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How much tax will I pay if I trade in forex?

Posted 4 December 2016 under Tax Questions

What are tax rates for South African retail forex traders?

Does SARS allow anyone to claim medical deductions?

Posted 30 November 2016 under Tax Questions

My wife and I are married out of community of property and we are both normal salary earners. My wife is the primary medical aid member and pays the premiums from her account. She claims all our medical expenses with her tax return and usually get a significant amount back. Would it make sense to split the medical costs in half and each claim that on our tax returns? Or if one of us earns more than the other, who should be making the claims/be main member (especially if one of us falls marginally into an higher tax bracket)?

After I select a TaxTim package can I go back and upgrade it?

Posted 28 November 2016 under Tax Questions

Can I upgrade my Lite account to a Smart account?

Can I adjust my ITR12 once it has been submitted?

Posted 28 November 2016 under Tax Questions

I have submitted and received a refund for filing my ITR12 (due by end of Nov 2016). I have been made aware that I could have claimed back on a loss on a property (rental not covering the bond) and wondered if there was a way I could adjust and resubmit this form?

How do I declare my income from freelance writing?

Posted 28 November 2016 under Tax Questions

Hi there, I just wanted to know which fields I should fill in/select. I'm a freelance writer and want to declare my income from this work (in addition to full time income).

This query relates to question 4283 "Please add up all your business incomes and then subtract all your business expenses, as declared here. This will tell you if your business made a Profit or a Loss. Using the business code table, please enter the applicable 4 digit profit / loss code that describes your business activity." in the Self Employed/Independent Contractor/Freelancer section.

How can I submit my documents if eFiling constantly reject them?

Posted 25 November 2016 under Tax Questions

SARS asked me to upload documents, 3 of them they said cannot convert even though I could read them and they are normal pdf files, what should I do now?

Can I claim the interest I paid on the bond for both my properties?

Posted 25 November 2016 under Tax Questions

Originally my primary residence (property A) had less than R10,000 remained on the bond. When I bought my rental property B, I borrowed money from my bond for my primary residence (property A) and put that full amount into the rental bond (property B). This was to reduce the interest charges on the rental property (B),given Property A has a lower interest rate than Property B. How do I show SARS that the interest charged on Property A and property B in both bond counts against the rental income?

I pay annually to be registered with a professional body (nursing) - can I claim this back?

Posted 25 November 2016 under Tax Questions

I pay annually to be registered with a professional body (nursing) - can I claim this back?

Do the services supplied by a prosthodontist qualify as an additional medical expense?

Posted 25 November 2016 under Tax Questions

Do the services supplied by a prosthodontist qualify as an additional medical expense?

How do I file a dispute with SARS?

Posted 25 November 2016 under Tax Questions

I have filed for a dispute but the SARS customer help line did not finish the process with me can you perhaps help me?

Can one submit multiple tax payer's returns on one TaxTim profile?

Posted 24 November 2016 under Tax Questions

How do I submit my husband's tax returns on my TaxTim account?

When am I allowed to claim for my business traveling?

Posted 24 November 2016 under Tax Questions

If I am an individual working for an employer through a contracting house, can I claim a travel expense for the distance traveled to a client? Do I need the contracting house need to include a specific travel allowance item on my payslip?

Are expenses on my primary residence for improvement and renovation tax deductible?

Posted 23 November 2016 under Tax Questions

Are expenses on my primary residence for improvement and renovation tax deductible?

Can I submit old returns with TaxTim's help?

Posted 22 November 2016 under Tax Questions

Is there any way to fill in tax returns from 2011-2015? I have been able to successfully file for the 2016 tax period. For the period from 2011 to 2015 as was a salaried employee and had no other additional income. My income tax over the period was fully paid as my employer was responsible for paying this directly to SARS. Is it possible to file for previous years? Are there likely to be any penalties, and are is still possible to claim for previous deductions such as pension fund contributions and medical aid expenses?

How to Make a Payment to SARS

Posted 21 November 2016 under Tax

You have filed your tax return with SARS and they have responded with your ITA34 assessment. The bad news: you have to pay SARS some additional money. The ITA34 does not explain how to go about making payment.

Follow these quick steps below to get the payment details required to make your payment to SARS by EFT:

Read more →

Property insurance on holiday rental property, can I claim it back from SARS?

Posted 20 November 2016 under Tax Questions

Does insurance include building and content if it is a holiday home?

Professional/ Registration and Medical insurance paid, can I claim this back from SARS?

Posted 19 November 2016 under Tax Questions

I would like to know where do I add in my Professional fees paid to the HPCSA and MPS, then also educational courses done and paid for.

