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IRP5 FAQs



What is an IRP5?
An IRP5 is the employee's tax certificate that is issued to him/her at the end of each tax year detailing all employer/employee related incomes, deductions, and related taxes. The employee uses it specifically to complete his/her income tax return for a specific year.

Do I need an IRP5?
Yes, you do if you were employed during the tax year.

Can I submit a return without an IRP5? OR Am I able to submit returns without my IRP5? OR Are you able to submit without the IRP5?...

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FAQ: Provisional Tax



1. How many returns should I file each year if I am a provisional taxpayer?

You are required to file 3 returns i.e.  2 provisional tax returns (IRP6s) and one annual return (ITR12). The reason you need to file the annual return too is because your provisional returns are based on an estimate of your taxable income, while the annual return reflects your actual taxable income. Any provisional payments you have made for the year will be deducted from your final tax liability, which is, calculated when you submit your annual tax return for assessment.

2...

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Top Tips for Provisional Taxpayers




1. Estimate your taxable income for the whole tax year

Remember that both your first and second provisional return (IRP6) must reflect an estimate of your taxable income for the full 12 months of the tax year.

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New South African Expat Tax Changes in 2021




In a bid to meet its tax revenue quotas, SARS began introducing changes to the expatriate laws which took effect on 1 March 2020, which saw the launch of the Foreign Employment Unit.

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Having problems with Adobe Flash Player forms on SARS e-Filing?




As early as July 2017, Adobe announced that Flash Player would be discontinued by 31 December 2020 and that Flash Player would block its Flash content by 12 January 2021

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Possible tax hikes to cover the cost of Covid-19 vaccines




As many countries around the world are already in the process of distributing the Covid-19 vaccine, the National Treasury of South Africa is proposing the possibility

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Top Tips for Sole Props




1. Keep an accurate record of revenue and expenses

You can draw up these records by way of a simple spreadsheet based on your invoices and then confirm these amounts by cross-checking them against your bank statement.

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Tax on Bonus Payments: How Does it Work?




For those fortunate enough to receive bonus payments as part of your remuneration, you’ll understand the

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"Emergency Notification System" - it's a scam!



There is a new scam going around this tax season, SARS has made us aware of it and we would like to make sure you know about it too.

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What is Gap Insurance & why is it so valuable to have?



When you are in the process of selecting a medical aid, the question of adding gap cover to your plan is likely to come up.

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SARS asked for my documents again. Why?




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.

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TaxTim's Tips to Pay Less Tax




These tips are part of TaxTim's personalised recommendation tool called the Tax Health Score.

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FAQs: Tax Refunds




As the tax season is approaching, many of our users are asking whether or not they will be due a tax refund.

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2020 Supplementary Budget Speech




On Wednesday, 24 June 2020, Minister of Finance, Tito Mboweni, addressed parliament to announce the 2020 Emergency Budget Speech.

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FAQs: Tax Directives




A tax directive is super useful when you earn commission, variable income or are going to receive a large bonus or a lump sum.

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How is Commission Taxed? 3 Ways Your Company Taxes Commission




Our helpdesk receives hundreds of questions related to tax where commission is involved. A misconception that comes up time

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FAQs: Tax Clearance or Tax Compliance Status (TSC)




1. I need an actual tax clearance certificate, but each time I apply I am sent a PIN. Can you help me print the certificate?

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FAQs: Retrenchment




Thousands of people have lost their jobs as a result of the Covid-19 pandemic and the nationwide lockdown to slow the spread of the disease.

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Cryptocurrency Income: Yes, you should be declaring it on your tax return!




As most of us know by now, cryptocurrency is not real but virtual money.

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Navigating around your Capital gains tax certificate (IT3C)



If you have shares (financial instruments) , there is important information on your IT3C tax certificate which needs to be included in your tax return.

This will ensure your taxable income is calculated accurately with the correct capital gain or loss included. 

Do you have shares at any of the following institutions?...

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FAQs: 'Other Deductions' that you may be able to claim in your tax return




There is a section in the tax return called ‘Other Deductions’ which often causes confusion for taxpayers

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What Medical Expenses Can You Claim Back from Tax




Medical expenses are nothing to sneeze at. Private medical treatment is increasingly pushing the limits of medical aid scheme

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Navigating around your Investec investment tax certificate (IT3c)





1. This is the proceeds i.e  the value that your shares were sold for. This amount needs to be entered as proceeds in the  capital gains section of your tax return.

2. This is the base cost i.e the costs attached to the sale of your shares. This amount needs to be entered as the base cost in the  capital gains section of your tax return....

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Navigating around your Momentum tax certificate (IT3c)




1. Opbrengs/Proceeds i.e  the value that your shares were sold for. This amount needs to be entered as proceeds in the  capital gains section of your tax return.

2. Basiskoste/Base Cost i.e the costs attached to the sale of your shares. This amount needs to be entered as the base cost in the  capital gains section of your tax return.

...

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News Alert: Tax Season 2020




On Tuesday evening, the SARS commissioner, Edward Kieswetter, held a media briefing to talk about the challenges that SARS is facing due to Covid-19.

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