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Latest Posts in TaxTim's Blog

My medical aid is paid by my former employer: How does this affect my tax?




When you retire, your soon to be ‘ex-employer’ might offer to continue to pay your medical aid. If you are one of the fortunate few to receive such a benefit, read on for some things to look out for:

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Unemployed Periods




A few years ago, SARS introduced a new section onto the Tax Return called “Unemployed Periods.” Taxpayers are required to complete this section by entering all the times within the tax year they were not working.

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Top Questions on Tax and Marriage




We receive many questions from taxpayers about how to declare their income in the event that they are married in Community of Property (CoP).

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SARS terminates Tax Clearance Certificates from October 25th




From the 25th October 2019, the printed Tax Clearance Certificate (TCC) will be substituted by the electronic Tax Compliance Status (TCS). This new digital version of the TCC allows for a more secure experience.

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TaxTim in Fairlady Magazine



 

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Top Questions on Income that is not taxed




Exempt or non-taxable income refers to certain types of income, which is not subject to income tax.

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Verification of Assessment - what now?



When SARS has completed their audit, they send a letter called a Verfication of Asssment/Completion Letter. This has the following wording:

VERIFICATION OF ASSESSMENT

We refer to the verification of the assessment for the 20xx tax period. Please note that no adjustment has been made to this assessment. However, in terms of the Tax Administration Act the South African Revenue Service reserves the right to conduct further reviews in ...

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I've never been audited before. Why now?




This is a common area of concern for many taxpayers who don’t know why they are asked to submit documents to SARS after they file their tax return.

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Top Questions on Provisional Tax




With the first provisional return still fresh in the minds of taxpayers, we thought it would be a good time to highlight some questions that were asked to our Helpdesk last month.

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Return Status ‘Filed through Branch’ " What Does This Mean?



We’ve recently received many questions from taxpayers asking us if we physically went into a SARS office to submit their returns manually.

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Making payments to SARS




You have filed all your outstanding tax returns with SARS and when receiving your ITA34 assessment/ Statement of Account/ Penalty statement you notice that you owe SARS some tax. There are three main options available to you, if you want to make a payment to SARS.

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Tax on Pension Annuities




Taking a closer look at why taxpayers may be required to pay in tax on pensions or annuities on assessment and how they can avoid a repetition of this each year.

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SONA 2019 - A Short Summary



On 20 June 2019, President Cyril Ramaphosa delivered his first State of the Nation Address (SONA) of the sixth parliament, and for the first time in years, we witnessed an uninterrupted SONA. And that is not the only first. For the first time, the SONA cost almost R2m, a staggering 47% lower than the cost of SONA 2018 and the lowest in five years.

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SARS has done a ‘simulated calculation’ for me " what does this mean?




You may have heard the recent announcement from SARS that certain taxpayers who earn less than R500 000 per year don’t need to submit a tax return. However, this only applies under very specific conditions so it is extremely important to understand these fully if you think you may be affected. You can read all about this rule here.

This year SARS are taking things one step further. They ...

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How to claim medical aid costs for a family member




At TaxTim we receive many questions from taxpayers who pay medical aid for dependent family members and who want to know if they can claim for this in their tax return.

When paying medical aid contributions for a ‘financial dependent’ the medical scheme fees tax credit applies in respect of fees paid by the person to a medical scheme.  This means that the person who is paying the medical aid will receive the medical tax credits, and not the dependent/member of the medical aid. 

Who is a ‘dependent’?...

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Why is SARS requesting my supporting documents again?




TaxTim is seeing cases where taxpayers who had already submitted their documents in early July to SARS are, around ten days to two weeks later, receiving a further two letters from SARS requesting documents again. The one letter is the generic letter with the long list of documents, which was originally issued, while the second, contains a more specific request relating to the taxpayer’s tax return. 

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What should I do if I have no assessment from SARS after having filed a return?



Usually SARS issued an immediate assessment, however sometimes they do need to do a further manual check on their side. Often the reason for this is one of the following:

  • They are missing an IRP5/IT3a due to you having transferred a lumpsum between any retirement funds. For example if you changed jobs during the year or withdrew your lumpsum from a Pension/Provident or Retirement Annuity Fund then you should have been issued an IRP5/IT3a;

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    Top questions on Commission Earners




    Our helpdesk receives hundreds of questions from commission earners about how their tax is calculated. Many are also confused about which expenses they can claim.  Hopefully our FAQ will help other taxpayers who might be puzzling over the same issues.

    1. I have a salary and earn a small commission; can I claim for my travel to and from work every day? (The commission is based on the sales that my team makes telephonically per month).

    Should the commiss...

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    Clarifying the tax return threshold set by SARS




    You may have seen the latest announcement by the SARS commissioner to increase the qualifying threshold for certain taxpayers to submit a tax return from R350 000 to R500 000.

    However as with all previous years, this only applies to certain taxpayers and so it is very important to check if you are one of these.

    The threshold applies to you only if you meet ALL of the criteria below:

    • You have worked for a full 12 months for ONE employer only and received an IRP5;...


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    Top Questions on tax seasons




    By now you would have seen the latest announcement by the SARS commissioner to increase the qualifying threshold for certain taxpayers

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    How to lodge a complaint with SARS




    There are times when the call centre agent from SARS is unable to resolve your issue and you need to reach out to a more senior person at SARS.

    You can request to speak to a team leader / operations manager or the branch / call centre manager and they should be able to assist you. Always remember to note down the case number for your call. If however, you're not satisfied with the outcome of the issue, you can lodge a formal complaint with an agent at a SARS branch or on eFiling (if y...

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    Wear and Tear (Depreciation) Top Questions




    This week we zoom into Wear and Tear also commonly known as Depreciation. Below we've covered some of the top questions we've received from our Helpdesk. Take a quick read through our Q&As and see how your pressing depreciation questions can potentially be solved. 

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    Top Questions on IRP5s




    It’s that time of the year again and employers are issuing their employees IRP5s for the tax year. An IRP5 is a tax certificate which shows the total employment income that you earned for the tax year, the total employment related deductions that were taken from your income and paid over to either a retirement fund (pension, provident or retirement annuity fund) or a medical aid and the total tax  (PAYE, UIF and SDL) that you paid...

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    Tax Treatment for Uber Drivers




    If you are an Uber driver, you use your own vehicle/s to generate your income and you determine your own working hours, you will be treated as being self-employed  (i.e. an independent contractor) for tax purposes.

    Since you do not earn a salary, you should be registered as a provisional taxpayer with SARS.

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    A basic overview of the Balance Sheet and Income Statement




    From our numerous interactions with small business owners, it seems that many draw up the company’s financial statements by themselves, without engaging the services of a professional. Many don’t use accounting software but opt for a simple excel spreadsheet instead. Although this is cost-effective, it can be a daunting task, particularly for those with a sketchy (or non-existent) accounting background.

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