Latest Posts in Tax Q&A

Tax on Forex Trading



I will soon be receiving additional income of about R30000.00pm from a forex investor who is trading on my behalf, I am not trading. My current income is around R36000.00 to R41000.00 gross per month.
How do I go about paying tax on the forex income? Do I have any exemptions on this?

Also can you please give me advice in terms of paying less tax? I presume the best route is to maximize my retirement annuity contributions to 27. 5%?

Transfers from spouse & car sales



I have 2 questions

Question 1: My wife sometimes transfers some money into my account to pay a certain bill. The amounts total less than R100,000, it is never anything above that. Do I need to declare this under the TaxTim section question "Did you earn or receive any other money that you think should NOT be taxed?"? Will I be taxed on that amount?

Question 2: I sold my car and bought another car. Do I need to declare the amount I received after settling the remaining inst...

Read more →

Severance pay and tax exemption




Deceased Relative and Savings



I have a relative that has unfortunately passed on and I am the dependent that will receive all the savings from this relative- these savings are coming from an international bank account, in Norway. This would be my first time having to claim this and making sure that I do it correctly. What I would like to find out is, what would I need to do on my side to ensure that I am safe and clear with SARS and the laws of the country?

Are Share Options taxed on date of them vesting (eligible but not exercised) or only when exercised?



I have the option to participate in an employee share option scheme, but I'm a little unclear on the tax implications. I high-level view is as follows:

Options will be granted at an agreed price (e.g. R1)
The options will vest over a four year period (annually)
Once vested, I would be able to exercise the right to purchase and retain shares or sell to a willing buyer because the company is private, it may not always be easy to find a willing buyer (e.g. At the end of each year), and I may also not have funds available to purchase the shares myself. My main question is around when would I become liable for tax?...

Read more →

Changing banking details



I would like to find out the following information regarding my banking details. I have recently changed my banking details from Capitec bank to Nedbank. My salary is paid into my Nedbank and debit orders are also connected to this bank. I still use my Capitec bank account and intend to keep it active. I would like to enquire if I need to notify SARS of the change in banking detail and would I also need to go into the SARS branch to make this happen?

Freezing emigrants Retirement Annuities, how do I declare non-tax resident status?



Hi TaxTim, please can I ask about emigration and Retirement Annuities (RA)?

The new South African tax regulation, effective March 1, regarding emigrants' RAs being frozen for 3 years after financially emigrating:

1. I was told the start of the 3 years is not from date of financially emigrating, but rather the declaration date of non-tax resident status, is this correct?
2. If so, how does one declare oneself a non-tax resident?
3. I may have already declared mysel...

Read more →

Medical Aid claims and Dependents




Is there a limit on the contribution towards PAYE for tax on perks such as fuel?



As part of my package I receive the benefit of a fuel card and car allowance (but I do not do any business travel). However, on my tax return for 2020 I had to pay almost R9k because of this benefit. I had thought that our Human Resource Department would have made adjustments to my PAYE so that I would be paying 100% of the applicable tax so that I do not have anything to pay when I do my tax return once a year. Our Human Resource person said that he was not able to set the PAYE so that I could in future pay 100% of the fuel and car allowance benefit, but was limited to set it at 80%. ...

Read more →

Living, working and paying tax abroad



I have been living and working abroad in Australia for Australian companies since 2017. All the while I have been paying income tax, social security tax etc. in Australia. Naturally, I do not have an IRP5 from the Australian employer. As far as I understand SARS still requires me to declare my income? If so where and how do I declare this on the tax return?

Can a sole proprietor claim for vehicle maintenance?



Can a sole proprietor (extra income, working from home) claim for vehicle maintenance (I do most maintenance myself, but have invoices for the parts) and insurance, if he did not keep an accurate logbook ?

Retrenchment tax



I have been retrenched because of the company cutting back on staff. My severance package is R107000 including R14000 leave pay. I am 57 years old female. I have been paid out R87000, is that correct?
I thought I did not have to pay tax if my lump sum was under R500 000? Please could you assist me with this as I am very much confused.

Claim tax on Affinity Health Medical Scheme?



