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- Salaried tax payers
- Provisional tax
- Independent contractors
- Small business (sole proprietors)
- Companies
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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It's always wonderful to win a prize or a competition – however, many people don’t realise there may be tax consequences attached.
This week we thought it would be helpful to remind you what to look out for, should you be the lucky recipient of one of the below:
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We receive many relevant questions from our users about what they can claim as a tax deduction if they or one of their dependants suffers from a disability. This week, we will focus on this issue and hopefully help other taxpayers out there who may have the same questions.
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This week we received some questions from our users on retirement fund contributions and the laws that govern it. We hope that this helps you as you start gathering your documents for the new tax season.
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If you own a rental property, then this week’s top questions are specifically for you! Read on to find out more.
1. We paid off our home loan 5 years ago - nil balance due. However, we will have the loan available to borrow from as the term of the loan is not complete (we still have 90 months left).
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Read on to see this week’s top five burning questions received to our Helpdesk this past week. Hopefully this helps you too as we once again shed light on some common tax issues.
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In 2017, National Treasury announced that there would be changes to the Foreign Employment income Exemption. These changes were intended to target those South Africans working overseas on expat contracts, who had not formally emigrated and were intending to return ‘home’ to SA at a later stage. The proposed amendments would have seen South Africans working overseas in lo...
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Mr Minister, you did a fine balancing act on this year’s budget; short-term pain for long-term gain.
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Once again we bring you our top five most-asked questions we’ve received to our Helpdesk this past week. Hopefully this may help others who have been puzzling over the same issues.
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Budget 2019: TaxTim’s predictions
Finance Minister Tito Mboweni will be in the spotlight next week when he delivers his maiden budget speech on Wednesday, 20 February to the nation.
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We have been contacted by many concerned taxpayers who have received SMS’s from SARS demanding urgent settlement of their tax debt in order to avoid legal action.
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If you run a business or rental property, which is running at a loss, don’t offset this loss against other taxable income you may have when calculating your estimated taxable income for your provisional return.
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The provisional tax return for the 2019 second period, which covers your income from 1 March 2018 to 28 February 2019, is due on Thursday the 28th of February 2019. Try to submit your return and make ...
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Completion Letter
You will receive a Completion Letter if all goes well and SARS is happy with your documents. This means that SARS is not adjusting your Original Assessment and if you have a refund due, it should be paid out in 7 working days (provided you have no tax debt due or outstanding tax returns from prior years). Similarly, if you owe tax to SARS per your Original Assessment, the amount you owe will remain unchanged.
We are seeing many cases where taxpayers submit their documents to SARS, wait 21 working days (sometimes longer) only to receive a second letter on eFiling which requests the exact same documents again.
The letter we are referring to here is the generic SARS document request which looks like the below:
The South African Revenue Service (SARS) thanks you for submitting the revised income tax return for the 2018 tax period.
The revised information still does not match the information in the possession of the SARS and/or the income tax return has been identified for verification in terms of the Tax Administration Act....
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After you have submitted your supporting documents to SARS, they have 21 working days to review them, assuming all sufficient documents have been received. Once their review is complete, you will either:
Additional Documents Request
If SARS still requires for documents from you, they will either send ...
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We are starting to see some common trends whereby taxpayers’ expenses are disallowed because the documents submitted are falling short of SARS’s requirements. To avoid unnecessary frustration and time wasted in raising disputes, read on to see if any of these areas apply to you.
Travel deduction
In prior years, the submission of a logbook detailing your business mileage used to be sufficient to justify your travel claim. This year, SARS is re...
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We receive many queries from confused taxpayers who are disappointed to see their tax refunds are smaller than the refund received last year.
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Do Your Tax Return Easily