SARS E-Filing 2020/21

[surface]

I don't think it will help? Fact is I over contributed for 2020, so SARS' calculation is correct.

oh. snap. Are they going to penalize 40% of over contribution amount? That is going to suck big time.

 

[prOd]

oh. snap. Are they going to penalize 40% of over contribution amount? That is going to suck big time.

yip, comes to ±R8000

 

[bar1]

Hi everyone, i am sure its been discussed already , sorry about that.
is it worth it, claiming "work from home" from SARS?i have been working from home since the start of the pandemic, i have a spare room, with a bed that i converted into my office.
even though it's a spare bedroom with a bed, it is rarely used as a bedroom.
I dont really want to fight with SARS, but i feel like i have been working from home and should be allowed to claim for it , i have been delaying the decision for too long now...

EDIT - Busy reading this whole thread....some very useful information here, thats everyone.

 

[richieza]

Hi everyone, i am sure its been discussed already , sorry about that.
is it worth it, claiming "work from home" from SARS?i have been working from home since the start of the pandemic, i have a spare room, with a bed that i converted into my office.
even though it's a spare bedroom with a bed, it is rarely used as a bedroom.
I dont really want to fight with SARS, but i feel like i have been working from home and should be allowed to claim for it , i have been delaying the decision for too long now...

EDIT - Busy reading this whole thread....some very useful information here, thats everyone.

Questions to ask yourself..

1. Whats your office to house ratio? if office 1% of area does it make sense then vs effort?
2. Do you want to be audited?
3. Do you have all backups?
4. If you own house - do you want to deal with capital gains impact of home office later?
5. Etc

Also you mean the spare room is NEVER used as a spare bedroom and is solely used as an office.

 

[bar1]

Questions to ask yourself..

1. Whats your office to house ratio? if office 1% of area does it make sense then vs effort?
2. Do you want to be audited?
3. Do you have all backups?
4. If you own house - do you want to deal with capital gains impact of home office later?
5. Etc

Also you mean the spare room is NEVER used as a spare bedroom and is solely used as an office.

Thanks for the reply.
I am still busy reading this thread....i noticed some people don't claim for the rental/utilities, etc....might do the same.

But rather claim for internet, and items i bought for my home office.

1) will have to calculate but its a 2 bedroom flat, 1 being the office.
2) i dont mind, i have nothing to hide
3) not too sure what you mean?
4) I do own the house and prefer not to deal with this, so considering not applying for utilities.

Of course, spare bedroom is only used as an office!
the fact that i keep a spare bed in it, will it be a problem?

 

[LaraC]

yip, comes to ±R8000

Ouch, that's a costly oversight.

 

[richieza]

Thanks for the reply.
I am still busy reading this thread....i noticed some people don't claim for the rental/utilities, etc....might do the same.

But rather claim for internet, and items i bought for my home office.

1) will have to calculate but its a 2 bedroom flat, 1 being the office.
2) i dont mind, i have nothing to hide
3) not too sure what you mean?
4) I do own the house and prefer not to deal with this, so considering not applying for utilities.

Of course, spare bedroom is only used as an office!
the fact that i keep a spare bed in it, will it be a problem?

There are differences for commission vs salaried employees

Salaried:
Cant claim internet {not in 2021}

Can claim items for office - UPS, Desk, Chair etc.

1. Nice - office area divided by total floor area.
2. Nothing? [not even eBucks sales]
3. All original invoices / photos of room etc.
4. grey area - i dont know if this is 100% correct - im not a tax advisor., if not claiming the cost of room but only cost of equipment it falls under depreciation and i dont think this is then "homeoffice" [im not 100% sure here]

 

[bar1]

i am sure some people mentioned they claim for fiber?i am a salaried employee .

was planning on claiming for a desk, big powerbank i got, and a monitor

 

[R13...]

Is there a loss/gain threshold on CGT for shares disposal before it'll be deducted or added?

 

[surface]

Is there a loss/gain threshold on CGT for shares disposal before it'll be deducted or added?

40K for gain/loss it seems.

