Latest Posts in TaxTim's Blog

FAQs: Retirement funds and tax



FAQs: Retirement funds and tax

At TaxTim, we receive many questions from taxpayers about retirement funds and tax.

One of the biggest benefits of contributing towards a retirement fund is the tax break.

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Unpacking the Tax Relief for Small Businesses



Unpacking the Tax Relief for Small Businesses

The national lockdown due to the Covid-19 virus is undoubtedly wreaking havoc on the economy.  Small businesses have been hard hit – many not knowing if they will have sufficient cash flow to resume operations when things eventually return to normal.

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FAQ's: Medical Expenses and Taxes



FAQ's: Medical Expenses and Taxes

It’s not all doom and gloom when it comes to the rising costs of medical expenses. You can expect some tax relief if you contribute to a medical aid and if you spend a certain amount on ‘out of pocket’ expenses.

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Covid 19: What to do when you have to go to a SARS branch?



Covid 19: What to do when you have to go to a SARS branch?

Quarantine. Self-isolation. Coronavirus. These are the buzzwords for 2020, and once it is all over, words we’ll probably never want to hear again. In light of Covid-19, TaxTim offers the safest way to handle your taxes - online.

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The Deduction of Home Office Expenditure



The Deduction of Home Office Expenditure

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

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9 Steps to File an Objection to Your Tax Assessment



9 Steps to File an Objection to Your Tax Assessment

You’ve been diligent with your tax obligations. You’ve paid your PAYE each month without fail. You’ve kept all the supporting documents for your deduction claims. You’ve carefully filled out your tax return, making sure you’ve put all the right amounts in all the right places, against all the right codes. (Pssst, if you used TaxTim to help you complete your tax return you wouldn’t have had to worry about all the right places and codes that’s all automated for you!) You file your tax return, somewhat impressed with yourself and, by your calculations, you can look forward to a reasonable tax refund amount. Then you get your assessment notification.

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Food for Thought on Subsistence Allowances



You’ve been up since 4am in order to catch yet another red-eye flight for a 9am business meeting - 1,400km away - and you’re already onto your third coffee by the time you board the plane.

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Sole Proprietor or Company: What's Best for Tax?



Getting a new business venture off the ground is an equally exciting and stressful time. You’re enthusiastic about getting your new product or service out into the market, but you face quite an administrative process to get it off the ground legally.

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Why don't I get a tax deduction for Out of Pocket Medical Expenses?



Why don't I get a tax deduction for Out of Pocket Medical Expenses?

Tax season always throws up some interesting and confusing calculations, but for many, the most confusing of all is how medical aid contributions and Out of Pocket medical expenses are treated.

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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

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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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