Latest Posts in TaxTim's Blog

Budget 2019: What did the Minister deliver?




Mr Minister, you did a fine balancing act on this year’s budget; short-term pain for long-term gain.

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Latest Top 5 weekly round up



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




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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SARS are sending me SMSs demanding payment but I have raised a dispute - what must I do?




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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S12J VCC Tax Incentive



 

 
Guest Blogger: Albertus Marais Director of AJM tax consultants and an independent director of 12Cape Ltd, a registered VCC.

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TaxTim’s top tips for Provisional Taxpayers




  1. Don’t offset losses – SARS may not allow this

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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Tax Round Up: Top 5 Weekly Questions



We have identified the top five most-asked questions from our users on our TaxTim help-desk this past week. Take a look below to see what has been confusing taxpayers the most. 

  1. Which provisional return (IRP6) is due now?

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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What does a Completion Letter from SARS mean?



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.

An example of a...



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Black Friday Survival Tips




It's that time of the year again - Black Friday!

We'd like to assume that you've probably been inundated with nothing but sale specials in your inbox . While others have managed to plan ahead to ensure a pleasant shopping experience, other consumers will shop wildly and randomly during this highly anticipated sale bonanza. With so little time to spare we've put together 3 important things to remember this Black Friday:

1. Compare your options

Sometimes brand loyalism should be left at home...

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Where do I get my IT3(b) tax certificate from?




When we finally decide to complete our tax return, the last thing we want is a delay in finding that last piece of missing information. In case your bank or investment fund hasn't sent you your IT3b tax certificate by mail or email earlier in the year, here are the fastest ways to download your tax certificate online in record time.

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I have received an Additional Assessment from SARS - what does this mean?




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:

  1. Receive a request for additional documents; or
  2. Receive a Completion Letter; or,
  3. Receive an Additional Assessment

Additional Documents Request

If SARS still requires for documents from you, they will either send ...

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FAQs on TaxTim




We’ve put together a few FAQs which have come from many of our users. These questions vary from the filing process on TaxTim as well as the generic tax questions which can often be quite unclear. With the tax filing season deadline being just around the corner, we’d like to ensure you’ve got the correct information and tools to help you navigate your way around the processes. Knowing exactly what to do when it comes to your taxes during this final stretch. After all, according to SARS, filing a tax return is your responsibility and not your employers'....

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File by 31 October or face heavy fines and potential legal action!




With the tax season shortened this year by 3 weeks, the deadline to file by 31 October is just around the corner. SARS announced that it will be clamping down on taxpayers who miss the deadline to submit their tax return. Besides stating that they will impose monthly fines for late tax returns, they have even gone so far as threatening criminal prosecution and time behind bars for unpaid tax debt, just as many of us have witnessed with the recent celebrity headlines....

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After all my documents submissions to SARS, they disallowed my expenses, why?




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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Why must I submit an IRP5/IT3a if I never received any lump sum cash?




We receive many questions from taxpayers who are confused as to why they receive an IRP5/IT3a for retirement fund withdrawals or transfers and how to report this (if at all) in their tax return. If this applies to you, read on and let us clarify the issue for you.

IRP5/IT3a for retirement fund withdrawal, resignation or transfer

If you withdraw money or retire from your retirement fund and receive a lumpsum, the fund will have to apply for a tax directive for you and should also issue you an IRP5/IT3a...

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Why have I received a smaller tax refund from SARS this year?




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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Get your digital tax health score to help you pay less tax




TaxTim, which helps you to complete and file your tax returns online with the help of a digital tax expert called Tim, now offers a personalised tax health score report free which could help users pay less tax.

The score is the result of an in depth automated analysis of an individual’s tax return. It makes recommendations on how to improve tax health for maximum tax efficiency.

“For the first time, taxpayers will have a report card reflecting where they can improve their tax affairs and maximise efficiency...

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What to expect after submitting your tax return to SARS




As soon as tax season opens in July, many taxpayers rush to submit their ITR12 tax returns as early as possible, eagerly hoping for a nice refund.

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How to calculate totals under source codes 3696 and 3699 for 2020




Perhaps you just tried to submit your tax return and you instantly got an error relating to 3696 and 3699. As frustrating as it could be, don’t worry the error can be fixed. Maybe, you might have just simply left an amount out. Let’s have a look at what you should do, in order to crack these codes correctly – in that way making filing much more easier for you.

You’ll need to check your IRP5 to make sure you answered TaxTim's questions for these amounts correctly. Your IRP5 can show one or more amounts with source codes describing the income you received from your employer that year. ...

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Foreign Employment Exemption Letter



COMPANY LETTERHEAD



Date
Employee's Full Name
Address


To Whom It May Concern,

Subject: Confirmation of foreign employment

This letter serves to confirm that____________________________(Name of employee) _______________________(ID number) is employed by __________________________(company name) in the capacity of__________________________(position).
He/she is contracted to work overseas in _______________ (country)  from ______________dd/mm/yy to ________________dd/mm/yy.  ...

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Use of personal devices for work letter



COMPANY LETTERHEAD



Date
Employee's Full Name
Address

 

To Whom It May Concern,


Subject: Permission to use personal items for work purposes

This letter serves to confirm that _______________________________(Name of employee), ___________________________(ID number) who is employed by our firm ___________________( company name) in the capacity of__________________________(Position) has permission to use  the following personal items for work purposes:

 

Item: 1...

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Home Office Letter



COMPANY LETTERHEAD



Date
Employee's Full Name
Address

 

 To Whom It May Concern,

Subject: Permission to work from home

This letter serves to confirm that _______________________________ (Name of employee), _____________________ (ID number) who is employed by our firm ___________________ (Company name) in the capacity of __________________________ (Position) has permission to work from home in order to fulfil his/her duties to the company.  ...

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Letters you may need to provide to SARS



After submission of your tax return, SARS may request certain documents from you.
These may include a letter if you claimed any of the following deductions:


- Home Office
- Wear and Tear on personal devices used for work e.g laptop or cellphone.
- Foreign Employment Income Exemption...

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How Do Taxpayers Feel About The Proposed New Filing Deadline?




On Monday 21st May, TaxTim conducted a simple survey of taxpayers who make use of the TaxTim services about their opinion on SARS’ proposal to shorten the tax filing season by 3 weeks.

An email was sent out containing the following:

“SARS recently published a Draft Notice of who needs to file a tax return and when tax returns will be due for the 2018 tax season. SARS are planning to move the submission deadline 3 weeks earlier to 31st October 2018 for all non-provisional taxpayers. ...

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What supporting documents do I need to submit to SARS?




After submission of your tax return, when you receive your tax assessment (ITA34) from SARS, you need to scan down to the block “Compliance Information” to see if SARS requires anything further from you. You will see “Selected for audit or verification” with a Y or N (Yes or No) next to it. If you have a N, you can breathe a sigh of relief and consider yourself fortunate that SARS probably doesn’t require anything further from you for this tax year. If you have a Y in the block (and we are seeing this more and more frequently) it means that SARS wants to see evidence or back up which supports the amounts you entered on your tax return....

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