Capital Gains Tax (CGT) | South African Revenue Service

23 February 2022 – See change from last year: Type 2023 2022 2021 2020 2019 2018 2017 2016 2015 Individuals and Special Trusts 18% 18% 18% 18% 18% 18% 16.4% 13.65% 13.32% Companies 21.6% 22.4% 22.4% 22.4% 22.4% 22.4% 22.4% 18.65% 18.65% Other Trusts 36% 36% 36% 36% 36% 36% 32.8% 27.31% 26.64%...

www.sars.gov.za

 

[Gudnews]

If you bought shares as a capital investment for say R100k and after five years it is worth R150k.

You sell it and make a profit of 50k.

The first 40,000 isn't taxed. So you are only taxed on the remaining profit which is 10k.

The capital gains tax is only calculated on 40% on that. So 40% of 10,000. Which is R4000.

You will then only be taxed on that amount.



But let's say you didn't wait five years. Bought shares for R10,000 in 2020. In 2021 it is worth R15,000.

You sell it, and the profit is R5000. As SARS considers this trader behavior, you will be taxed at the full profit amount.

So if throughout the year you keep buying and selling, you need to keep record of it all for taxation purposes.

SARS gets this information anyway. But you still need to file it with your taxes and pay anything due.

If you don't pay in time, SARS can calculate interest on unpaid taxes.

Is the bolded part correct? If so, what is the tax rate?

 

[thedudeman]

Completed my return on the 16th, was NOT selected for verification or audit, just got a notification now that I have been selected for verification...

Is that even a thing?

 

[surface]

Any idea what the penalty is for late e-filing ? Sygnia & SARS still haven't resolved one of my issues.

 

[R13...]

Any idea what the penalty is for late e-filing ? Sygnia & SARS still haven't resolved one of my issues.

Seems to be from 250 to 16000. But you can dispute the penalty of there's a good reason you failed to submit on time.

 

[surface]

Seems to be from 250 to 16000. But you can dispute the penalty of there's a good reason you failed to submit on time.

Thanks, I have recorded all the case numbers that SARS have sent me since July. Hopefully, that would be a good reason as fault is on their side.

 

[surface]

Holy mother of Flying Spaghetti Monster & flying teapot - SARS has corrected the mistake on their side and I was able to submit the tax returns successfully. Will get something back this time instead of paying it in. YAY.

 

[schuits]

I'm trying the work from home tax claim.

Did my 1st submission (26/9/2021). Including
1) Home loan tax certificate
2) Property square meterage and office size calculations
3) Utility Bill - proof of address
4) Invoice for items claimed - office chair 100% deductible
5) Calculation of all rates and electricity for the tax year
6) Letter from employer stating I worked from home

The came back wanted more supporting documents (8/11/2021)
1) Calculation breakdown of the work from home claim (I thought they would be able to figure that out) So I basically did a cut and paste of Tax Tims calculation
2) Photos of the office

Then a 2nd letter asking for stuff I had pretty much already submitted. So I renamed some documents to make it clearer and resubmitted those.

They clearly aren't making it easier. I read somewhere they have rejected about 67% of attempts to claim home office expenses. But I definitely meet the requirements so I'm hopeful.

 

[Tman543]

1) Calculation breakdown of the work from home claim (I thought they would be able to figure that out) So I basically did a cut and paste of Tax Tims calculation

They clearly aren't making it easier. I read somewhere they have rejected about 67% of attempts to claim home office expenses. But I definitely meet the requirements so I'm hopeful.

That's exactly what I did, and it was approved. It certainly was an uphill battle only for tiny amount of extra cash (Got like 2k back just for WFH deductions)

I doubt I will go through the effort again next year, its just to much waiting to sort it out, I don't mind the back and forth admin tasks but they took basically 21 working days each time after I submitted things to respond.

 

[Veroland]

Completed my return on the 16th, was NOT selected for verification or audit, just got a notification now that I have been selected for verification...

Is that even a thing?

I have been selected for verification 6 times this year so far, and I have had a full audit. My tax return was in on the first day of July but I am still waiting.

I have some friends who are experiencing the same thing.

I think SARS is really messed up this year, they keep on asking for the same documentation. When you phone they say they have no idea why my refund have not been paid yet.

 

[surface]

How does one get selected for audit/verification? Is it one of those random things which can affect even straight forward income tax return (e.g. if it is only one income source from one IRP5, I would say it should be straight forward) Or is it only for things like WFH/claiming more expense than rental profit etc ?