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                                                    Posted 20 February 2025
  
                            Written by Nicci  
                        
                                                    Posted 20 February 2025
                        
						I worked for an international company (UK based) during the 2024 tax year. I was a contracted employee, meaning I had to submit salary invoices. Therefore, I was advised to register as a provisional tax payer and submitted an IRP6. I worked 100% from home during this time and would like to claim a home office deduction, which was already taken into account during my IRP6 submission (audited by SARS and accepted). However, when submitting my home office deduction on Tax Tim for my IRT12, it says ...
 Written by Alicia  
                        
                                                    Posted 21 May 2024
  
                            Written by Alicia  
                        
                                                    Posted 21 May 2024
                        
						 Written by Nicci  
                        
                                                    Posted 30 January 2024
  
                            Written by Nicci  
                        
                                                    Posted 30 January 2024
                        
						I received a SARS assessment after submitting my tax return via TaxTim. During the submission, there was no payment to SARS expected. However I then received an assessment for a large (R2m) balance owed. At the time I assumed it was a mistake or a premature assessment before my documents had been processed, but I've now received an email from SARS stating Outstanding Debt. Please could you assist me with understanding the significant discrepancy between the TaxTim calculation and the SARS assess...
 Written by Nicci  
                        
                                                    Updated 9 May 2022
  
                            Written by Nicci  
                        
                                                    Updated 9 May 2022
                        
						I have been working overseas and will be doing so for the whole of 2022 tax year making me provisional:
a. What average exchange rate will I use?
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 that I cannot claim all overseas tax...
 Written by Nicci  
                        
                                                    Updated 25 April 2022
  
                            Written by Nicci  
                        
                                                    Updated 25 April 2022
                        
						 Written by Marc  
                        
                                                    Posted 5 April 2022
  
                            Written by Marc  
                        
                                                    Posted 5 April 2022
                        
						Q: How do I pay Tax on Forex Trading?
I am a South African resident. I am a full-time forex trader (almost a year now). I trade via a broker overseas, I deposit funds into my trading account via their bank accounts here in South Africa. I would like to know if my profits from trading forex are taxed, how do I declare this and what forms should I fill from sars. Also, what can I expect in terms of what percentage of tax I will pay?
 Written by Alicia  
                        
                                                    Updated 29 March 2022
  
                            Written by Alicia  
                        
                                                    Updated 29 March 2022
                        
						 Written by Nicci  
                        
                                                    Posted 15 March 2022
  
                            Written by Nicci  
                        
                                                    Posted 15 March 2022
                        
						 Written by Nicci  
                        
                                                    Posted 29 April 2020
  
                            Written by Nicci  
                        
                                                    Posted 29 April 2020
                        
						 Written by Nicci  
                        
                                                    Posted 24 October 2019
  
                            Written by Nicci  
                        
                                                    Posted 24 October 2019
                        
						How one would declare Income/Loss that is derived from online forex trading. The trading account is in USD so I assume foreign income. 
1. Where would one declare this income/loss with TaxTim/eFiling tax return under foreign income?
2. Is it necessary to declare if only a loss was made? 
3. Can withdrawal fees/currency exchange and bank fees be deducted from overall profit. 
4. What documentation would SARS require? The only documentation that can be acquired from the trading platform is trading history showing profit/loss but no tax certificates. ...
 Written by Nicci  
                        
                                                    Posted 5 June 2019
  
                            Written by Nicci  
                        
                                                    Posted 5 June 2019
                        
						I have been living abroad for a while, since February 2018 to be exact. I filed my tax return for the 2017/2018 financial year, as it reflected my income for the previous year, during which I was employed in South Africa. I would like to maintain an unbroken record with SARS, but I'm not sure how to file for income earned abroad. My current income is well below the R1 million limit impostor in South Africans working abroad. I will be tax returning to SA in March 2019. So, I would like to know wh...
 Written by Nicci  
                        
                                                    Posted 28 May 2019
  
                            Written by Nicci  
                        
                                                    Posted 28 May 2019
                        
						 Written by Nicci  
                        
                                                    Posted 5 July 2017
  
                            Written by Nicci  
                        
                                                    Posted 5 July 2017
                        
						 Written by Nicci  
                        
                                                    Posted 2 July 2017
  
                            Written by Nicci  
                        
                                                    Posted 2 July 2017
                        
						 Written by Nicci  
                        
                                                    Posted 1 June 2017
  
                            Written by Nicci  
                        
                                                    Posted 1 June 2017
                        
						 Written by Nicci  
                        
                                                    Posted 29 May 2017
  
                            Written by Nicci  
                        
                                                    Posted 29 May 2017
                        
						 Written by Nicci  
                        
                                                    Posted 27 March 2017
  
                            Written by Nicci  
                        
                                                    Posted 27 March 2017
                        
						 Written by Nicci  
                        
                                                    Posted 26 March 2017
  
                            Written by Nicci  
                        
                                                    Posted 26 March 2017
                        
						 Written by Nicci  
                        
                                                    Posted 17 March 2017
  
                            Written by Nicci  
                        
                                                    Posted 17 March 2017
                        
						 Written by Nicci  
                        
                                                    Posted 16 March 2017
  
                            Written by Nicci  
                        
                                                    Posted 16 March 2017
                        
						 Written by Alicia  
                        
                                                    Posted 15 February 2017
  
                            Written by Alicia  
                        
                                                    Posted 15 February 2017
                        
						 Written by Alicia  
                        
                                                    Posted 3 February 2017
  
                            Written by Alicia  
                        
                                                    Posted 3 February 2017
                        
						Good Day I would like to know who is right in this scenario: a SA resident and the SA company I work for received a construction contract in Sierra Leone, November 2015 we left with promises that there will be no tax deducted. Just before we left our SA employment was terminated and we were rehired by the newly established Sierra Leone company (same name, just now Sierra Leone ltd). We work everything according to the SARS 183/60 rule In the meantime, salary and tax deductions went on like norma...
 Written by Alicia  
                        
                                                    Posted 31 January 2017
  
                            Written by Alicia  
                        
                                                    Posted 31 January 2017
                        
						 Written by Alicia  
                        
                                                    Posted 27 January 2017
  
                            Written by Alicia  
                        
                                                    Posted 27 January 2017
                        
						 Written by Alicia  
                        
                                                    Posted 26 December 2016
  
                            Written by Alicia  
                        
                                                    Posted 26 December 2016