Refund paid into closed account, how can I get it paid out again?

Posted 18 November 2016 under Tax Questions

I have submitted my tax return a few weeks ago, but unfortunately did not update my banking details and refund went into the closed account. I've since updated my banking details at the SARS offices, but when I've contacted the call centre, I was told there's a stop on the refund, that I have to go back to the offices to lift the stop. I have done that, I would like know, how long does the whole process normally takes?

The Dangers of DIY Tax: How to Avoid Disaster

Posted 17 November 2016 under Tax

Have you ever started one of those ‘oh, this’ll be easy’ Do-It-Yourself jobs, only to find yourself utterly frustrated half-way through wondering - what was I thinking? Pieces of wood cut just a few millimetres short of what they should’ve been. Holes drilled in the wrong places. Screwdrivers in every size except the one you need, missing bolts or the wrong colour paint! These DIY disasters can land up costing you much more time and money to salvage (or in the worst-case scenario – start from scratch) than it would’ve if you’d hired a professional to do it for you from the get-go.

It’s a situation we see time and time again: Taxpayers who’ve used free, go-it-alone methods to do their tax return and who land up with their taxes in a mess. The main concern with this method is that there’s little in the way of guidance or prompting within the system, telling you exactly what you’re supposed to be filling out at each point, or what values you need to declare where. It’s exceptionally easy to make errors or omissions, and the scary part is that incorrect or incomplete tax returns can amount to penalties and administrative pain in the long run.

Did you know that SARS can penalise you with something called ‘unforced errors’? Legally, the onus is on you to have sufficient knowledge and understanding of the complex tax regulation and SARS guidelines to complete your taxes accurately. I’m not telling you this to create undue stress and panic. I’m telling you this because it happens – and it doesn’t need to!

Read more →

Can I apply the 183 rule to my income?

Posted 14 November 2016 under Tax Questions

I worked in RSA as a full time employee from 1 March 2015 until 30 September 2015. During this time, I earned R660 000. During this time, I was out of the country for 60 days, for business. From 1 October 2015 to 29 February 2016, I worked in the UK as a full time employee of a UK organisation. During this time, I earned R600 000 (in GBP). During this time, I was out of the country for 126 days.

During the full tax year, I spent 186 days outside of South Africa, of which 60 were consecutive, which means that I qualify for the exempt income provision (sec10(1)(o)(ii))...

Read more →

When do I declare and deduct maintenance and upgrade to my rental property to SARS?

Posted 14 November 2016 under Tax Questions

How can I derive maximum benefit from maintenance and upgrades that I have made to a rental property? Can I declare the expense for the current tax year and also declare it for Capital Gains Tax purposes when I sell the property? Is there another way in which I can benefit from this expense?

Multiple small revenue streams - consolidate expenses across all? (Sole prop)

Posted 14 November 2016 under Tax Questions

I have multiple small revenue streams, some with expenses attached to them. Do I ringfence each income/expense area, or do I consolidate them which would enable 'cross-subsidisation' of expenses?

Tax Exemption for Foreign Employment Income : What You Need to Know

Posted 11 November 2016 under Tax

Tax on Foreign Income

If you think earning an income from a global source isn’t taxable on home soil, I’m afraid I have some bad news. Whether you’re earning Dollars, Euros or Yen, as a South African, it’s more than likely you’ll have to pay tax on this income. This is because South Africa’s taxation system works on a residence-based tax system meaning we’re taxed on worldwide income.

There is, however, some good news!

Section 10 of the Income Tax Act offers a list of conditions where income earned (or at least a portion of it) for services rendered outside of South Africa borders will be exempt from income tax.

Read more →

How do I calculate the depreciation on my office equipment?

Posted 10 November 2016 under Tax Questions

I have completed my 2016 tax return via TaxTim. On the depreciation of office equipment I indicated that I am depreciating my laptop which was bought for R20 000. The amount I came up with was R3 333. 33. SARS requires me to indicate to them how I got to the figure. Can you please assist so I can explain myself to SARS?

Is proceeds from a trust taxable in the hands of the trustee?

Posted 9 November 2016 under Tax Questions

My Grandfather left a family beach house in a trust for the family to use. Over the years it was not used anymore so it was sold and each person in the trust got R10000 00 and then the trust was dissolved. I want to know will I pay tax on this and can you help should I register?
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Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk →

Hi, I'm Tim!
I'll help you do your Tax Return with Confidence
Quickly, Easily
And Correctly
Do your Tax Online with Expert Help from Me, Step-by-Step.
LEARN MORE