FAQ: Can I claim furniture, Wi-Fi expenses, and beverages when calculating my home office expenses?
Furniture and certain Wi-Fi equipment owned by the taxpayer may qualify for a wear-and-tear allowance. Consult Interpretation Note 47 “Wear-and-Tear or Depreciation Allowance” (Issue 5) for a list setting out what SARS considers to be the useful life of certain assets. 2 Other Wi-Fi costs and beverages are not permitted as a deduction for home […]
FAQ: If the employer provides data to employees for work purposes, could this qualify for the no-value fringe benefit under paragraph 10(2)(bA) of the Seventh Schedule to the Act?
Yes, if the data is used mainly for purposes of the employer’s business, the employee could qualify for a no-value benefit.
FAQ: To claim home office expenses what documents will be required in order for me to submit my Income Tax return accurately?
The following documents should be included: Letter from employer permitting remote work – including the period that remote work was allowed and where available dates that the employee did not report to the office. Floor plan showing dedicated space and calculation of proportion in relation to total buildings on the property (this does not need […]
FAQ: Can a company submit an appeal using the Notice of Appeal (NOA) form?
Yes, the company representative can file a Notice of Objection (NOO), a Notice of Appeal (NOA), a Request for Reasons, a Request for Remission (RFR), and a Request for Late Submission (Condonation) against interest and penalties on late payments and assessments raised in relation to Corporate Income Tax via eFiling (CIT).
FAQ: Can a company submit an objection using the Notice of Objection (NOO) form?
Yes, on eFiling the company representative can lodge Notice of Objection (NOO), Notice of appeal (NOA), a Request for Reasons, Request for Remission (RFR),), and Request for Late Submission (Condonation) against interest and penalty on late payments and assessments raised in relation to Corporate Income Tax (CIT).
FAQ: What must I do if my IRP5/IT3(a) information for my lump sum is not on my Income Tax Return (ITR12)?
If the ‘Transaction Year’ and the ‘Year of assessment’ differs on the IRP5 certificate the IRP5/IT3(a) tax certificate will not be prepopulated on the return. On eFiling add the certificate by increasing the number of certificates on the return wizard. A blank certificate will be available and you must capture the IRP5/IT3(a) tax certificate detail, […]
FAQ: What Is the Difference Between an NPC and a PBO
An NPC is a legal entity type that is registered with Companies and Intellectual Property Commission (CIPC). NPCs are not automatically exempt based on their altruistic and philanthropic objectives and activities. Although the NPC is automatically registered for Income Tax at point of registration with CIPC, the entity must apply for Income Tax Exemption as […]
FAQ: What Is the Difference Between an NPO and a PBO
An NPO is an entity registered with the Department of Social Development (DSD): NPO Directorate. NPOs are not automatically exempt based on their registration as an NPO or because of its altruistic and philanthropic objectives and activities. An NPO must register for Income Tax then apply for Income Tax Exemption as a Public Benefit Organisation […]
FAQ: How do I calculate my allowable deductions in respect of donations for the 2020/21 tax year, to the Solidarity fund and donations made to other approved funds?
The tax-deductible limit for donations, currently 10 per cent of taxable income, has been increased with an additional 10 per cent in respect of donations in cash or of property in kind donated and actually paid or transferred to the Solidarity Fund from April 2020 to September 2020 of the donor to the Solidarity Fund. […]
FAQ: I donated to the Solidarity Fund between October 2020 and February 2021, where do I claim my donation amount on my return?
You must answer the following questions on the ITR12 wizard: 1. Do you want to claim donations made to approved organisation(s) in terms of s18A? 2. How many organisations did you donate to? Donation containers for both source codes 4055 & 4011 will open on the return. Please ensure that you have an approved donation […]
