Latest Posts in TaxTim's Blog

What you need to know about SARS auto assessments



1. What is an auto-assessment?
This is an automatic assessment issued by SARS to certain taxpayers. SARS will use data collected from employers, financial institutions, medical schemes, retirement annuity fund administrators and other 3rd party data providers to generate the assessment automatically, without any input from the taxpayer.

2. Why has SARS introduced this process?
This process was started in 2019 – however, it has been expanded on this year in response to the Covid-19 pandemic and the need for physical distancing. It is intended to remove the need for taxpayers to travel to branches to file returns there....

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2020 Supplementary Budget Speech




On Wednesday, 24 June 2020, Minister of Finance, Tito Mboweni, addressed parliament to announce the 2020 Emergency Budget Speech.

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FAQs: Tax Directives




A tax directive is super useful when you earn commission, variable income or are going to receive a large bonus or a lump sum.

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10 Types of Tax Directives




Imagine you’re an estate agent or luxury car salesman. Chances are that you don’t earn much (if anything) as a basic salary and you rely on a few big deals and commission payments to keep you afloat during quieter months.

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How is Commission Taxed? 3 Ways Your Company Taxes Commission




Our helpdesk receives hundreds of questions related to tax where commission is involved. A misconception that comes up time

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FAQs: Tax Clearance or Tax Compliance Status (TSC)




1. I need an actual tax clearance certificate, but each time I apply I am sent a PIN. Can you help me print the certificate?

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FAQs: Retrenchment




Thousands of people have lost their jobs as a result of the Covid-19 pandemic and the nationwide lockdown to slow the spread of the disease.

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Cryptocurrency Income: Yes, you should be declaring it on your tax return!




As most of us know by now, cryptocurrency is not real but virtual money.

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FAQS: SARS eFiling




Filing a tax return for the first time can be a daunting task. To get you started, we’ve gone back to basics

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Navigating around your Capital gains tax certificate (IT3C)



If you have shares (financial instruments) , there is important information on your IT3C tax certificate which needs to be included in your tax return.

This will ensure your taxable income is calculated accurately with the correct capital gain or loss included. 

Do you have shares at any of the following institutions?...

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FAQs: 'Other Deductions' that you may be able to claim in your tax return




There is a section in the tax return called ‘Other Deductions’ which often causes confusion for taxpayers

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Why do I owe SARS more money?




Once you’ve completed filing your tax return, it’s possible to find that instead of getting money back

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What Medical Expenses Can You Claim Back from Tax




Medical expenses are nothing to sneeze at. Private medical treatment is increasingly pushing the limits of medical aid scheme

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Navigating around your Easy Equities tax certificate (IT3c)





1. This is the gross base cost of all shares you bought through the institution. You must NOT use this value on your return.
To calculate the base cost of the shares that you sold,  you will have to deduct the profit / loss from the proceeds and then enter this amount in the base cost field on your return.

2. This is the proceeds i.e  the value that your shares were sold for. This amount needs to be entered as proceeds in the  capital gains section of your tax return....

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Navigating around your Allan Gray tax certificate (IT3c)




1. This is the proceeds i.e  the value that your shares were sold for. This amount needs to be entered as proceeds in the  capital gains section of your tax return.

2. This is the base cost i.e the costs attached to the sale of your shares. This amount needs to be entered as the base cost in the  capital gains section of your tax return....

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Navigating around your Investec investment tax certificate (IT3c)





1. This is the proceeds i.e  the value that your shares were sold for. This amount needs to be entered as proceeds in the  capital gains section of your tax return.

2. This is the base cost i.e the costs attached to the sale of your shares. This amount needs to be entered as the base cost in the  capital gains section of your tax return....

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Navigating around your Momentum tax certificate (IT3c)




1. Opbrengs/Proceeds i.e  the value that your shares were sold for. This amount needs to be entered as proceeds in the  capital gains section of your tax return.

2. Basiskoste/Base Cost i.e the costs attached to the sale of your shares. This amount needs to be entered as the base cost in the  capital gains section of your tax return.

...

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News Alert: Tax Season 2020




On Tuesday evening, the SARS commissioner, Edward Kieswetter, held a media briefing to talk about the challenges that SARS is facing due to Covid-19.

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Do I earn enough to have to pay tax?




Why must I pay tax, I don’t earn enough! Will I get a penalty if I don’t disclose all my income to SARS?

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10 Tips to Pay Less Tax




These tips are part of TaxTim's personalised recommendation tool called the Tax Health Score. Once you file your tax return with TaxTim,

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FAQs: Travel expenses and Tax




Travel expenses and their tax impact are a complex issue for many. It’s no surprise that it’s a common theme on our Helpdesk.

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Tax Breaks For All




What?

1.Rebates

Who?
Everybody

Primary, secondary, and tertiary rebates – depending on your age.

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The Tax Refund Myth: Why aren't I getting anything back?




Every year there arises a misconception amongst taxpayers that a tax refund or 'tax rebate', as it is incorrectly known to many,

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Tax on Bonus Payments: How Does it Work?




For those fortunate enough to receive bonus payments as part of your remuneration, you’ll understand the

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7 Types of Tax Directives





Imagine you’re an estate agent or luxury car salesman. Chances are that you don’t earn much (if anything) as a basic salary

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