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SARS eFiling 2022/2023
- Thread starter SAguy
- Start date
That's the thing medical claims are absolutely minor, I paid 20k about 8 years back only got 200 back that was before the new rules.
I would check that everything is correct tho. You might also have received a massive deduction which reduced other tax that you may have been liable for.
Speedster
Honorary Master
We can swop if you want. I should be getting back about R10k for medical credits. Earned significantly less than you though
You don’t just get back money because you’ve paid money.
feo
Honorary Master
Yeah I was gonna post the same thing. Paying tax and medical aid doesn't automatically entitle you to get something back. You actually need to know what's deductible.
Mike Hoxbig
Honorary Master
Most of my refund comes from RA contributions. If it wasn't for that I'd only get back a few hundred too...
Mine is RA contributions, home office expenses and losses on rental properties
STORMERSFAN
Expert Member
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- Feb 13, 2016
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- 2,857
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So does this sound right.. I paid 6k towards my RA for the year.. And I'm getting R1860 back for the year?the reason I know is before I added the 6k(sygnia manual input) it said I was owed 11c by sars..
Mike Hoxbig
Honorary Master
Sounds about right if it's in line with what your income is taxed at...
feo
Honorary Master
Sounds a bit low. The R6k will reduce your taxable income so you'll get back the tax on that R6k, as a percentage it works out to 31% which is low. I would guesstimate you should be getting back R2k+. But it's easy to see if you just look at the calculation.
Mike Hoxbig
Honorary Master
feo
Honorary Master
Yeah, I just looked at the brackets now so that amount seems right, as you say, assuming his marginal tax rate is around 31%.
Speedster
Honorary Master
You'll need to be able to show that it was directly linked to income generation.
cr@zydude
Honorary Master
It's a bond on a rental flat, but Tax Tim says bond registration costs are capital in nature:
Are bond initiation fees, legal fees and valuation fees deductible for tax? | TaxTim SA
Do your Tax Returns Quickly and Easily with TaxTim Today! TaxTim is your Friendly Online Tax Assistant - Do your Tax Return Right for Maximum Refund.
www.taxtim.com
Sad but so be it.
zerocool2009
Honorary Master
It's a bond on a rental flat, but Tax Tim says bond registration costs are capital in nature:
Are bond initiation fees, legal fees and valuation fees deductible for tax? | TaxTim SA
Do your Tax Returns Quickly and Easily with TaxTim Today! TaxTim is your Friendly Online Tax Assistant - Do your Tax Return Right for Maximum Refund.
Sad but so be it.
True. You can deduct those costs when you sell the house. Yearly tax is only related to income/ongoing expenses
cr@zydude
Honorary Master
I got hit with verification again this year. I uploaded my documents already, hoping to get my refund soon.
feo
Honorary Master
I always get flagged for verification. I can't remember a year that that wasn't the case.
