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Latest Posts in TaxTim's Blog

Latest Posts in TaxTim's Blog



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A basic overview of the Balance Sheet and Income Statement

Posted 17 April 2019

A basic overview of the Balance Sheet and Income Statement

From our numerous interactions with small business owners, it seems that many draw up the company’s financial statements by themselves, without engaging the services of a professional. Many don’t use accounting software but opt for a simple excel spreadsheet instead. Although this is cost-effective, it can be a daunting task, particularly for those with a sketchy (or non-existent) accounting background.

When it comes to completing the company tax return (ITR14), the financ...

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Capital Gains Tax (CGT) Top Questions

Posted 16 April 2019

Capital Gains Tax (CGT) Top Questions

Below we take a look at Capital Gains Tax, particularly relating to the primary residence exclusion. What we’ve covered are some of the most pressing questions asked by our users on our help-desk. Take a few minutes to read the Q&As. Hopefully what has been unpacked in these Q&As will benefit and assist you with any uncertainties you might have experienced regarding this topic.

1. I bought a house in December 2013 and in November 2015; I bought a second house whi...

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Home Office Expenses/Deductions

Posted 9 April 2019

Home Office Expenses/Deductions

Flexible employment is becoming increasingly popular, many taxpayers spend some (or all) of their time working from home. If certain conditions are met, taxpayers are allowed to claim a portion of their office running costs as a tax deduction on their tax return. However, please note that SARS usually flags these returns for audit. If you do work from a home, take a read of our home office blog and also chec...

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How to cruise through a travel audit efficiently

Posted 3 April 2019

How to cruise through a travel audit efficiently

Surely most of us love to travel, but traveling for business purposes is no fun when it comes to completing your tax return.

SARS has some rather onerous requirements, but as long as you know what you need, submitting your documents to SARS should be plain sailing.

Note, you can only claim a travel deduction if one of the below applies to you:

  • You are a salaried employee and receive a travel allowance from your employer with source code 3701 or 3702 or,
  • You are a salaried employee and receive the use of a company car from your employer (i.e...


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Tax and winnings

Posted 25 March 2019

It's always wonderful to win a prize or a competition – however, many people don’t realise there may be tax consequences attached.

This week we thought it would be helpful to remind you what to look out for, should you be the lucky recipient of one of the below:

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SARS and medical disability

Posted 18 March 2019

We receive many relevant questions from our users about what they can claim as a tax deduction if they or one of their dependants suffers from a disability. This week, we will focus on this issue and hopefully help other taxpayers out there who may have the same questions.

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Retirement Funds

Posted 12 March 2019

This week we received some questions from our users on retirement fund contributions and the laws that govern it. We hope that this helps you as you start gathering your documents for the new tax season.

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Rental Property: Top Weekly Questions

Posted 4 March 2019

If you own a rental property, then this week’s top questions are specifically for you! Read on to find out more.

1. We paid off our home loan 5 years ago - nil balance due. However, we will have the loan available to borrow from as the term of the loan is not complete (we still have 90 months left).

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Multiple Employers, Multiple PAYE payments. Yet I still owe SARS?

Posted 27 February 2019

Multiple Employers, Multiple PAYE payments. Yet I still owe SARS?

We receive many questions to our Helpdesk from taxpayers who are faced with the following scenario:

They work for two employers during the year, perhaps even at the same time and earn income from both. Each employer deducts employee’s tax (PAYE) from the taxpayer’s salary every month and issue them with an IRP5 after year end.

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Top 5 Weekly Tax Questions

Posted 26 February 2019

Read on to see this week’s top five burning questions received to our Helpdesk this past week.  Hopefully this helps you too as we once again shed light on some common tax issues.

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1 March 2020: Expats alert, tax changes are coming your way!

Posted 25 February 2019

1 March 2020: Expats alert, tax changes are coming your way!

In 2017, National Treasury announced that there would be changes to the Foreign Employment income Exemption. These changes were intended to target those South Africans working overseas on expat contracts, who had not formally emigrated and were intending to return ‘home’ to SA at a later stage. The proposed amendments would have seen South Africans working overseas in lo...

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Tax Return, Rebate and Refund Explained

Posted 21 February 2019

Tax Return, Rebate and Refund Explained

When it comes to tax jargon, most people prefer to bury their heads in the sand instead of trying to understand all the confusing terms that tax practitioners use. Taxpayers just want to do their tax quickly and easily, and if they’re due - receive some money back from SARS. A lot of confusion surrounds the process, but by understanding three simple terms you can make tax season a little bit easier.

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Budget 2019: What did the Minister deliver?

Posted 20 February 2019

Budget 2019: What did the Minister deliver?

Mr Minister, you did a fine balancing act on this year’s budget; short-term pain for long-term gain.

