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Latest Posts in TaxTim's Blog

Budget 2024: No Major Tax Hikes

South Africans were bracing themselves for bad news when Finance Minister Enoch Godongwana delivered his budget speech yesterday. However, in line with expectations during an election year, he delivered the reassuring news that there would be no significant tax hikes, no VAT increase, and no introduction of a new wealth tax. Contrary to earlier speculation, the medical tax rebate is also set to stay for a while longer.

However, this positive news is not without consequences. As South ...

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WIN up to R10,000 with TaxTim in 2024

TaxTim has TWO exciting competitions in 2024!

COMPETITION 1: Win R10,000 in cash by filing your tax return with TaxTim

How to enter:

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Navigating around your Medical Aid Tax Certificate

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...

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What to do if your tax return was rejected by SARS

If you've received a letter from SARS saying that your tax return has been rejected and you're not sure why, there could be a few reasons why this has happened. Here are some of the most common reasons, along with the corrective steps you need to take:

Reason 1: You were auto-assessed by SARS for the 2020, 2021 or 2022 tax year, but you submitted your tax return after the 40-day period SARS gave you, and you failed to request an extension in time. Please click here to read more about auto-assessments. ...

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What is Beneficial Ownership?

The CIPC recently (1 April 2023) implemented a new register called the Beneficial Ownership (BO) register in an attempt to establish who owns or exercise control over which companies.

In layman’s terms, BO in respect of a company means, an individual who, directly or indirectly, ultimately owns that company or exercises effective control over that company for tax or financial purposes.

This new register is to assist law enforcement with relevant information when it comes...

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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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TaxTim Refund Policy Explained

Each time SARS makes changes on eFiling or with their standard operating procedures, TaxTim has to adjust its systems and processes. We usually receive no warning of these technical changes. During this time, some of our users might feel a need to abandon our service and either seek help elsewhere or go and queue at SARS. 

We understand this may cause frustration, however we will not refund you in cases where you have worked your way through every section of the TaxTim dialogue a...

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How do I know if I was auto-assessed?

During the tax year, SARS issued SMS's to taxpayer whom they chose to auto-assess.

Those selected individuals would typically be taxpayers earning fixed salaries without additional allowances. If they did have medical aid and retirement annuity fund contributions, these details would have already been sent to SARS by their service providers, and SARS should have automatically included them in the assessment.

We've received many questions on our help desk where users say that t...

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Income Tax Return Verifications and Audits

It is important to note that verifications and audits are two different processes. In a simple explanation, verification is the "straightforward" process to confirm if the information you declared on your tax return is true and correct, whilst an audit is where the tax return is under deeper investigation which means they look at the finer details. 

Supporting documents request

If SARS decides to review your tax return, they will notify you via a SARS let...

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The Deduction of Home Office Expenditure

Nowadays, work culture has evolved massively and “Flexible employment” has become the new buzzword. This is especially relevant at the moment, where many employees are still working from home due to the global Corona virus outbreak of 2020.

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FAQ: Home Office Expenses

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 home, take a read of our home office blog and also check out our handy decision tree to make 100% sure you are claiming this expense correctly.

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How to Submit a Request for Reduced Assessment via SARS eFiling

If your 2023 individual income tax return was auto-assessed by SARS earlier this year, and you intended to include extra income or expenses/ deductions but missed the deadline, don't be dismayed, there might still be a way to fix things!

Is SARS rejecting your tax return submission and your dispute too?

Have you requested an extension, but SARS granted it for a day before they replied to you? i.e, you asked for an extension till 10 November 2023, but SARS gave you an extension...

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Important Tax Filing Reminder: Don't Miss the Deadline

If you're a regular employee (i.e non-provisional taxpayer), your tax filing deadline is 23 October 2023. But, if you do fall into the provisional taxpayer category, your deadline extends to 24 January 2024.

Now, if you're thinking about waiting until the later deadline next year and consider yourself a provisional taxpayer, it's super important to make sure you actually meet the criteria for being one in 2023.

Let's debunk some common misunderstandings many taxpayers have abo...

