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Latest Posts in Tax Blog



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Budget Speech: VAT rises by 1%, predictions were correct!

Posted 21 February 2018

Budget Speech: VAT rises by 1%, predictions were correct!

Taxpayers should breathe a sigh of relief as a much lower than expected R36bn in increased taxes was announced by the once-off Minister of Finance. The biggest news amongst the increases was the VAT rise of 1%. For the first time in 25 years, all South Africans will see most goods and services become a little bit more expensive thanks to the Value Added Tax rise. Although controversial, a VAT rise was much needed and will bring in almost R23...

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Mirror Mirror on the Wall, Where Do We Look to Plug the Shortfall?

Posted 19 February 2018

Mirror Mirror on the Wall, Where Do We Look to Plug the Shortfall?

By now we are all aware that it is more than likely that SARS will miss its 2018 revenue collection target that it set a year ago by R51bn. The budget deficit (i.e. the gap between government expenditure and income) for the first eight months of the tax year from April to November 2017 widened to a record R195 billion as tax collections lagged due to a slowing economy, low business confidence and a possible slippage in compliance by taxpayers. Sadly, there’s no light at the end of the tunn...

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I've raised a dispute: Do I need to pay?

Posted 14 February 2018

I've raised a dispute: Do I need to pay?

Many disgruntled taxpayers are receiving SMS’s from SARS who threaten legal action if they don’t pay their outstanding tax debt.

However, these same taxpayers raised a dispute/lodged an objection because they didn’t agree with the SARS assessment and are still waiting for the dispute to be resolved.

This can take up to 60 working days and in many cases, even longer. In fact if the dispute was raised at the end of last year, SARS will take even longer because the period 15 December to 15 Janaury is excluded from the 60 day review period!...

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Latest SARS Guide: Tax treatment of retrenchment benefits

Posted 8 February 2018

Latest SARS Guide: Tax treatment of retrenchment benefits

In the past, taxpayers who received a severance payment benefitted from the favourable tax treatment applied to it. It didn’t matter if the retrenchment was ‘voluntary’ or ‘involuntary’ (i.e. forced). If it was their first such lump sum, R500,000 was exempt from tax and the balance was taxed according to special tax tables.

For the first time last year, SARS issued a guide on Tax Directives, which distinguished, between ‘voluntary’ and ‘involuntary’ retrenchments as follows:...

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Disposal of Small Business Assets

Posted 5 February 2018

Disposal of Small Business Assets

If you have reached the age of 55 years, and are thinking of selling your small business, read on to find out more about the special capital gains exclusion of R1,800,000 which may apply to you.

Before getting into the detail, let’s first highlight the three different scenarios where this exclusion may apply:

1. You are selling your business, which you operate as a sole proprietor.
2. You are selling your share of a business, which you run through a partnership....

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How to Make a Payment to SARS

Posted 23 January 2018

If you filed your tax return with SARS and they've responded with your ITA34 assessment and you unfortunately have outstanding payments which you need to make to SARS. We've put together a step-by-step guide  to help you navigate your way around the payment process. 

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

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Renting out your home and the effect on capital gains tax

Posted 15 January 2018

Renting out your home and the effect on capital gains tax

Our Helpdesk receives lots of questions from home sellers who rented out their primary residence for some of the time that they owned it. For example, they may have lived in it for ten years, and then moved to a different city for a job and rented it out for two years, before selling it. Will this impact their capital gains tax? How do they reflect the details of their home sale correctly in their tax return, given that it was not their primary residence for the entire duration of ownership?
...

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Tax and Marriage go together, like a horse and carriage

Posted 7 December 2017

Tax and Marriage go together, like a horse and carriage

When planning your wedding, it’s highly unlikely that anything related to tax features on your agenda. However, when saying “I do” it’s very important to understand the tax laws associated with marriage because SARS treats income differently according to the type of marriage contract that binds you and your spouse.

Marriage in Community of Property

If you marry without an antenuptial contract, you’ll by default be married in community of property...

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Navigating around your Medical Aid Tax Certificate

Posted 27 November 2017

If you belong to a Medical Aid, there is important information on your medical aid tax certificate which needs to be included in your tax return.

This will ensure you receive the medical aid tax credit that is due to you.

Do you belong to any of the below medical aids?


- Bankmed
- Bonitas
- Camaf...

Read more →

Navigating around your Wooltru Medical Aid Certificate

Posted 27 November 2017

Navigating around your Wooltru Medical Aid Certificate

1. Name of Medical Scheme
2. Medical Scheme Membership number
3. Number of members/dependents per month
4. Total contributions
5. Claims you paid personally that were not covered by the Medical Aid

 


Navigating around your Polmed Medical Aid Certificate

Posted 27 November 2017

Navigating around your Polmed Medical Aid Certificate

1. Name of Medical Scheme
2. Medical Scheme Membership number
3. Number of members/dependents per month
4. Total contributions
5. Claims you paid personally that were not covered by the Medical Aid

 


Navigating around your Momentum Medical Aid Certificate

Posted 27 November 2017

Navigating around your Momentum Medical Aid Certificate

1. Name of Medical Scheme
2. Medical Scheme Membership number
3. Number of members/dependents per month
4. Total contributions
5. Claims you paid personally that were not covered by the Medical Aid

 


