Anyone who needs TAX / Accounting Advice

[Andromeda]

Hi Gbotha

Try to forget about cash flow; income and expenses are what matters.

You are taxed on all income less all expenses incurred in producing that income.

So,
Income = R86,400
Rates = -R3,600
Levies = -R15,840
Bond Interest (assume) = -R48,000
Taxable Income = R18,960

Some things to note:
Bond interest will reduce every month. The finance institution must provide you with a tax certificate each year.
At some point you will incur other related expenses, repairs & maintenance, insurance and there may be others.

Also bear in mind that if you are married in community of property then the profit or loss on the activity should be halved.

If there is a net income amount, it will be added to your other income and taxed together. If the other way round it is deducted from your taxable income, but bear in mind that it may be ring fenced depending on your particular circumstances.

[Frad]

Hello Itai , Are you able to teach here ? if I sold 6 shares on the JSE this tax year , I made a loss of R 18,000 , Do i need to fill this loss in my tax return and can this loss be carried over to the next tax year return and be taken off gains if I made any? They are not subject to CGT . Where do I enter this in my Tax Return ? Many Thanks Frad

[teefire]

Hi eitai

I really hope you can help!

I desperately need advice on how best to do my tax returns such that I can get refund from SARS. Each time I do my returns I end up owing SARS.

My travel allowance is structured at R5000 per month.

How many kilos do I have to travel in order to get a refund or AT LEAST not end up owing SARS?

I would really appreciate your help and assistance

[fredie88]

Does an Independent Contractor get Substance and Travel Allowance?

From a tax point of view, by my understanding you can claim actual costs incurred in the generation of income.

Allowances are largely for employees, although there are exceptions. For example, if you attend a conference overseas for business purposes you may claim a daily subsistence allowance.