Latest Posts in TaxTim's Blog

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

Read more →

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.

Read more →

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...

Read more →

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.

Read more →

Tax Exemption for Foreign Employment Income : What You Need to Know




If you think earning an income from a global source isn’t taxable on home soil, I’m afraid I have some bad news. Whether you’re earning Dollars, Euros or Yen, as a South African, it’s more than likely you’ll have to pay tax on this income. This is because South Africa’s taxation system works on a residence-based tax system meaning we’re taxed on worldwide income.

There is, however, some good news!

Section 10 of the Income Tax Act offers a list of conditions where income earned (or at least a portion of it) for services rendered outside of South Africa borders will be exempt from income tax.

Read more →

TaxTim in People Magazine: Money Talks



 

Read more →

'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.

Read more →

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.

Read more →

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

Read more →

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

Read more →

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:

Read more →

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.

Read more →

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).

Read more →

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.

Read more →

TaxTim in Fairlady Magazine



 

Read more →

Top Questions on Income that is not taxed




Exempt or non-taxable income refers to certain types of income, which is not subject to income tax.

Read more →

I've never been audited before. Why now?




This is a common area of concern for many taxpayers who don’t know why they are asked to submit documents to SARS after they file their tax return.

Read more →

Top Questions on Provisional Tax




With the first provisional return still fresh in the minds of taxpayers, we thought it would be a good time to highlight some questions that were asked to our Helpdesk last month.

Read more →

Return Status ‘Filed through Branch’ " What Does This Mean?



We’ve recently received many questions from taxpayers asking us if we physically went into a SARS office to submit their returns manually.

Read more →

Making payments to SARS




You have filed all your outstanding tax returns with SARS and when receiving your ITA34 assessment/ Statement of Account/ Penalty statement you notice that you owe SARS some tax. There are three main options available to you, if you want to make a payment to SARS.

Read more →

Tax on Pension Annuities




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 →

SONA 2019 - A Short Summary



On 20 June 2019, President Cyril Ramaphosa delivered his first State of the Nation Address (SONA) of the sixth parliament, and for the first time in years, we witnessed an uninterrupted SONA. And that is not the only first. For the first time, the SONA cost almost R2m, a staggering 47% lower than the cost of SONA 2018 and the lowest in five years.

Read more →

SARS has done a ‘simulated calculation’ for me " what does this mean?




You may have heard the recent announcement from SARS that certain taxpayers who earn less than R500 000 per year don’t need to submit a tax return. However, this only applies under very specific conditions so it is extremely important to understand these fully if you think you may be affected. You can read all about this rule here.

This year SARS are taking things one step further. They ...

Read more →

How to claim medical aid costs for a family member




At TaxTim we receive many questions from taxpayers who pay medical aid for dependent family members and who want to know if they can claim for this in their tax return.

When paying medical aid contributions for a ‘financial dependent’ the medical scheme fees tax credit applies in respect of fees paid by the person to a medical scheme.  This means that the person who is paying the medical aid will receive the medical tax credits, and not the dependent/member of the medical aid. 

Who is a ‘dependent’?...

Read more →

Some common (and sometimes forgotten) tax deductions




Too often, taxpayers rush when completing their tax return, and then they miss out on some expenses they are eligible to claim. Don’t overpay tax by overlooking these seven common tax breaks.

Contributions towards a Retirement Annuity

Your contributions towards retirement funds are deductible for tax up to a limit of 27,5% of the greater of your taxable income or remuneration (to a maximum of R350,000 per year).  This limit applies to the total contributions you make to any Pension, Provident or Retirement Annuity (RA) fund during the year...

Read more →

Older posts →← Newer posts    1  2  3  4  5  6  7  8  9  10  11

Submit your tax return right here!

TaxTim will help you:

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund

Tim uses your answers to complete your income tax return instantly and professionally, with everything filled in in the right place.

Let Tim submit your tax return direct to SARS in just a few clicks!

Get started

Blog Categories


Ask TaxTim

Got a question you want answered about tax?

Visit our helpdesk →

Get SARS Tax Deadlines in your Inbox
We'll tell you when you need to file, along with tax tips and updates.