I have a hospital plan with Affinity Health Medical scheme. Does that fall under medical insurance or medical aid? Please note that the plan pays for in-hospital expenses only. I already gave them a call and they advised me they cannot provide me with a tax certificate, they are a medical insurance company. So do I still proceed under the medical aid section if I have pathology expenses and prescription medication which I paid for which I want to claim?

Accepted auto assess forgot my travel logbook



What will happen if I already accepted my auto assessment, but I have done so without submitting my travel log book, am I able to fix this myself, what should I do? Am I correct in saying that I would need to request some sort of correction on eFiling and how would I go about doing this? How and where on the eFiling system should I go to get the request for correction?

SARS still need more information from me?



I have submitted my supporting documents directly to SARS as per their request, but somehow it seems like they still need something more from my side? Can you please assist me regarding this as I am very much confused. I initially thought that I have submitted all the documents which they need and now they are back asking for more.

Auto Assess and Travel expenses



I have received a sms, stating that my tax has been assessed automatically, and that a refund is due of R7000,00 however I do not know if my travelling has been taken into account as I have not sent anything yet. Could you help me in clarifying this matter. Should I accept it as it is, would this not have an impact on my tax return to SARS when I do finally submit it?

SARS discrepancy sms



I got a sms from SARS reviewing discrepancies identified between 3rd party (TaxTim) and my last Income Tax tax return. Also they are advising me that I should ensure that the information is captured correctly. My information is captured by Sanlam and assume it is correct. Please advise what the discrepancy could be? And why do they mention the word "discrepancy"?

I received an auto assessment sms from SARS



SARS has sent me an SMS saying they have calculated my assessment tax and I can accept or edit this. I have done an early tax return with TaxTim and I'm not sure what to do now as I cannot submit that tax return until 1 September.

Claimable medical expenses



I would like to find out whether I can claim antenatal multivitamins and non-script items as part of medical expenses not covered by medical aid? I have been buying these since the beginning of the year and I was just wondering that since I use them for medical purposes would I be able to claim them. Kindly assist as I am very much confused. I heard somewhere that one is able to claim medical expenses from SARS, but I am not sure which expenses can be claimed. I tried looking for the list of med...

Read more →

What does SARS mean by auto-assessment?



I saw something in a news article about SARS issuing auto-assessments this year from 1 August. I tried to research but couldn't find much and this is all very new to me. Please can you explain what this is? Are there any new changes which I need to be aware moving forward? I have been filing my own tax return for the past years, but I hear that I might not need to do so this year.

What must I do with the auto-assessment from SARS?



I received an SMS from SARS which says something about an auto-assessment. When I login to eFiling I see there is an option to accept or edit it. Are there any risks involved with accepting it? What should I look out for? Please help, I know nothing about this new SARS process.

Why am I getting auto-assessed? Where is my tax return?



I received an auto-assessment from SARS but I am confused what this means. Why have I been selected by SARS and how did SARS get my data? Can I still submit a tax return if I want to?

Overseas income



I have been working overseas and will be doing so for the whole of 2021 tax year making me provisional:
a. What average exchange rate will I use as February 2021 has not yet arrived?
b. When is the first Provisional tax return due and, if necessary payable?
c. Can I deduct my overseas pension and medical from my gross income or is this only if I have a pension/RA and medical in South Africa?
d. I know that R1. 25 mil is exempt so how would I work out the tax on that as I know...

Read more →

Will I get a tax refund if I accept the SARS auto-assessment?



My auto-assessment shows that I am due a tax refund. Can this be correct? Do you think I will receive the refund if I accept it, or should I rather reject it and file a tax return?

Why am I being auto-assessed on SARS eFiling?



I received an auto-assessment from SARS. My husband did not receive the SMS but my friend also received an SMS saying she has been auto-assessed. Why have SARS introduced this new process? Why are there some being auto-assessed and not others?
Older posts →  1  2  3  4  5  6  7  8  9  10  11  12  13  14  15  16  17  18  19  20

Do your Tax Return in 20 minutes or less!

TaxTim will help you:

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund

Tim uses your answers to complete your income tax return instantly and professionally, with everything filled in in the right place.

Let Tim submit your tax return direct to SARS in just a few clicks!

Get started

Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk →

Get SARS Tax Deadlines in your Inbox
We'll tell you when you need to file, along with tax tips and updates.