Latest Posts in TaxTim's Blog

Navigating around your Medical Aid Tax Certificate



If you belong to a Medical Aid, there is important information on your medical aid tax certificate which needs to be included in your tax return.

This will ensure you receive the medical aid tax credit that is due to you.

Do you belong to any of the below medical aids?


- Bankmed
- Bonitas
- Camaf...

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Navigating around your Wooltru Medical Aid Certificate




1. Name of Medical Scheme
2. Medical Scheme Membership number
3. Number of members/dependents per month
4. Total contributions
5. Claims you paid personally that were not covered by the Medical Aid

 


Navigating around your Polmed Medical Aid Certificate




1. Name of Medical Scheme
2. Medical Scheme Membership number
3. Number of members/dependents per month
4. Total contributions
5. Claims you paid personally that were not covered by the Medical Aid

 


Navigating around your Momentum Medical Aid Certificate




1. Name of Medical Scheme
2. Medical Scheme Membership number
3. Number of members/dependents per month
4. Total contributions
5. Claims you paid personally that were not covered by the Medical Aid

 


Navigating around your Gems Medical Aid Certificate




1. Name of Medical Scheme
2. Medical Scheme Membership number
3. Number of members/dependents per month
4. Total contributions
5. Claims you paid personally that were not covered by the Medical Aid

 


Navigating around your Discovery Medical Aid Certificate




1. Name of Medical Scheme
2. Medical Scheme Membership number
3. Number of members/dependents per month
4. Total contributions
5. Claims you paid personally that were not covered by the Medical Aid

 


Navigating around your Camaf Medical Aid Certificate




1. Name of Medical Scheme
2. Medical Scheme Membership number
3. Number of members/dependents per month
4. Total contributions
5. Claims you paid personally that were not covered by the Medical Aid

 


Navigating around your Bonitas Medical Aid Certificate




1. Name of Medical Scheme
2. Medical Scheme Membership number
3. Number of members/dependents per month
4. Total contributions
5. Claims you paid personally that were not covered by the Medical Aid

 


Navigating around your Bankmed Medical Aid Certificate




1. Name of Medical Scheme
2. Medical Scheme Membership number
3. Number of members/dependents per month
4. Total contributions
5. Claims you paid personally that were not covered by the Medical Aid

 


The Dangers of DIY Tax: How to Avoid Disaster




Have you ever started one of those ‘oh, this’ll be easy’ Do-It-Yourself jobs, only to find yourself utterly frustrated half-way through wondering - what was I thinking? Pieces of wood cut just a few millimetres short of what they should’ve been. Holes drilled in the wrong places. Screwdrivers in every size except the one you need, missing bolts or the wrong colour paint! These DIY disasters can land up costing you much more time and money to salvage (or in the w...

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My refund was reversed by SARS: Why is this?




If you've ever found yourself confused as to why SARS has recalled your refund, even after they confirmed that you'd be recieving it, on a certain date. Below we've highlighted three reasons why this could be happening. 

• The auditing department might want to check your return again

Usually SARS' system automatically restarts a verification process on your tax return if one or more of your claims weren't explained in detail. This means, a whole new verification case will be created and SARS will ask you for the same documents you'd sent them before and you might have to wait another 60 days to get your refund. ...

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Finding your way around an IRP5




Consult the image above to find all the tax-related information on your IRP5 that you will need when completing your annual tax return.

  1. PAYE number
  2. Income source codes
  3. Non-taxable income - source code 3696
  4. Gross Employment Income (taxable) – source code 3699
  5. Deduction source codes
  6. PAYE – source code 4102
  7. PAYE tax on lump sum benefit – source code 4115
  8. Employee and employer UIF contribution &...


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Finding your way around an IRP5




 Consult the image above to find all the tax-related information on your IRP5 that you will need when completing your annual tax return.

  1. PAYE number
  2. Income source codes
  3. Non-taxable income - source code 3696
  4. Gross Employment Income (taxable) – source code 3699
  5. Deduction source codes
  6. PAYE – source code 4102
  7. Employee and employer UIF contribution – source code 4141
  8. Employer SDL contributio...


Read more →

Finding your way around an IRP5




 Consult the image above to find all the tax-related information on your IRP5 that you will need when completing your annual tax return.

  1. PAYE number
  2. Income source codes
  3. Non-taxable income - source code 3696
  4. Gross Employment Income (taxable) – source code 3699
  5. Deduction source codes
  6. PAYE – source code 4102
  7. Employee and employer UIF contribution – source code 4141
  8. Employer SDL contributio...


