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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We receive many questions to our Helpdesk from taxpayers who are faced with the following scenario:
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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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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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Date
Taxpayer's Full Name
Address
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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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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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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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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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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:
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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The Minister delivered some good news to South Africans yesterday when he announced there would be no significant tax hikes
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All eyes will be on Finance Minister, Tito Mboweni, tomorrow when he delivers his budget speech on Wednesday, 26 February to the nation.
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By Rowan Burger from Momentum Investments
The benefits of saving your money are well known and encouraged by many financial institutions
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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. 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. 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. 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. 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
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Expat Tax
Posted 14 February 2020
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TaxTim in People Magazine: Money Talks
Posted 7 January 2020
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'Rejection of Revised ITR12' - but my return is already finalised!
Posted 28 November 2019
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File by 4th of December to avoid penalties
Posted 22 November 2019
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Tax effects of your salary structure
Posted 11 November 2019
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