INDIVIDUAL ANNUAL TAX RETURN SERVICES

INDIVIDUAL ANNUAL TAX RETURNS Are you claiming all of your allowable expenses against your Income, if you are working as a consultant and your employer requires that you work from home. Do you know what are the requirements for claiming home office expenses? A few months ago SARS amended Section 23(b) of the act. A tax deduction for home office expenses will only be considered If the room is regularly and exclusively used for the purposes of your trade, or employment and is specifically equipped for that purpose. The home office must therefore be set up solely for the purposes of your trade. If your remuneration consists only of a salary and similar remuneration, your duties must be mainly performed in this part of the home, you perform more than 50% of your duties in your home office. If more than 50% of your remuneration consists of commission or variable payments based on your work performance, the same rule of more than 50% of your duties. Call me to see what constitutes home office expenditure and how to calculate home office expenses. Motor vehicle operating costs are allowable, if you keep a record of your business kilometers. Medical expenses that can be also be claimed & Medical aid contributions. You could also have claimable items not covered by Medical aid. There are Special medical allowances for the over 65 years of age taxpayers.