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Latest Posts in Tax Q&A

Latest Posts in Tax Q&A



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Tax on living annuity

Posted 5 September 2019

What type of a taxpayer am I if I receive a living annuity and I am 42 years old? My monthly living annuity income is just over R10000, I also receive money from my children's investments which ranges between R1000 and R8000.

CGT for Companies

Posted 26 May 2019

Is it correct that for private individuals Capital Gains Tax (CGT) is levied on net gain and of that, 40% is taken into account and that amount is added to individual's taxable income for that specific tax year. How does it work for companies or Trusts, is 100% of net CGT taken into account or what?

Tax allocation

Posted 21 May 2019

Where does my tax money go to?

Two incomes and tax calculations

Posted 20 May 2019

I am 51 years old and I receive a monthly taxable salary and a monthly pension. How do I calculate my tax on both incomes?

Backpay and bonus taxed in same way?

Posted 17 May 2019

Can a bonus and an arbitration award backpay be added on one source code?

The employer added the arbitration award backpay for 2014 to 2017 august under one source code of bonus. What is the impact are the two taxed in the same way?

Tax Deduction for education

Posted 7 May 2019

Can I receive an income tax deduction for paying for my own university costs?

How to work with multiple streams of income

Posted 2 May 2019

I currently work as a freelancer and I've just started a business and there's another one coming up soon. Do I need to submit these separately with deductions relating to each business or can I submit them as one? Can income from one stream bankroll and help build up another?

I'm also considering registering for Turnover Tax, but I need some clarity on the above before I go ahead with it.

Leave days and tax

Posted 27 March 2019

How are the leave days calculated when an employee resigns from a company?

Company has no VAT number

Posted 28 February 2019

My company doesn't have a VAT registration number, so what should I put in the IT14SD?

Relocation expenses

Posted 11 February 2019

I got a new job and the new company is paying me one month's salary as relocation allowance. I understand that this is taxed, but can I have any tax deductions if I can prove actual relocation expenses?

Movement of assets

Posted 9 February 2019

What does movement of assets mean?

This query relates to question 7680 "What was the movement in Assets, Liabilities and/or Reserves?" in the Dormant Companies section.

I still have source code 3697 and 3698 on my IRP5 for 2018

Posted 23 October 2018

Question: Where can I input source code 3697 or 3698 from my IRP5? I do not see a place for this anywhere?

Answer: Those codes are no longer applicable for 2018 IRP5s, if you have 3697 and 3698, add them together and include that total amount for source code 3699.

Everything you need to know about Pay Periods on your IRP5

Posted 12 October 2018

What are Pay Periods?

Your IRP5 has two fields on it that relate to Pay Periods:

  1. Periods in year of assessment
  2. No. of periods worked
  3. Period employed from
  4. Period employed to

A Pay Period describes an amount of time within a year that you were employed by your employer.

This can be an amount in:

  • DAYS - maximum 365, or 365.0000
  • WEEKS -  maximum 52, or 52.000 (can show a partial number, e.g...


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Time to lodge a dispute

Posted 8 January 2018

How long do you have to lodge a dispute on an assessment?

Bitcoin and Tax

Posted 8 January 2018

Are the earnings from Bitcoin taxable?

No time to go to SARS

Posted 20 July 2017

I cannot get the time to go to SARS, is there a service that you
offer to get my SARS eFilling account active and then also submitting my IRP5s?

MY TAX RETURNS

Posted 20 July 2017

Question before I start.  I am at work and would like to file my tax returns with you.Should I be called to attend to customer's or answer the phone and I close the websitecan I then log on again and continue or once I start I must complete the entire process?
Thanking youMaria

Doctor's fees deductible if not on medical aid?

Posted 19 July 2017

Good Day. During 2016/2017 my wife stayed with me before we got married. We both had doctors visits but I did not have a medical aid yet. Can the doctor's fees be deducted from my tax? She also got pregnant with my child and we had monthly check ups.

P2p interest

Posted 19 July 2017

I earned interest on a Peer 2 Peer investment in the UK, at https://www. Ratesetter. Com/. As this is a non-SA entity they do not provide IT3(b) statements. It is also not a bank/ institution but independent loans. As such, I am not clear if or were to add this amount in TaxTim. I did get a statement with the amount received of 110. 25GBP. Do I enter this amount at the point of "Did you earn any interest from a foreign bank / institution? On your IT3(b) you will see an amount under foreign interest. " ?...

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SARS does not want to pay me the money it owes me.

Posted 18 July 2017

Good day, SARS owes me money, had to go through the ombudsman to prove this, successfully did so however, SARS now requires that I prove that I actually did pay an amount I owed 2 years back before they refund me. My question is: is that even legally allowed/required of me or is it foul play from SARS? Thank you for your assistance

Difference between provident fund and retirement annuity?

Posted 18 July 2017

There is no code 4006 on my IRP5, but I pay into a provident fund via my employer. There is an amount with code 4003/4473 (the same amount). Do I need to enter this amount anywhere?

This query relates to question 6806 "Do you have a %nextpass% Retirement Annuity Fund that you want to enter?" in the Retirement Annuity section.

Full amount of shares paid out or profit?

Posted 18 July 2017

I had MTN Zakhele shares which reach maturity and were paid out in December 2016. Do I include the amount that was paid into my bank account or the difference between what I paid for the shares vs what I sold them for?

This query relates to question 6431 "Please enter the total amount received from the sale here. This is known as the proceeds." in the Capital Gains section.

FW: Tax season reminder - 1 tax return due

Posted 18 July 2017


I keep receiving these messages. I have completed everything. Please advise as to how to submit?

Much appreciated.

Thanks and regards,

E-filing query and TaxTim

Posted 18 July 2017




I am a provisional taxpayer and would like to make use of TaxTim. However I
am not registered with E-filing. Therefore, must I be registered with SARS
E-filing in order to be able to make use of TaxTim's services? Or can
TaxTim submit tax returns directly on my behalf (note I will pay any added
costs if necessary) to SARS?



Thank you,

RAF

Posted 18 July 2017

Kindly advice me on tax deductions regarding RAF maximum amount that ca be
deducted.

If a person is on Salary range of 280 000 to 300 000 p.a.

The employer and contribute each 7.5 % of the basic salary p.a to pension


The employee currently contribute R405 per month towards retirement
annuity fund per month

The question is how much can be deducted or get refunded from SARS annual
or how much can contributed to RAF to ensure that he/ she is not paying too...

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Blog Categories


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