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Latest Posts in TaxTim's Blog

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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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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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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Promised a Guaranteed Tax Refund? Be Afraid - Be Very Afraid




Guarantees are pretty powerful – they’re used by leading manufacturers and retailers to gain our confidence and trust.

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FAQs: Donations and Tax




Have you recently received a present or a donation from a wealthy family member or a friend? Or, maybe you've just donated money to support a child in need?

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How to know if an email from SARS is safe or scam




Recently we have noticed emails that appear to have been sent from SARS, and that might look like legitimate SARS correspondence, but are not.

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How home office deduction impacts Capital Gains Tax




With “flexible” employment being the new buzzword, more and more people are working part or all of the week from an office in their home.

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Who's (Legally) Allowed to File Your Tax Return?



Tax isn’t the easiest of subjects to navigate. Besides the long list of legalese to master, there’s the fact that tax legislation

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How does Pay-As-You-Earn (PAYE) work?




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.

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I worked for less than a year: Do I still need to submit a tax return?




If you worked for less than a year, you may be confused as to whether or not you are required to submit a tax return.

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Multiple Employers, Multiple PAYE payments. Yet I still owe SARS?




We receive many questions to our Helpdesk from taxpayers who are faced with the following scenario:

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Why is SARS asking me for outstanding tax returns?




When did this happen?

Previously, assuming that SARS did not request any documents for verification and everything for the year was accepted

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Foreign Employment Income Exemption - What is it really?




This is the exemption is for employees that receives foreign employment income for services rendered outside of South Africa, provided that all the requirements are met.

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10 Ways to Spend Your Tax Refund




It’s tax season, and one of the most compelling reasons to file a tax return (besides the fact that it’s the law, of course) is the chance that you’ve

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Provisional Tax FAQs



What is a provisional tax?
Provisional tax is paid by people who earn income other than a salary / traditional remuneration paid by an employer.

How do I convert from a provisional taxpayer to a regular taxpayer? OR How do I de-register as a Provisional Taxpayer?
Your tax number stays the same, just make sure that it has not been deactivated. This has happened in some cases. You will also need to de-register as a Provisional Taxpayer (this won’t affect your tax number) You can do this on eFiling by going to the Home Tab and clicking Tax Types and de-registering there. This will mean you are only a "regular" taxpayer...

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Medical Aid contributions paid on behalf of a dependent



Date
Taxpayer's Full Name
Address

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Special Economic Zones



Special Economic Zones (SEZ’s) are certain designated areas of a country demarcated by the government for special targeted economic activities. These are generally areas where business and trade laws are different from that of the rest of the country. The aim of these zones is to encourage increased foreign investment and trade, as well as job creation. This done by way of several tax incentives which are available to business which operate in SEZ’s.

They include the following:...

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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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Covid 19: 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




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?




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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How to Change/Verify Your Bank Details at SARS




SARS has recently issued a new guide with regards to updating your banking details with them. This was done in order to reduce the risk of refunds being paid into the wrong accounts and also to streamline the process, which has tended to be an onerous one in the past.

Change of bank details can be done:

  • in person at a SARS branch (During the pandemic, it would be best to make a telephonic appointment with SARS and then send them your supporting documents, SARS will cont...


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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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