fences ito Section 20A.

Thanks. Will change to ring fencing next year then as I don't currently use that option. Good to know that when I rent out in future I will have some losses built up

 

[Koosvanwyk]

Thanks. Will change to ring fencing next year then as I don't currently use that option. Good to know that when I rent out in future I will have some losses built up

There might be some circumstances under which the tax loss from leasing the property can still be deducted from other taxable income. I am a bit rusty on this topic but if I remember correctly the ring fencing rules only apply if your total taxable income (excluding the tax loss from the lease) exceeds the amount at which the marginal tax rate applies (R 701 300 for 2017 tax year).

Another matter to consider is if you are actually incurring the expenses (on the rental property) to produce an income. Put differently, if you are not charging a rental, you are not incurring the expenses to produce an income. You might fall foul on the requirements in section 11(a). Which means none of the expenses can be deducted. Lastly, you might also not be "carrying on a trade" which is another problem for 11(a)

 

[Joeboy69]

Guess I will get a professional to do my forms next year!

 

[tottenham]

Anyone know what this means? They chose me for audit and i had to submit forms, pay a R500.00 for old forms not submitted, did all of that and now got this:

VERIFICATION OF ASSESSMENT

We refer to the verification of the assessment for the 2017 tax period. Please note that no adjustment has been made to this assessment. However, in terms of the Tax Administration Act the South African Revenue Service reserves the right to conduct further reviews in future if required.

Should you have any queries please call the SARS Contact Centre on 0800 00 SARS (7277). Remember to have your ID number or the relevant income tax number at hand when you call to enable us to assist you promptly.

 

[Bahrahsimo]

Anyone know what this means? They chose me for audit and i had to submit forms, pay a R500.00 for old forms not submitted, did all of that and now got this:

VERIFICATION OF ASSESSMENT

We refer to the verification of the assessment for the 2017 tax period. Please note that no adjustment has been made to this assessment. However, in terms of the Tax Administration Act the South African Revenue Service reserves the right to conduct further reviews in future if required.

Should you have any queries please call the SARS Contact Centre on 0800 00 SARS (7277). Remember to have your ID number or the relevant income tax number at hand when you call to enable us to assist you promptly.

They are done with you for now, but they can still relook at this later...

 

[tottenham]

Does this mean i get my money or not?

 

[FlashSA]

My Statement of account shows that payment is 11 July and currently shows R0.00 but no money in my account as yet.

Does this mean i get my money or not?

If you have a minus figure on your assessment, you will be paid

 

[PhireSide]

SARS tried phoning me earlier on but I was unable to take the call.

I do however see they requested more documents on eFiling and I have an email with the subject 'travel expenses' but am unable to view it as I need to do it on a PC - the nearest which is 303km away right now.

Guess they'll need to wait until I get back then

 

[Kosmik]

hmm still no word on reduced assessment audit post additional doc submission.

Hows that for a sentence

 

[srothman]

hmm still no word on reduced assessment audit post additional doc submission.

Hows that for a sentence

Yeah same here. Wish they would hurry up though...

 

[Nadfen]

Same here submitted my docs the 15th

 

[Dan C]

Got my refund Took much longer this year, but still not that bad.

 

[genelock]

Got my refund Took much longer this year, but still not that bad.

how long?

 

[mercurial]

Got my refund Took much longer this year, but still not that bad.

Does the calculation match what you were refunded?

 

[Dan C]

how long?

Submitted on the 5th , got paid today. Had to submit supporting docs after a few days.

Does the calculation match what you were refunded?

Not the original calculation. They did an adjustment for 'interest' earned.

 

[genelock]

how long?

Never mind, TaxTim cleared it up for me

You may have heard something in the news about delayed tax refund payments from SARS. We've received a great response this past week from taxpayers informing us that they haven't yet received their refunds, even though some had been early birds and filed on the opening day of tax season.

We immediately looked into this matter and we can confirm that: SARS has made a few changes this year.

1) It has implemented additional risk processes to ensure both the legitimacy and accuracy of the refunds paid. So, they'll require a little more time this year than had been in the past, to process and make payments of the refund. Nothing to be alarmed about.

2) They want to ensure that fraudulent and invalid claims are stopped.

3) You needn't worry about the legitimacy of your return, if you've filed already.

4) Their maximum turnaround time is 21 days, but that doesn't mean all refunds will take the full 21 days, yours could arrive sooner.

On the bright side, taxpayers have also let us know, on all our platforms of communication, that they've already started receiving their refunds.

Please note: In order to smooth the process along, make sure all your latest information is up to date with SARS and delete any bank accounts on eFiling that no longer exist in your name.