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Is My Life Insurance Claim Taxed in South Africa?

Guest post by - OneSpark

Are you looking to protect your family and take out life insurance, but asking yourself, "Is my life insurance claim going to be taxed? If I take out R1 Million cover, will it get reduced by tax before my family is paid?" Well, the short answer is ‘No”, but it’s a vital question to consider, especially when considering future financial planning.

As of this article’s last update in 2023, life insurance claim pay...

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Tax-Efficient Wealth Protection: Understanding Life Insurance with OneSpark

Guest post by - OneSpark

Life insurance: it sounds about as exciting as watching paint dry, right? However, just like that fresh coat of paint protects your walls from wear and tear, life insurance is all about protecting your loved ones from the financial burdens that could pop up in your absence.

Now, the one thing that may be sucking that excitement out of life insurance is the perception of it being overwhelmingly complex and unjustifiably expensive. But ...

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How Does Tax Work on a Life Insurance Policy in South Africa

Guest post by - OneSpark

Navigating tax laws, especially in relation to life insurance, can be complex. But don’t worry, we’re here to help, and we’re going to use some real-life examples to make it even simpler.

In the current landscape of 2023, life insurance premiums in South Africa are not eligible for tax deductions. While tax laws are in constant flux, the present situation translates to the following:

Example 1: The De...

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Recent updates to the Company Tax Return (ITR14)

The updated ITR14 on eFiling has some new sections, and one that often raises questions is the part about share classes. Although it might seem confusing, it's actually quite simple. SARS is just asking you to tell them more about your shareholders in the company.

When you begin your ITR14, please have the balance sheet, income statement, and also the share register ready. A share register is  is a list of all active and former owners of a company's shares. To complete the capita...

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Here is the process to follow if you have a dormant company

It seems that dormant companies are on SARS' radar.

If you registered a company with CIPC some time ago and forgot about it, that company could land you in hot water with SARS. Read more to find out what the financial repercussions could be and why you should get a hold on the situation.

What is a dormant company?

A dormant company is classified as a company that has not actively traded for the full year of assessment.  Because there is no activity in the compan...

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How to set up a payment arrangement with SARS

With the end of the tax year looming, SARS tax collectors are on high alert to collect taxes and meet their revenue targets.

If you owe SARS, you should be receiving constant reminders to pay your debt. This may be in the form of SMS's, phone calls or even posted letters.

If the debt is unfamiliar or if you are not in agreement with the debt, you can File a dispute with SARS , howe...

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Track your tax return on the SARS website

SARS have recently introduced a new way to track your tax return online via the SARS website.

See TaxTim's step-by-step guide to help you nagivate this new process:

1. Please go to the SARS website click on "Contact Us" 

2. Scroll down the page then click o...

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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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The new SARS auto-assessment

Step 1:

If you have been auto-assessed by SARS,  you may see the screen below when you log into SARS eFiling.

Please click on "View".

You may also see this screen:

If you ...

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Payment for asking a Tax Question

Why am I receiving a request for payment for asking a tax question?

During the process of assisting taxpayers with the completion and submission of their tax return, we sometimes receive tax related questions to our Helpdesk which fall beyond the scope of the tax return and therefore requires some more of our time. This is because documents may need to be reviewed or calculations to be performed or even in some cases, external experts to be consulted.

For this reason, you may receive a request for a payment in response to your tax question...

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How to start saving money

In these uncertain economic times, we all want to stretch our budgets a little further. With a few simple financial habits, anyone can save some extra cash each month. So, if you're ready to start saving but not sure where to begin, here are ten handy tips to get you started:

1) Track Your Spending

Keep an eye on where your money goes, and you'll naturally start spending less. Keep a record of your daily expenses and distinguish between needs and wants. Need...

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Getting your debt under control

By Debtline

Managing debt can be daunting, but it doesn't have to define or control your life. In South Africa, many individuals face the complex task of effectively handling their finances and debts.

Keep reading, and we’ll equip you with practical strategies and valuable insights to take control of your debt and financial future.

Let's delve into how you can regain control of your debt and finances and pave the way for a brighter future.


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