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Latest Top 5 weekly round up

Posted 18 February 2019

Once again we bring you our top five most-asked questions we’ve received to our Helpdesk this past week. Hopefully this may help others who have been puzzling over the same issues.



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Budget 2019: TaxTim’s predictions

Posted 15 February 2019

Budget 2019: TaxTim’s predictions

Budget 2019: TaxTim’s predictions

Finance Minister Tito Mboweni will be in the spotlight next week when he delivers his maiden budget speech on Wednesday, 20 February to the nation. 

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SARS are sending me SMS's demanding payment but I have raised a dispute - what must I do?

Posted 15 February 2019

SARS are sending me SMS's demanding payment but I have raised a dispute  - what must I do?

We have been contacted by many concerned taxpayers who have received SMS’s from SARS demanding urgent settlement of their tax debt in order to avoid legal action.

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S12J VCC Tax Incentive

Posted 14 February 2019

 

 
Guest Blogger: Albertus Marais Director of AJM tax consultants and an independent director of 12Cape Ltd, a registered VCC.



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TaxTim’s top tips for Provisional Taxpayers

Posted 12 February 2019

TaxTim’s top tips for Provisional Taxpayers

  1. Don’t offset losses – SARS may not allow this

If you run a business or rental property, which is running at a loss, don’t offset this loss against other taxable income you may have when calculating your estimated taxable income for your provisional return.

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Tax Round Up: Top 5 Weekly Questions

Posted 11 February 2019

We have identified the top five most-asked questions from our users on our TaxTim help-desk this past week. Take a look below to see what has been confusing taxpayers the most. 

  1. Which provisional return (IRP6) is due now?

The provisional tax return for the 2019 second period, which covers your income from 1 March 2018 to 28 February 2019, is due on Thursday the 28th of February 2019.  Try to submit your return and make ...

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What does a Completion Letter from SARS mean?

Posted 27 November 2018

Completion Letter

You will receive a Completion Letter if all goes well and SARS is happy with your documents. This means that SARS is not adjusting your Original Assessment and if you have a refund due, it should be paid out in 7 working days (provided you have no tax debt due or outstanding tax returns from prior years). Similarly, if you owe tax to SARS per your Original Assessment, the amount you owe will remain unchanged.

An example of a...



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I submitted all my documents to SARS - They've asked again. Why?

Posted 26 November 2018

I submitted all my documents to SARS -  They've asked again. Why?

We are seeing many cases where taxpayers submit their documents to SARS, wait 21 working days (sometimes longer) only to receive a second letter on eFiling which requests the exact same documents again.

The letter we are referring to here is the generic SARS document request which looks like the below:

The South African Revenue Service (SARS) thanks you for submitting the revised income tax return for the 2018 tax period.

The revised information still does not match the information in the possession of the SARS and/or the income tax return has been identified for verification in terms of the Tax Administration Act....

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Black Friday Survival Tips

Posted 22 November 2018

Black Friday  Survival Tips

It's that time of the year again - Black Friday!

We'd like to assume that you've probably been inundated with nothing but sale specials in your inbox . While others have managed to plan ahead to ensure a pleasant shopping experience, other consumers will shop wildly and randomly during this highly anticipated sale bonanza. With so little time to spare we've put together 3 important things to remember this Black Friday:

1. Compare your options

Sometimes brand loyalism should be left at home...

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I've never been audited before. Why now?

Posted 12 November 2018

I've never been audited before. Why now?

This is a common area of concern for many taxpayers who don’t know why they are asked to submit documents to SARS after they file their tax return.

Our Helpdesk receives comments such as:

  • ‘my tax return is very simple’
  • ‘it has barely changed from last year’
  • ‘I have never been audited before, why now?’
  • ‘I am not even due a refund!’
  • ‘I did the return myself on eFiling last ...


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Where do I get my IT3(b) tax certificate from?

Posted 30 October 2018

Where do I get my IT3(b) tax certificate from?

When we finally decide to complete our tax return, the last thing we want is a delay in finding that last piece of missing information. In case your bank or investment fund hasn't sent you your IT3b tax certificate by mail or email earlier in the year, here are the fastest ways to download your tax certificate online in record time.

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I have received an Additional Assessment from SARS - what does this mean?

Posted 23 October 2018

I have received an Additional Assessment from SARS - what does this mean?

After you have submitted your supporting documents to SARS, they have 21 working days to review them, assuming all sufficient documents have been received.  Once their review is complete, you will either:

  1. Receive a request for additional documents; or
  2. Receive a Completion Letter; or,
  3. Receive an Additional Assessment

Additional Documents Request

If SARS still requires for documents from you, they will either send ...

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Submit your
tax return
right here!


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