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Question of the Day: What is the ultimate French toast topping?
TAX SEASON ( the tips and tricks thread)
- Thread starter antowan
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gboy
Expert Member
be honest, bubba is not going to be friendly.
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wizdumb
Expert Member
agreed....
....flip, i only earn a small salary with just pension and med aid, and normally i only for something like r1 back or owe r1. then for the last 2yrs i got someone to do it for me (for about r250) and each time i got way more over that amount back..
....flip, i only earn a small salary with just pension and med aid, and normally i only for something like r1 back or owe r1. then for the last 2yrs i got someone to do it for me (for about r250) and each time i got way more over that amount back..
marco79
Expert Member
I cannot seem to submit on efiling.
I keep on getting an error after i press 'file' or 'save online'.
Any advice?
I keep on getting an error after i press 'file' or 'save online'.
Any advice?
Necuno
Court Jester
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what is the error you are getting, last year i had to save it to pdf and from there send the file to sars which worked.
tax calculator, in the last bit where it says Tax Calculation. (...not being the final reflection/findings...)
if its like this for example:
Normal Tax on Taxable Income: R100
Rebates: R20
SubTotal: R80
Employees' Tax and Tax Credits: R50
Calculated Result: R30
does that mean i would have to pay in R30, when the Employees' Tax and Tax Credits is less than SubTotal ?
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Lord Anubis
Expert Member
offline 
Lord Anubis
Expert Member
anyone know of an efiling simulator with a little more input boxes than this http://yourtax.co.za/tax-calculator.py/tax_2008
Lord Anubis
Expert Member
Ok, I see that once you have submitted your return, it opens a box where you cab calculate or see whats the amount that will probably be required to pay....it was very close (withing a few bucks) compared to the one in my post above.
thatdamnJoe
Expert Member
- Joined
- Aug 21, 2008
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- 1,040
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It's very important to know what you are entitled to deduct from your income when it comes to tax return time.
For the landlords out there renting out property:
1. Remember that you can claim financing costs as a business expense i.e. the interest portion of your bond repayment.
2. Repairs to your property are also deductible as long as its not expenses of a capital nature i.e. improvements
Don’t push this too far and make huge losses on your property or SARS will “ring-fence” the losses and the income received from that property which means you can’t subtract any of those losses from your overall income. If you read the “ring-fencing” article of the Act, you’ll see you can prevent this by showing your business will be showing a profit soon.
Also note that later you should try and balance the income you receive from the property with the interest portion of your debt. If the property is mostly paid off, the interest portion may be smaller than the income you receive resulting in the extra income being taxed at your marginal tax rate. It could be to your advantage to refinance, take money out of your bond to make sure your interest payments and income just about cancel out and reinvest the money you’ve taken out the bond elsewhere in your portfolio. Excel is your friend
For the past three years I've had to write SARS and explain to them where they've made mistakes with my yearly returns. Usually end up having to quote legislature to prove my point since they are quite used to work from rule-of-thumbs.
Been worth it though
Of course tax evasion is illegal. Tax minimization on the other hand is your right.
For the landlords out there renting out property:
1. Remember that you can claim financing costs as a business expense i.e. the interest portion of your bond repayment.
2. Repairs to your property are also deductible as long as its not expenses of a capital nature i.e. improvements
Don’t push this too far and make huge losses on your property or SARS will “ring-fence” the losses and the income received from that property which means you can’t subtract any of those losses from your overall income. If you read the “ring-fencing” article of the Act, you’ll see you can prevent this by showing your business will be showing a profit soon.
Also note that later you should try and balance the income you receive from the property with the interest portion of your debt. If the property is mostly paid off, the interest portion may be smaller than the income you receive resulting in the extra income being taxed at your marginal tax rate. It could be to your advantage to refinance, take money out of your bond to make sure your interest payments and income just about cancel out and reinvest the money you’ve taken out the bond elsewhere in your portfolio. Excel is your friend
For the past three years I've had to write SARS and explain to them where they've made mistakes with my yearly returns. Usually end up having to quote legislature to prove my point since they are quite used to work from rule-of-thumbs.
Been worth it though
Of course tax evasion is illegal. Tax minimization on the other hand is your right.
Id like to know this also.. anybody?
thatdamnJoe
Expert Member
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Yes
adamr
Executive Member
can i claim tax on a car i dont own but have driven????
HavocXphere
Honorary Master
Kinda depends on a lot of stuff...who owns the car? Who pays petrol etc? Travel allowance? Driven where? Did the owner lease/buy/ISA etc
LancelotSA
Banned
I have always done it myself (yes, i know not everyone knows how) and whenever anyone tells me they are paying someone to do it, it shocks me. There is so little to do once you have summarised all your information and given it to the person. And for most people it is even simpler as it is an IRP5, an RA certificate and medical expenses only. And they pay someone R300 to punch in these three figures for them....
Yes, if you are a commission earner (although it is still basic) and have complex returns then fine but for the regular salary earner it is really easy to do it yourself!
adamr
Executive Member
see my car i bought in april so had no car for a month and was using my dads car which was paid for in cash ... but yes petrol money etc i paid for it ... driven to work and back, to project sites etc ... got a car allowance ...
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