Taking a closer look at why taxpayers may be required to pay in tax on pensions or annuities on assessment and how they can avoid a repetition of this each year.
Read more →
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.
Read more →
Retirement annuities are tax-smart investments that help you to save for life after your nine-to-five. You generally can’t withdraw these funds before you turn 55, but you may be able to do so if you’ve emigrated from South Africa.
A retirement annuity – or RA for short – is an investment vehicle designed to help people living and working in South Africa save towards retirement. It can be used as a...
Read more →
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:
Read more →
Once you’ve completed filing your tax return, it’s possible to find that instead of getting money back
Read more →
Have you found yourself with a huge tax bill at the end of the tax year, and no money to pay it? SARS is making your life easier by changing the way it does tax deductions on your retirement fund from 1 March 2022.
You may receive several annuities or pensions from your previous employer or pension fund. In the past, your fund used to look at each income source separately when working out your tax.
The separate amounts you received probably fell bel...
Read more →
These tips are part of TaxTim's personalised recommendation tool called the Tax Health Score. Once you file your tax return with TaxTim,
Read more →
Medical expenses are nothing to sneeze at. Private medical treatment is increasingly pushing the limits of medical aid scheme
Read more →
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?
Read more →
Imagine you’re an estate agent or luxury car salesman. Chances are that you don’t earn much (if anything) as a basic salary
Read more →
You may have seen the word PAYE on your IRP5 payslip or heard it mentioned by your employer, but have no idea of its meaning.
Read more →
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.
Read more →
By Rowan Burger from Momentum Investments
The benefits of saving your money are well known and encouraged by many financial institutions
Read more →
We receive many queries from confused taxpayers who are disappointed to see their tax refunds are smaller than the refund received last year.
Read more →
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...
Read more →
Personal Tax Rates (rates below)
Individuals across the country, those qualifying above the new tax threshold of R75 750 (previously R75 000) will be paying increased taxes of R16.5bn (previously R5.65bn in actual tax increase) for the next tax year, most of this will be for high income earners, however. Taxpayers generally across the board will be earning the tiniest bit more money each year as their tax brackets...
Read more →
The 24th of February 2016 was supposed to be a watershed moment for the Economy of South Africa. The old-new Minister of Finance, Pravin Gordhan, was to deliver his budget for the 2016/2017 tax year and save South Africa from a financial pit-fall in the form of an International Ratings Agency downgrade. The jury is still out on whether or not this is possible. Immediately after the budget was revealed the Rand tumbled 2%, which doesn’t bode well for market sentiment. However, ...
Read more →
If you’re diligently putting money away for your retirement in the form of a pension, provident fund or retirement annuity, you may be curious – perhaps even a touch concerned – about the changes SARS has made to the retirement fund tax laws, which come into effect on 1 March 2016.
If you missed the news, here's a quick overview.
SARS have changed how contributions to retirement funds are treated from a tax perspective, as well as how your funds are managed when you retire...
Read more →
Do Your Tax Return Easily