Latest Posts in TaxTim's Blog

Budget 2020: Unexpected Relief for Taxpayers!



Budget 2020: Unexpected Relief for Taxpayers!

The Minister delivered some good news to South Africans yesterday when he announced there would be no significant tax hikes – in fact, there would be an above-inflation increase to the tax brackets which would result in taxpayers paying a bit less personal tax than they currently do. The tax brackets are often manipulated by Treasury to sneak in some ‘hidden’ taxes, but these adjustments seldom work in our favour, so this was a welcome surprise!

The announcement that...

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Budget Prediction 2020: More dark days ahead?



Budget Prediction 2020: More dark days ahead?

All eyes will be on Finance Minister, Tito Mboweni, tomorrow when he delivers his budget speech on Wednesday, 26 February to the nation.

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Overview on Tax Free Savings versus Retirement Annuity



Overview on Tax Free Savings versus Retirement Annuity

By Rowan Burger from Momentum Investments

The benefits of saving your money are well known and encouraged by many financial institutions

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State of the Nation Address - SONA 2020



President Cyril Ramaphosa addressed South Africa for the fourth time on Thursday, 13 February 2020. The event commemorated the 30 year anniversary of Nelson Mandela’s release from prison.

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Provisional Tax Penalties



Provisional Tax Penalties

Seasoned provisional taxpayers – those people who earn income from sources other than, or in addition to a regular ol' salary or traditional payment from an employer - are all too familiar with the process of estimating taxable income and submitting provisional tax returns. Not once - but twice a year!

Yes, it's a bit painful (although TaxTim makes it super easy) but entirely necessary if you don't want to be lumped with penalties from SARS...

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Expat Tax



Expat Tax

As of 1 March 2020, South Africans working abroad will have to comply with the amended laws on expat tax. Amendments to the Income Tax Act includes the exemption of taxes up to the first R1 million per annum.

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Top Tips for Provisional Taxpayers



Top Tips for Provisional Taxpayers

1. Estimate your taxable income for the whole tax year

Remember that both your first and second provisional return (IRP6) must reflect an estimate of your taxable income for the full 12 months of the tax year.

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TaxTim in People Magazine: Money Talks



 

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'Rejection of Revised ITR12' - but my return is already finalised!



'Rejection of Revised ITR12' - but my return is already finalised!

There seem to be many confused taxpayers who have received a letter from SARS titled ‘Rejection of Revised ITR12’ which goes on to say that their revised return cannot be finalised because their assessment has already been finalised.

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File by 4th of December to avoid penalties



File by 4th of December to avoid penalties

The deadline for non-provisional taxpayers to file their tax return is just around the corner. Taxpayers have until 4th December to submit their return and avoid unwanted penalties and interest.

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Tax effects of your salary structure



Tax effects of your salary structure

We often receive questions from taxpayers as to how to structure their salary most efficiently for tax purposes.  Unfortunately, the reality is that the days of employees gaining a tax advantage

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Pay your taxes by 4 December or face the consequences



Pay your taxes by 4 December or face the consequences

The deadline for 2019’s tax season is 4 December, just less than a month away, so it’s time to seriously focus on your tax returns. Last week, Tito Mboweni, the finance minister confirmed during his medium-term budget announcement

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My medical aid is paid by my former employer: How does this affect my tax?



My medical aid is paid by my former employer: How does this affect my tax?

When you retire, your soon to be ‘ex-employer’ might offer to continue to pay your medical aid. If you are one of the fortunate few to receive such a benefit, read on for some things to look out for:

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Unemployed Periods



Unemployed Periods

A few years ago, SARS introduced a new section onto the Tax Return called “Unemployed Periods.” Taxpayers are required to complete this section by entering all the times within the tax year they were not working.

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Top Questions on Tax and Marriage



Top Questions on Tax and Marriage

We receive many questions from taxpayers about how to declare their income in the event that they are married in Community of Property (CoP).

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SARS terminates Tax Clearance Certificates from October 25th



SARS terminates Tax Clearance Certificates from October 25th

From the 25th October 2019, the printed Tax Clearance Certificate (TCC) will be substituted by the electronic Tax Compliance Status (TCS). This new digital version of the TCC allows for a more secure experience.

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File with TaxTim and WIN R10,000!



File with TaxTim and WIN R10,000!

Want to win R10,000 in cash just for filling your Individual (ITR12) tax return for the 2019 tax year?

How to enter:

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TaxTim in Fairlady Magazine



 

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Top Questions on Income that is not taxed



Top Questions on Income that is not taxed

Exempt or non-taxable income refers to certain types of income, which is not subject to income tax.

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I've never been audited before. Why now?



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.

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When Will SARS Pay My Tax Refund?



Hundreds of thousands of South Africans are filing their annual tax returns and everyday people ask us “when will I get my refund from SARS?”.

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Top Questions on Provisional Tax



Top Questions on Provisional Tax

With the first provisional return still fresh in the minds of taxpayers, we thought it would be a good time to highlight some questions that were asked to our Helpdesk last month.

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Return Status ‘Filed through Branch’ " What Does This Mean?



We’ve recently received many questions from taxpayers asking us if we physically went into a SARS office to submit their returns manually.

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Why does SARS require manual intervention to finalise my return?



Why does SARS require manual intervention to finalise my return?

When a Tax Return is filed usually SARS issues an immediate assessment (ITA34), however sometimes they do need to do a further manual check on their side.

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Making payments to SARS



Making payments to SARS

You have filed all your outstanding tax returns with SARS and when receiving your ITA34 assessment/ Statement of Account/ Penalty statement you notice that you owe SARS some tax. There are three main options available to you, if you want to make a payment to SARS.

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