Navigating around your Gems Medical Aid Certificate

Posted 27 November 2017

Navigating around your Gems Medical Aid Certificate

1. Name of Medical Scheme
2. Medical Scheme Membership number
3. Number of members/dependents per month
4. Total contributions
5. Claims you paid personally that were not covered by the Medical Aid

 


Navigating around your Discovery Medical Aid Certificate

Posted 27 November 2017

Navigating around your Discovery Medical Aid Certificate

1. Name of Medical Scheme
2. Medical Scheme Membership number
3. Number of members/dependents per month
4. Total contributions
5. Claims you paid personally that were not covered by the Medical Aid

 


Navigating around your Camaf Medical Aid Certificate

Posted 27 November 2017

Navigating around your Camaf Medical Aid Certificate

1. Name of Medical Scheme
2. Medical Scheme Membership number
3. Number of members/dependents per month
4. Total contributions
5. Claims you paid personally that were not covered by the Medical Aid

 


Navigating around your Bonitas Medical Aid Certificate

Posted 27 November 2017

Navigating around your Bonitas Medical Aid Certificate

1. Name of Medical Scheme
2. Medical Scheme Membership number
3. Number of members/dependents per month
4. Total contributions
5. Claims you paid personally that were not covered by the Medical Aid

 


Navigating around your Bankmed Medical Aid Certificate

Posted 27 November 2017

Navigating around your Bankmed Medical Aid Certificate

1. Name of Medical Scheme
2. Medical Scheme Membership number
3. Number of members/dependents per month
4. Total contributions
5. Claims you paid personally that were not covered by the Medical Aid

 


The Dangers of DIY Tax: How to Avoid Disaster

Posted 13 November 2017

The Dangers of DIY Tax: How to Avoid Disaster

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 w...

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My refund was reversed by SARS: Why is this?

Posted 13 November 2017

My refund was reversed by SARS: Why is this?

If you've ever found yourself confused as to why SARS has recalled your refund, even after they confirmed that you'd be recieving it, on a certain date. Below we've highlighted three reasons why this could be happening. 

• The auditing department might want to check your return again

Usually SARS' system automatically restarts a verification process on your tax return if one or more of your claims weren't explained in detail. This means, a whole new verification case will be created and SARS will ask you for the same documents you'd sent them before and you might have to wait another 60 days to get your refund. ...

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I worked for less than a year: Do I still need to submit a tax return?

Posted 10 November 2017

I worked for less than a year: Do I still need to submit a tax return?

If you worked for less than a year, you may be confused as to whether or not you are required to submit a tax return. It seems like a tedious task for someone who only worked for a few months of the year and was unemployed for the rest. However, the answer is YES, you must definitely submit a tax return, even if you’ve worked for less than twelve months.

The reason is that, if you only worked for a few months of the year and paid tax, it's likely that you are due a refund. Read some other reasons here, why we recommend you always submit a tax return....

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Finding your way around an IRP5

Posted 2 November 2017

Finding your way around an IRP5

Consult the image above to find all the tax-related information on your IRP5 that you will need when completing your annual tax return.

  1. PAYE number
  2. Income source codes
  3. Non-taxable income - source code 3696
  4. Gross Employment Income (taxable) – source code 3699
  5. Deduction source codes
  6. PAYE – source code 4102
  7. PAYE tax on lump sum benefit – source code 4115
  8. Employee and employer UIF contribution &...


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Finding your way around an IRP5

Posted 2 November 2017

Finding your way around an IRP5

 Consult the image above to find all the tax-related information on your IRP5 that you will need when completing your annual tax return.

  1. PAYE number
  2. Income source codes
  3. Non-taxable income - source code 3696
  4. Gross Employment Income (taxable) – source code 3699
  5. Deduction source codes
  6. PAYE – source code 4102
  7. Employee and employer UIF contribution – source code 4141
  8. Employer SDL contributio...


Read more →

Finding your way around an IRP5

Posted 2 November 2017

Finding your way around an IRP5

 Consult the image above to find all the tax-related information on your IRP5 that you will need when completing your annual tax return.

  1. PAYE number
  2. Income source codes
  3. Non-taxable income - source code 3696
  4. Gross Employment Income (taxable) – source code 3699
  5. Deduction source codes
  6. PAYE – source code 4102
  7. Employee and employer UIF contribution – source code 4141
  8. Employer SDL contributio...


Read more →

Finding your way around an IRP5

Posted 2 November 2017

Finding your way around an IRP5

Consult the image above to find all the tax-related information on your IRP5 that you will need when completing your annual tax return.
  1. PAYE number
  2. Income source codes
  3. Non-taxable income - source code 3696
  4. Gross Employment Income (taxable) – source code 3699
  5. Deduction source codes
  6. PAYE – source code 4102
  7. PAYE tax on lump sum benefit – source code 4115
  8. Employee and employer UIF contribution – ...


Read more →

Finding your way around a SARS IRP5

Posted 2 November 2017

Finding your way around a SARS IRP5

Consult the image above to find all the tax-related information on your IRP5 that you will need when completing your annual tax return.
  1. PAYE number
  2. Income source codes
  3. Non-taxable income - source code 3696
  4. Gross Employment Income (taxable) – source code 3699
  5. Deduction source codes
  6. PAYE – source code 4102
  7. PAYE tax on lump sum benefit – source code 4115
  8. Employee and employer UIF contribution – ...


Read more →
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Blog Categories


Need help
submitting your
Tax returns?


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