Read more →

Finding your way around an IRP5




Consult the image above to find all the tax-related information on your IRP5 that you will need when completing your annual tax return.
  1. PAYE number
  2. Income source codes
  3. Non-taxable income - source code 3696
  4. Gross Employment Income (taxable) – source code 3699
  5. Deduction source codes
  6. PAYE – source code 4102
  7. PAYE tax on lump sum benefit – source code 4115
  8. Employee and employer UIF contribution – ...


Read more →

Finding your way around a SARS IRP5




Consult the image above to find all the tax-related information on your IRP5 that you will need when completing your annual tax return.
  1. PAYE number
  2. Income source codes
  3. Non-taxable income - source code 3696
  4. Gross Employment Income (taxable) – source code 3699
  5. Deduction source codes
  6. PAYE – source code 4102
  7. PAYE tax on lump sum benefit – source code 4115
  8. Employee and employer UIF contribution – ...


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Navigating your way around your IRP5



IRP5 documents come in all sorts of formats. Luckily there are only a handful of companies that produce IRP5s, so most of them follow a similar format.

Click on the format that matches your IRP5 below and we will show you where to find all the amounts you need for your tax return.


OPTION 1: SARS format

...

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Alert: file by 24 November or face heavy fines and potential legal action!




SARS has recently announced that it will be clamping down on taxpayers who miss the deadline to submit their tax return. Besides stating that they will carry out monthly fines for each tax return that is filed late, they have even gone so far as threatening criminal prosecution and time behind bars for unpaid tax debt.

This message, from SARS, comes in the wake of reports that it missed its first quarter tax collection target by R13.1 billion and if the trend continues, it will miss its overall revenue collection target by about R50 billion for 2017. ...

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HELP: SARS has requested me to submit an IT14SD



After you have submitted the Company tax return (ITR14), SARS may request you to complete an IT14SD.

The purpose of the IT14SD is to reconcile the information on the ITR14 to the VAT and PAYE submissions made during the year. The VAT information is made bi-monthly on the VAT 201 and the PAYE submission is made every month on the EMP201.

Below are some reasons why there may be reconciling differences between the ITR14 and the PAYE and VAT submissions. Remember, you only need to...

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The Tax Indaba 2017




The Tax Indaba is the largest annual gathering of tax practitioners, in-house tax staff members, government tax officials and tax academics. The Tax Indaba aims to involve all tax professional bodies in South Africa in order to add new variety and talent to benefit tax professionals who are seeking to refresh their knowledge and to learn about new tax-related developments.

To ensure continued relevance, the event is put together with the assistance of the whole tax community. The fiv...

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Unpacking the seemingly complex: Part-time and Casual Workers




One of the most often-misunderstood things is how tax on part-time and casual workers actually gets calculated. A topic often sparking a lot of debate, causing confusion too. A lot of people are taking on more than one job- if that isn’t already their only job- others opting for the part-time or casual work positions. Initially, whether you’re working as a full or part time employee you’re inclined to pay tax, SARS has noted out points which one should follow ...

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Delivery from SARS: Retirement Contributions Letter




So, you’ve recently submitted your tax return, received your assessment and were probably breathing a sigh of relief to be finished with the tax filing process for this year… then suddenly out of the blue you receive a confusing letter (**see bottom of page) referring to a “retirement contribution carry over balance”. You probably don’t even contribute to a retirement fund (i.e Pension, Provident or Retirement Annuity) which ends up making this letter seem even more confusing....

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HELP: SARS issued me with a penalty for old tax returns




So, you’ve recently submitted your tax returns and shortly after you’ve done that you receive a message informing you about admin penalties that have been charged against you. This has come as a shock, if not a concern, to many taxpayers. Thus, we’ve been inundated with a whole lot of questions from taxpayers asking about these penalties which have been charged against them. Fortunately, you’ll be able to work through these sudden charges. Below we’ve highlighted things you need to know as well as ways in which you can handle these penalties. ...

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Foreign Employment Tax Proposal




It seems like the tax season, this year, has brought about more changes and proposals than we could’ve ever imagined. In July 2017, the National Treasury announced further proposals to the Foreign Employment Exemption changes already announced in the February budget (see foreign employment blog). There has been a huge amount of confusion amongst taxpayers in South Africa and mainly those expats working out of South Africa....

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SARS ITR12 Updates



As you may be aware, SARS has implemented a few changes to the format of the tax return this year. One such change is the requirement for taxpayers to enter more details relating to their policies in the Medical and Retirement section.  The source codes used for 2017 have also had their fair share of changes too.

With that said, SARS recently highlighted some issues and technical hiccups on the new tax return relating to these updates. Below is a 'step-by-step' guide on how SARS would want you to handle these updates:

1...

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