Working from home? How to get a tax refund from Sars
Some taxpayers who are now working from home may be able to claim for expenses they incur.
In the tiniest of nutshells (listen to the audio for more detail), here are some of the criteria to meet in order to claim for home office expenses:
You must spend 50% or more of you time in a tax year working from home.
Your home office must be exclusively used as an office.
Deductible expenses include rental or home loan interest apportioned and based on the office space in relation to the rest of the house.
Phone bills don’t qualify as a tax-deductible expense.
Pippa Hudson interviewed Matthew Haddon, Director at tax consultancy SimpleTax.
You should get your refund within 48 hours [this year].Matthew Haddon, Director - SimpleTax
If you can get a letter from your employer saying you worked from home for 50% of the time, you can start bothering with the rest of the admin.Matthew Haddon, Director - SimpleTax
You can have a designated desk… If you cannot designate a specific area [then you can’t claim] …Matthew Haddon, Director - SimpleTax
If your out-of-pocket medical expenses don’t exceed 8% of your annual income, it’s not worth submitting…Matthew Haddon, Director - SimpleTax
For more detail, also listen to the interview in the audio below.
The Money Show’s Bruce Whitfield interviews Basil Sgourdos, CFO at Naspers.Read More
The Money Show’s Bruce Whitfield interviews Leon Lourens, CEO at Pepkor Holdings.Read More
The Money Show’s Bruce Whitfield interviews Dr Richard Friedland, CEO at Netcare.Read More
A listener asks petrolhead Ciro de Siena which small car (e.g. VW Up, Suzuki Celerio, Toyota Aygo) gets his stamp of approval.Read More
Personal finance advisor Warren Ingram on ensuring you don’t run out of money before you run out of life.Read More
Banks are hungry for 1st-time buyers right now and interest rates have never been this low, says property entrepreneur Grant Smee.Read More
The deadline to submit is approaching fast. "Over 70% of taxpayers have already filed their returns," says Marcia Ujobolo of Sars.Read More
In the market for a new car? There are deals galore, says motoring journalist Ciro de Siena.Read More
A R1 million home loan costs about R7800 per month right now. What is your rent? What are the pros and cons of buying?Read More
Even banks and insurers are in on the consumerist orgy, says Certified Financial Planner (CFP) Gerald Mwandiambira.Read More
Utterly transparent about its spending and donors; the Solidarity Fund is a truly heroic effort in a nation weary of corruption.Read More
A second wave of Covid-19 infections is taking hold in the province. Should Govt lock down? Are people willing to self-regulate?Read More
Exhausted doctors must choose who lives and who dies while Eastern Cape residents drink and party, says Nomazima Nkosi.Read More
A second wave of Covid-19 infections is now well established in parts of SA, says Piet Streicher (Pandemic Data and Analytics).Read More
"We’re tired but we don’t want to end up like Europe or the USA," says Dr Miriam Altman. "We just can’t afford that."Read More
A traumatised nurse explains how some hospitalised Covid-19 patients cling – to the death – to the belief it’s all a hoax.Read More
It’s summer; we’re lucky. Avoid indoor gatherings, or keep them small and well-ventilated, suggests Prof Shabir Madhi.Read More
More people are being infected and hospitalised right now in the US than at any time since the pandemic began.Read More
Pfizer is on the verge of cracking a Covid-19 vaccine, says Dr Glenda Gray, CEO at Medical Research Council.Read More