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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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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 The deadline for 2019’s tax season is 4 December, just less than a month away, so it’s time to seriously focus on your tax returns. Last week, Tito Mboweni, the finance minister confirmed during his medium-term budget announcement 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: 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. We receive many questions from taxpayers about how to declare their income in the event that they are married in Community of Property (CoP). 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. 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 ... 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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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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Pay your taxes by 4 December or face the consequences
Posted 7 November 2019
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My medical aid is paid by my former employer: How does this affect my tax?
Posted 23 October 2019
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Unemployed Periods
Posted 14 October 2019
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Top Questions on Tax and Marriage
Posted 10 October 2019
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SARS terminates Tax Clearance Certificates from October 25th
Posted 9 October 2019
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TaxTim in Fairlady Magazine
Posted 7 October 2019
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Verification of Assessment - what now?
Posted 25 September 2019
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I've never been audited before. Why now?
Posted 17 September 2019
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