Thank you for an amazingly simple explanation, Sir!!!! Well done! can i request 1 question, though? I work in the military, and was instructed to attend a conference in another province, but since no military vehicle was available in my unit, i was told to use my own vehicle and received fuel monies based on my engine capacity and distance. I see this amount on my IRP5 as taxable income (3702/3722). How do i change this, as i was forced to use my own vehicle as my employer could not provide me with one at that stage and therefore i believe it should be a taxable income? Where must this petrol monies received be reflected on my IRP5?
Hi, thank you for serving our country in the military. Codes 3702 & 3722 are used for reimbursing an employee for actual business km traveled AND the rate reimbursed is in excess of the prescribed rate of 418 cent (2023). Code 3702 is the non taxable portion up to 418 cent. Code 3722 is the portion above 418 cent and therefore taxable from which employee's tax are deducted. **Please note this is not tax advice but a general interpretation of the Taxact. For a clear understanding of your own tax implications, kindly contact a registered tax practitioner.**
Great question! When you receive an auto-assessment from SARS, remember it's an estimation. If you notice discrepancies or need to make adjustments, it indicates that the SARS estimation may need correction. If the auto-assessment notice is issued before the general filing deadline of 21 October 2024, you need to update and file your tax return by that date. However, if the auto-assessment is issued after 21 October, you are given 40 business days from the date of the notice to make any necessary adjustments and refile (South African Revenue Service). Here’s what you can do: 1.Start by requesting a return from SARS. This allows you to provide the correct information. 2.Make the necessary adjustments 3. Refresh Data 4. Finalise and submit the corrected information after you request the return. I hope this helps! Disclaimer: The information provided in this comment and video is for general guidance and informational purposes only. Tax laws and regulations are complex and subject to change, and your individual circumstances may require specific advice that this video cannot provide. I strongly recommend consulting with SARS or a professional tax practitioner to ensure that your tax filings are accurate and compliant with the latest tax laws. This will help you avoid potential penalties and ensure that you are taking advantage of all applicable tax benefits.
Thank you for an amazingly simple explanation, Sir!!!! Well done! can i request 1 question, though? I work in the military, and was instructed to attend a conference in another province, but since no military vehicle was available in my unit, i was told to use my own vehicle and received fuel monies based on my engine capacity and distance. I see this amount on my IRP5 as taxable income (3702/3722). How do i change this, as i was forced to use my own vehicle as my employer could not provide me with one at that stage and therefore i believe it should be a taxable income? Where must this petrol monies received be reflected on my IRP5?
Hi, thank you for serving our country in the military. Codes 3702 & 3722 are used for reimbursing an employee for actual business km traveled AND the rate reimbursed is in excess of the prescribed rate of 418 cent (2023). Code 3702 is the non taxable portion up to 418 cent. Code 3722 is the portion above 418 cent and therefore taxable from which employee's tax are deducted. **Please note this is not tax advice but a general interpretation of the Taxact. For a clear understanding of your own tax implications, kindly contact a registered tax practitioner.**
How do you refresh irp5 after being auto assessed by SARS. Employer
Great question!
When you receive an auto-assessment from SARS, remember it's an estimation. If you notice discrepancies or need to make adjustments, it indicates that the SARS estimation may need correction. If the auto-assessment notice is issued before the general filing deadline of 21 October 2024, you need to update and file your tax return by that date. However, if the auto-assessment is issued after 21 October, you are given 40 business days from the date of the notice to make any necessary adjustments and refile (South African Revenue Service).
Here’s what you can do:
1.Start by requesting a return from SARS. This allows you to provide the correct information.
2.Make the necessary adjustments
3. Refresh Data
4. Finalise and submit the corrected information after you request the return.
I hope this helps!
Disclaimer: The information provided in this comment and video is for general guidance and informational purposes only. Tax laws and regulations are complex and subject to change, and your individual circumstances may require specific advice that this video cannot provide. I strongly recommend consulting with SARS or a professional tax practitioner to ensure that your tax filings are accurate and compliant with the latest tax laws. This will help you avoid potential penalties and ensure that you are taking advantage of all applicable tax benefits.