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Tax Season 2022



The 2022 filing season opens on 1 July.  Tick tock. That’s just around the corner.

It is important to be aware that the season is shorter than prior years. This means that SARS are giving you less time to file your return.

Important Filing Deadlines

24 October 2022: non-provisional taxpayer (i.e. salaried employees)

23 January 2023: provisional taxpayer (i.e self-employed, rental earners, freelancers, etc)

Auto-Assess...

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SARS penalties: strict rules for 2022



SARS is warning that those who fail to submit their tax return on time, will face harsh penalties. The period of leeway which applied to 2021 has now passed.

SARS announced a change to their legislation in December 2021 whereby they would levy administrative penalties to taxpayers who missed the filing deadline for one or more tax returns. Prior to this change, taxpayers only paid penalties when two or more returns were outstanding. 

As a...

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Why refund/tax liability estimations may differ from the SARS calculator and final SARS ITA34 assessment




TaxTim and SARS use all the financial information you provide to work out the most accurate estimate of your potential refund (or tax liability) for the current tax season. However, there may be some information we don’t have access to that won’t be included in the estimate of your tax refund or tax liability.

Information from previous tax seasons

Just like the SARS eFiling tax calculator, TaxTim doesn’t take into account provisional tax ...

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9 Steps to File an Objection to Your Tax Assessment




You’ve been diligent with your tax obligations, you’ve paid your PAYE (employees tax) each month without fail, you’ve kept all the supporting documents for your deduction claims and 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 tha...

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Digging into the detail of Building Allowances



The cement is all used up and the bricks have been laid exactly where they need to be. A huge sigh of relief because… finally, construction and renovations are complete! And, just when you thought the worry was over, you realise that the differences between the building allowance and renovations aren’t clear to you. “Aren’t they all the same?” is the question lingering in your head. Don't fret, below is a breakdown of the exact clarity you’re looking for. ...

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Tax Free Savings Accounts: Everything You Need to Know



As a nation, South Africa does rather poorly on the savings front. With the majority living near or below the breadline, there’s not much to save when you’re more concerned with just getting through the month. Our high levels of consumer-debt, combined with little in the way of personal savings, means we become financial burdens on the government in the long-run...

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Do You Need to Ring-Fence Your Business or Rental Losses for Tax?



When pursuing a business activity, trade or renting out a property, you’re no doubt doing so to make some money, but the reality for self-starters

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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

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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 working from home due to the global Corona virus outbreak.

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The Less Common Tax Deductions




We’re aware that sometimes taxpayers may not understand all of the deductions which appear on the tax return. And because of this, expenses that could have been deducted get missed. To help make things easier for you, we’ve explained some of these less understood tax deductions which may be overlooked by taxpayers.  They all appear in the Other Deductions section of the ITR12.

The s11(nA) and s11(nB)
If an employee is in breach of an agreement with their employer, they may be asked to pay back a benefit they received from them e.g bonus, maternity leave benefit, bursary, sign on bonus etc. ...

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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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Where can I get my Medical Scheme Tax Certificate?



In order to complete the Medical section of your annual tax return, you will need a tax certificate from your medical scheme (if you contributed to a medical scheme that is!).

This certificate details exactly how much was paid to the medical aid for yourself and your dependents over the course of the tax year (1 March to end Feb). It also details how much money you paid for other medical expenses, such as medicines and doctors expenses, which you claimed for, but your medical aid did NOT cover...

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Section 12H Learnership Allowance




Training and development for employees plays a vital role in the growth and success of your business. But, finding affordable and correct tools might be where the concerns start creeping in. Suddenly you’re left thinking… “They’ll learn on the job. Resources are limited.”
Fortunately, you’d be pleased to know that the learnership allowance is intended to be an incentive for employers to encourage skills development within their workforce, with the hope to create jobs and economic growth....

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I work for someone, but did not receive an IRP5 - what should I do?




You may be employed by someone, but for one reason or another- you don't receive an IRP5 and no amount of begging or pleading

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How to cruise through a travel audit efficiently




Surely most of us love to travel, but traveling for business purposes is no fun when it comes to completing your tax return.

SARS has some rather onerous requirements, but as long as you know what you need, submitting your documents to SARS should be plain sailing.

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Tax Return Due Dates



There are various types of taxes with their own special return forms and deadlines.

Quick Summary



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5 Reasons you Still Need to File your Tax Return




SARS recently announced the 2022 tax season dates:

01 July 2022 to 24 October 2022: individual (non-provisional) taxpayers

01 July 2022 to 23 January 2023: provisional taxpayers

If you earn less than R500 000 in a year, and fulfill a series of complicated criteria, you may not have to file a tax return in 2022. 


However, we advise you to take GREAT CARE here, and understand your duties properly, because if you don't, you may suffer for it later on.

Here are the top 5 reasons why you should not  skip filing your tax return this season:

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Use of personal devices for work letter



COMPANY LETTERHEAD



Date
Employee's Full Name
Address

 

To Whom It May Concern,


Subject: Permission to use personal items for work purposes

This letter serves to confirm that _______________________________(Name of employee), ___________________________(ID number) who is employed by our firm ___________________( company name) in the capacity of__________________________(Position) has permission to use  the following personal items for work purposes:

 

Item: 1...

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Navigating your way around your IRP5



IRP5 documents come in all sorts of formats. Luckily there are only a handful of companies that produce IRP5s, so most of them follow a similar format.

Click on the format that matches your IRP5 below and we will show you where to find all the amounts you need for your tax return.


OPTION 1: SARS format

...

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Home Office Letter



COMPANY LETTERHEAD



Date
Employee's Full Name
Address

 

 To Whom It May Concern,

Subject: Permission to work from home

This letter serves to confirm that _______________________________ (Name of employee), _____________________ (ID number) who is employed by our firm ___________________ (Company name) in the capacity of __________________________ (Position) has permission to work from h...

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The Public Servants Association (PSA) Notifies SARS of strike action



The Public Servants Association (PSA) served SARS with a notice of strike action on Friday, 13 May 2022. The strike is due to take place on Wednesday, 25 May 2022.

The union is demanding a CPI plus 7% across the board, while the National Education, Health and Allied Workers’ Union (NEHAWU) demands an increase of 11.5%. The unions and SARS hit a deadlock as SARS unashamedly made a final offer of a 0% increase.

If there is no resolution at the Com...

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Your social media posts might flag you with SARS



According to SARS commissioner Edward Kieswetter, some South Africans who came into money were eager to “display their wealth”, giving cause for SARS to look into the income of these individuals.

In many cases, SARS found that there was a major disconnect between the income that was being declared and the type of lifestyle that these individuals were leading, according to third-party data. These include social media platforms.

As we already know, people are often i...

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SARS clamps down on crypto investors



For months, SARS has been clear about its plan to clamp down on crypto investors. While many may be under the impression that crypto is going under the radar, SARS is firmly taking the position that it is not.

With luxury audits being the order of the day, SARS is continuously looking into those who live luxurious lifestyles, particular those who own luxury cars and crypto assets, without declaring their income to the revenue service.

In many cases, this income pertains to the...

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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.

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I received an SMS saying I owe SARS, but I can't see it anywhere?



SARS have recently become a lot stricter with late filers and have changed their rules for administrative penalties. You can read more about these changes here.   There used to be some leeway for taxpayers who missed the deadline, but sadly these days are certainly over. 

If you received a notification of debt from...

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