Latest Posts in Tax Q&A

Where do I enter the Pension Refund for the PAYE5



On the return wizard, where do I enter the Pension Refund for the PAYE5

Due date for Cc assessment &tax payment



What is the due date for Close Corporation (CC) annual tax return and final tax payment/

Are interest on underpaid tax deductible?



Are interest on underpaid tax deductible? With other words interest paid to the Receiver for taxation underpaid. Can I include these interest as an expense in my current year. Are they deductible on my tax calculation.

As a sole proprietor do I have to pay provisional tax?



As a sole proprietor do I have to pay provisional tax?

Tax benefit for vehicle purchased on Instalment Sale Agreement



Good day. I bought a brand new vehicle on 23 November 2015 on a Instalment Sale Agreement. I use my private vehicle for business purposes as well. Is there a tax benefit for me?

The tax payable of N$3466.00



Good day if I ive a once off amount of N$ 3466. 00 what will the tax be on that amount ???

Shares received - is it taxable



The company gave all staff members shares (for free). The shares have not been paid out, but the value of the shares acquired is reflecting on the IRP5 form as "Other Income".

Where do we declare it on the tax form, and should we pay tax on this benefit. How is it calculated?

Unable to print



How do I print my completed tax form

Extra Tax form



Would like to add my wife's tax on my account, how do I go about it

Register new tax payer



How to register as a new taxpayer.

Provident fund payments and tax paid already



Provident fund refunds: I need some clarity on this ASAP. The question Tim ask : Did you receive any pay-outs from your Pension or Provident fund (NOT a Retirement Annuity Fund) for any of the following reasons: fired; quit; retrenchment; cession of the fund; or withdrawal of the fund? This is NOT for pay-outs from retirement, death or ill-health. Do I put in the full claimed amount or only the amount that was paid to me. Here again Tim ask the question: Enter the amount received from the fund
...

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Supporting documents



When submitting my tax return, do I submit the original PAYE certificates or copies?

Are medical aid contribution deductible for tax purposes?



My medical aid is being deducted from my salary as just a deduction. Should the medical deduction not show on the PAYE 5 certificate as a tax deduction?

Can the printed taxtim be submitted as is, or must info be copied to an official form first



Can the printed taxtim form be submitted to Inland Revenue as it is? Or should the information be copied to an original form first?

Farming invoices as part of my tax return



I have a cattle brand number, can I submit farming invoices as part of my tax return?

Ringfencing



Under the ring fencing section, it is asked if I earned rental income from residential properties. If I earned rental income from commercial properties, should I still answer "yes"? Or does ring fencing only apply to residential properties?

Sale of 2nd hand vehicle by a vat ventor



Second hand vehicle, does it atract vat

Maintenance costs on rental property



I have a rental property and incurred expenses to fix the plumbing. How do I treat this expense?

Pension fund refund



I received a payout from my pension fund (from my former employer) during the tax year. In the "Pension and Provident Fund Refunds" section, do I enter the gross or after tax amount received from the Pension Fund (this is under "Enter the amount received from the Fund")?

Multiple rental properties



I own multiple rental properties but in the "Rental Income" section it only seems to cater for 1 property. This is only problematic for the building allowance section as I have 1 new building (i. E. Qualifies for a 20% allowance) and 1 old building (i. E. Qualifies for a 4% allowance); how do I enter both of these amounts or do I just enter it all together?

Pension Fund Contributions



Under the "Retirement" section of the tax return on TaxTim, it says "Did you make monthly contributions to a Pension Fund, Retirement Annuity Fund or a Provident Fund OTHER THAN the contributions you already entered before?"

I am on a CTC and only contribute to a pension fund via my Employer. These contributions are therefore not reflected on my PAYE certificate. I have therefore not entered any contributions in the "PAYE 5 Employer Tax Certificate" section of TaxTim (referred to abov...

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There are some information missing that I still have to obtain



Can I save the information I have completed thus far

WRONG FORM COMPLETED



What if I completed the wrong tax form? Can I change it?

Refund take how long?



How long will it take for my tax to be returned?

I have 3 x Tax Certificates.



I have 3 x PAYE certificates. But Tax Tim only allows me to put in one??
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