Working from home: Tax Refund tips

[SAguy]

Perhaps only valid for next year's tax, but with many people working from home next year may see SARS getting more claims for home offices.

Working from home? How to get a tax refund from Sars

Pippa Hudson interviews Matthew Haddon, Director at tax consultancy SimpleTax.

www.capetalk.co.za

Is anyone already claiming for home office?

Any tips on things that you are claiming for, how to calculate home loan interest that you can claim for, etc...
Let's say I now upgrade my office with another monitor or another access point, etc..

 

[AchmatK]

Improvements are generally capital in nature and not deductible.

Expenses however are tax deductible.

Edit

Buying a monitor is a capital expense. Paying for repairs for the monitor is a deductible expense.

 

[krycor]

Since we fast approaching 6 months, please apply for a notice from Business\Employer stating that you were requested to work from home and have for >50% of the tax year (this is a requirement for tax deduction). <-- yes its only due next year but beat the crowd and get it done and store for next year.

Note: Any cash advances/extra paid to you in lieu of expense claim process will be seen as additional income as it removes their admin but shows up as u getting paid more.

2ndly get Invoices on any additional expenses you may have incurred and file away + modify on spreadsheet to be filed with tax return. You unlikely to get money back btw this is just tax deductions.. so e.g. if you claiming for home office, get invoices for rental / mortgage etc this influences your taxed income which may result in a tax credit which i guess could be a return if u are on PAYE.

 

[beefymoocow]

Improvements are generally capital in nature and not deductible.

Expenses however are tax deductible.

Edit

Buying a monitor is a capital expense. Paying for repairs for the monitor is a deductible expense.

But if it’s less than 7k then you can deduct 100%. Section 11e

 

[Speedster]

Is there a way to generate a statement of prepaid electricity for Tshwane?

I've bought electricity on a number of platforms over the last year, most of which didn't generate a statement

 

[krycor]

Commission earners, independent contractors and taxpayers carrying on business as sole proprietors can claim home office expenses.

Renewed calls for tax relief for home office expenses

As things stand, individuals must meet strict requirements in order to claim any lockdown-related home office expenditure.

www.moneyweb.co.za

Employees can claim deductions if 50% of their remuneration is variable – such as commissions or bonuses – and at least 50% of their working hours is spent away from the employer’s office.

This article suggests it might not be possible for normal salaried employees.

 

[AchmatK]

Renewed calls for tax relief for home office expenses

As things stand, individuals must meet strict requirements in order to claim any lockdown-related home office expenditure.

www.moneyweb.co.za

This article suggests it might not be possible for normal salaried employees.

It's or not and.

Working 50% off the time from home will fulfil the criteria.