Written by Patrick
Posted 1 April 2021
Do you receive a travel allowance from your employer because your job used to entail significant travel? As the Covid-19 pandemic hit and lockdown restrictions have curbed travel, you might be wondering how this will affect your taxes. Here’s what you need to know to avoid owing the taxman, even more, this tax season.
How does SARS tax my travel allowance?
Under normal circumstances, your employer would only offer you a travel allowance if your job requi...
Written by Patrick
Posted 15 March 2021
“A society grows great when old men plant trees whose shade they know they shall never sit in.” - ANON
More than 70% of South Africans don’t have a valid will. The reason for this, we believe, is because people are not educated on why wills are so important and how you can use them to protect your family and save tax.
By drafting a will, you are planting a tree in which shade your family can sit. Let me explain…
Written by Nicci
Posted 10 March 2021
We are seeing many cases where taxpayers submit their documents to SARS, wait 21 working days (sometimes longer) only to receive a second letter on eFiling which requests the exact same documents again.
The letter we are referring to here is the generic SARS document request which looks like the below:
The South African Revenue Service (SARS) thanks you for submitting the revised income tax return for the 2018 tax period.
The revised information still does not match the information in the possession of the SARS and/or the income tax return has been identified for verification in terms of the Tax Administration Act....
Written by Nicci
Posted 8 March 2021
Companies issue stock options (also called share options) to key employees in order to attract and retain talent.
A stock option is different from a share – a stock option is the right to acquire a share at a specific date in the future at a set price.
For example, when John joins Company A, he is granted 5000 stock options at a price of R55 per stock option. Assume that Company A’s share price rises to R75, he will make a profit of R20 per option when he is allowe...
Written by Patrick
Posted 25 February 2021
The Minister delivered some welcome news to South Africans yesterday when he announced that plans to hike taxes by R40 billion rand over the next four years, have been scrapped. This is largely attributed to a surge in tax revenue from mines, as well as a faster than expected recovery in VAT collections towards the end of last year.
He went on further to say, that there would be no significant tax increases at all in the year ahead. Contrary to speculation, the much-anticipated Covid-19 vaccination programme will not be funded by tax hikes...
Written by Nicci
Posted 22 February 2021
What is an IRP5?
An IRP5 is the employee's tax certificate that is issued to him/her at the end of each tax year detailing all employer/employee related incomes, deductions, and related taxes. The employee uses it specifically to complete his/her income tax return for a specific year.
Do I need an IRP5?
Yes, you do if you were employed during the tax year.
Can I submit a return without an IRP5? OR Am I able to submit returns without my IRP5? OR Are you able to submit without the IRP5?...
Written by Nicci
Posted 9 February 2021
1. Estimate your taxable income for the whole tax year
Remember that both your first and second provisional return (IRP6) must reflect an estimate of your taxable income for the full 12 months of the tax year.
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Written by Nicci
Posted 4 February 2021
In a bid to meet its tax revenue quotas, SARS began introducing changes to the expatriate laws which took effect on 1 March 2020, which saw the launch of the Foreign Employment Unit.
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Written by Patrick
Posted 24 January 2021
As early as July 2017, Adobe announced that Flash Player would be discontinued by 31 December 2020 and that Flash Player would block its Flash content by 12 January 2021
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Written by Patrick
Posted 24 January 2021
As many countries around the world are already in the process of distributing the Covid-19 vaccine, the National Treasury of South Africa is proposing the possibility
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Written by Vee
Posted 18 January 2021
For those fortunate enough to receive bonus payments as part of your remuneration, you’ll understand the
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Written by Nicci
Posted 14 October 2020
There is a new scam going around this tax season, SARS has made us aware of it and we would like to make sure you know about it too.
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Written by Nicci
Posted 7 October 2020
When you are in the process of selecting a medical aid, the question of adding gap cover to your plan is likely to come up. More than 1 million South African families understand the importance of gap cover, which is why they have opted in. But should you? First things first…
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Written by Nicci
Posted 3 October 2020
We are seeing many cases where taxpayers submit their documents to SARS, wait 21 working days (sometimes longer) only to receive a second letter on eFiling which requests the exact same documents again.
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Written by Nicci
Posted 4 August 2020
As the tax season is approaching, many of our users are asking whether or not they will be due a tax refund.
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Written by Nicci
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 Nicci
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 Nicci
Posted 22 June 2020
Written by Nicci
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 Nicci
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 Nicci
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 Nicci
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 Nicci
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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