Written by Neo
Posted 30 June 2020
On Wednesday, 24 June 2020, Minister of Finance, Tito Mboweni, addressed parliament to announce the 2020 Emergency Budget Speech.
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Written by Neo
Posted 24 June 2020
A tax directive is super useful when you earn commission, variable income or are going to receive a large bonus or a lump sum.
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Written by Vee
Posted 23 June 2020
Our helpdesk receives hundreds of questions related to tax where commission is involved. A misconception that comes up time
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Written by Neo
Posted 22 June 2020
Written by Neo
Posted 15 June 2020
Thousands of people have lost their jobs as a result of the Covid-19 pandemic and the nationwide lockdown to slow the spread of the disease.
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Written by Alicia
Posted 15 May 2020
If you have shares (financial instruments) , there is important information on your IT3C tax certificate which needs to be included in your tax return.
This will ensure your taxable income is calculated accurately with the correct capital gain or loss included.
Do you have shares at any of the following institutions?...
Written by Neo
Posted 13 May 2020
There is a section in the tax return called ‘Other Deductions’ which often causes confusion for taxpayers
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Written by Neo
Posted 12 May 2020
1. This is the proceeds i.e the value that your shares were sold for. This amount needs to be entered as proceeds in the capital gains section of your tax return.
2. This is the base cost i.e the costs attached to the sale of your shares. This amount needs to be entered as the base cost in the capital gains section of your tax return....
Written by Neo
Posted 12 May 2020
1. Opbrengs/Proceeds i.e the value that your shares were sold for. This amount needs to be entered as proceeds in the capital gains section of your tax return.
2. Basiskoste/Base Cost i.e the costs attached to the sale of your shares. This amount needs to be entered as the base cost in the capital gains section of your tax return.
...
Written by Neo
Posted 8 May 2020
On Tuesday evening, the SARS commissioner, Edward Kieswetter, held a media briefing to talk about the challenges that SARS is facing due to Covid-19.
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Written by Marc
Posted 23 April 2020
Why must I pay tax, I don’t earn enough! Will I get a penalty if I don’t disclose all my income to SARS?
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Written by Neo
Posted 21 April 2020
Written by Marc
Posted 20 April 2020
Written by Vee
Posted 19 April 2020
Imagine you’re an estate agent or luxury car salesman. Chances are that you don’t earn much (if anything) as a basic salary
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Written by Vee
Posted 16 April 2020
Written by Neo
Posted 15 April 2020
Recently we have noticed emails that appear to have been sent from SARS, and that might look like legitimate SARS correspondence, but are not.
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Written by Vee
Posted 12 April 2020
Tax isn’t the easiest of subjects to navigate. Besides the long list of legalese to master, there’s the fact that tax legislation
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Written by Marc
Posted 10 April 2020
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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Written by Neo
Posted 10 April 2020
Written by Neo
Posted 9 April 2020
We receive many questions to our Helpdesk from taxpayers who are faced with the following scenario:
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Written by Vee
Posted 8 April 2020
Written by Neo
Posted 6 April 2020
Provisional tax is paid by people who earn income other than a salary / traditional remuneration paid by an employer.
How do I convert from a provisional taxpayer to a regular taxpayer? OR How do I de-register as a Provisional Taxpayer?
Your tax number stays the same, just make sure that it has not been deactivated. This has happened in some cases. You will also need to de-register as a Provisional Taxpayer (this won’t affect your tax number) You can do this on eFiling by going to the Home Tab and clicking Tax Types and de-registering there. This will mean you are only a "regular" taxpayer...
Written by Nicci
Posted 4 April 2020
Date
Taxpayer's Full Name
Address
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Written by Neo
Posted 3 April 2020
Special Economic Zones (SEZ’s) are certain designated areas of a country demarcated by the government for special targeted economic activities. These are generally areas where business and trade laws are different from that of the rest of the country. The aim of these zones is to encourage increased foreign investment and trade, as well as job creation. This done by way of several tax incentives which are available to business which operate in SEZ’s.
They include the following:...
Written by Neo
Posted 2 April 2020
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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