Latest Posts in TaxTim's Blog

Having problems with Adobe Flash Player forms on SARS e-Filing?



As early as July 2017, Adobe announced that Flash Player would be discontinued by 31 December 2020 and that Flash Player would block its Flash content by 12 January 2021. But, SARS is yet to update their system and secure a solution that caters to the needs of all South African taxpayers.

In a time of Covid-19, where social distancing is the name of the game - a time when South Africans need a functional online tax filing service the most - SARS is still in the process of migrating a number of necessary forms...

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Possible tax hikes to cover the cost of Covid-19 vaccines




As many countries around the world are already in the process of distributing the Covid-19 vaccine, the National Treasury of South Africa is proposing the possibility of increasing taxes as a means to fund the biggest vaccination procurement in the history of the country.

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Top Tips for Sole Props




1. Keep an accurate record of revenue and expenses

You can draw up these records by way of a simple spreadsheet based on your invoices and then confirm these amounts by cross-checking them against your bank statement.

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Tax on Bonus Payments: How Does it Work?




For those fortunate enough to receive bonus payments as part of your remuneration, you’ll understand the

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I forgot to submit some documents to SARS - what must I do now?




If you left out some documents in your original submission to SARS, don’t panic.

SARS has recently implemented a new process

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How Long do I have to wait for my tax refund?




Like in previous years, there have always been opening tax season niggles and 2020 has been no different. Patience is a virtue, so the adage goes.

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"Emergency Notification System" - it's a scam!



There is a new scam going around this tax season, SARS has made us aware of it and we would like to make sure you know about it too.

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What is Gap Insurance & why is it so valuable to have?



When you are in the process of selecting a medical aid, the question of adding gap cover to your plan is likely to come up.

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TaxTim's Tips to Pay Less Tax




These tips are part of TaxTim's personalised recommendation tool called the Tax Health Score.

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FAQs: Tax Refunds




As the tax season is approaching, many of our users are asking whether or not they will be due a tax refund.

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How to reject the SARS Auto Assessment




If SARS have issued you an Auto Assessment, you will need to follow these steps to reject it so that we can help you to complete and submit your return to SARS.

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Individual Tax Rate Tables




RATES OF TAX FOR INDIVIDUALS

 

2021 tax year (1 March 2020 - 28 February 2021) - see changes from last year



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What you need to know about SARS auto-assessments




1. What is an auto-assessment?
This is an automatic assessment issued by SARS to certain taxpayers.

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2020 Supplementary Budget Speech




On Wednesday, 24 June 2020, Minister of Finance, Tito Mboweni, addressed parliament to announce the 2020 Emergency Budget Speech.

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FAQs: Tax Directives




A tax directive is super useful when you earn commission, variable income or are going to receive a large bonus or a lump sum.

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10 Types of Tax Directives




Imagine you’re an estate agent or luxury car salesman. Chances are that you don’t earn much (if anything) as a basic salary and you rely on a few big deals and commission payments to keep you afloat during quieter months.

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How is Commission Taxed? 3 Ways Your Company Taxes Commission




Our helpdesk receives hundreds of questions related to tax where commission is involved. A misconception that comes up time

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FAQs: Tax Clearance or Tax Compliance Status (TSC)




1. I need an actual tax clearance certificate, but each time I apply I am sent a PIN. Can you help me print the certificate?

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FAQs: Retrenchment




Thousands of people have lost their jobs as a result of the Covid-19 pandemic and the nationwide lockdown to slow the spread of the disease.

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Cryptocurrency Income: Yes, you should be declaring it on your tax return!




As most of us know by now, cryptocurrency is not real but virtual money.

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FAQS: SARS eFiling




Filing a tax return for the first time can be a daunting task. To get you started, we’ve gone back to basics

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Navigating around your Capital gains tax certificate (IT3C)



If you have shares (financial instruments) , there is important information on your IT3C tax certificate which needs to be included in your tax return.

This will ensure your taxable income is calculated accurately with the correct capital gain or loss included. 

Do you have shares at any of the following institutions?...

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FAQs: 'Other Deductions' that you may be able to claim in your tax return




There is a section in the tax return called ‘Other Deductions’ which often causes confusion for taxpayers

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Why do I owe SARS more money?




Once you’ve completed filing your tax return, it’s possible to find that instead of getting money back

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What Medical Expenses Can You Claim Back from Tax




Medical expenses are nothing to sneeze at. Private medical treatment is increasingly pushing the limits of medical aid scheme

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