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Latest Posts in TaxTim's Blog

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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Capital Gains Tax (CGT) Top Questions




Below we take a look at Capital Gains Tax, particularly relating to the primary residence exclusion. What we’ve covered are some of the most pressing questions asked by our users on our help-desk. Take a few minutes to read the Q&As. Hopefully what has been unpacked in these Q&As will benefit and assist you with any uncertainties you might have experienced regarding this topic.

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Tax and winnings




It's always wonderful to win a prize or a competition – however, many people don’t realise there may be tax consequences attached.

This week we thought it would be helpful to remind you what to look out for, should you be the lucky recipient of one of the below:

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SARS and medical disability




We receive many relevant questions from our users about what they can claim as a tax deduction if they or one of their dependants suffers from a disability. This week, we will focus on this issue and hopefully help other taxpayers out there who may have the same questions.

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Retirement Funds




This week we received some questions from our users on retirement fund contributions and the laws that govern it. We hope that this helps you as you start gathering your documents for the new tax season.

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Rental Property: Top Weekly Questions




If you own a rental property, then this week’s top questions are specifically for you! Read on to find out more.

1. We paid off our home loan 5 years ago - nil balance due. However, we will have the loan available to borrow from as the term of the loan is not complete (we still have 90 months left).

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Top 5 Weekly Tax Questions



Read on to see this week’s top five burning questions received to our Helpdesk this past week.  Hopefully this helps you too as we once again shed light on some common tax issues.

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1 March 2020: Expats alert, tax changes are coming your way!




In 2017, National Treasury announced that there would be changes to the Foreign Employment income Exemption. These changes were intended to target those South Africans working overseas on expat contracts, who had not formally emigrated and were intending to return ‘home’ to SA at a later stage. The proposed amendments would have seen South Africans working overseas in lo...

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Tax Return, Rebate and Refund Explained




When it comes to tax jargon, most people prefer to bury their heads in the sand instead of trying to understand all the confusing terms that tax practitioners use. Taxpayers just want to do their tax quickly and easily, and if they’re due - receive some money back from SARS. A lot of confusion surrounds the process, but by understanding three simple terms you can make tax season a little bit easier.

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Budget 2019: What did the Minister deliver?




Mr Minister, you did a fine balancing act on this year’s budget; short-term pain for long-term gain.

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Latest Top 5 weekly round up



Once again we bring you our top five most-asked questions we’ve received to our Helpdesk this past week. Hopefully this may help others who have been puzzling over the same issues.

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Budget 2019: TaxTim’s predictions




Budget 2019: TaxTim’s predictions

Finance Minister Tito Mboweni will be in the spotlight next week when he delivers his maiden budget speech on Wednesday, 20 February to the nation. 

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SARS are sending me SMSs demanding payment but I have raised a dispute - what must I do?




We have been contacted by many concerned taxpayers who have received SMS’s from SARS demanding urgent settlement of their tax debt in order to avoid legal action.

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S12J VCC Tax Incentive



 

 
Guest Blogger: Albertus Marais Director of AJM tax consultants and an independent director of 12Cape Ltd, a registered VCC.

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TaxTim’s top tips for Provisional Taxpayers




  1. Don’t offset losses – SARS may not allow this

If you run a business or rental property, which is running at a loss, don’t offset this loss against other taxable income you may have when calculating your estimated taxable income for your provisional return.

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Tax Round Up: Top 5 Weekly Questions



We have identified the top five most-asked questions from our users on our TaxTim help-desk this past week. Take a look below to see what has been confusing taxpayers the most. 

  1. Which provisional return (IRP6) is due now?

The provisional tax return for the 2019 second period, which covers your income from 1 March 2018 to 28 February 2019, is due on Thursday the 28th of February 2019.  Try to submit your return and make ...

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Black Friday Survival Tips




It's that time of the year again - Black Friday!

We'd like to assume that you've probably been inundated with nothing but sale specials in your inbox . While others have managed to plan ahead to ensure a pleasant shopping experience, other consumers will shop wildly and randomly during this highly anticipated sale bonanza. With so little time to spare we've put together 3 important things to remember this Black Friday:

1. Compare your options

Sometimes brand loyalism should be left at home...

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FAQs on TaxTim




We’ve put together a few FAQs which have come from many of our users. These questions vary from the filing process on TaxTim as well as the generic tax questions which can often be quite unclear. With the tax filing season deadline being just around the corner, we’d like to ensure you’ve got the correct information and tools to help you navigate your way around the processes. Knowing exactly what to do when it comes to your taxes during this final stretch. After all, according to SARS, filing a tax return is your responsibility and not your employers'....

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File by 31 October or face heavy fines and potential legal action!




With the tax season shortened this year by 3 weeks, the deadline to file by 31 October is just around the corner. SARS announced that it will be clamping down on taxpayers who miss the deadline to submit their tax return. Besides stating that they will impose monthly fines for late tax returns, they have even gone so far as threatening criminal prosecution and time behind bars for unpaid tax debt, just as many of us have witnessed with the recent celebrity headlines....

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Why must I submit an IRP5/IT3a if I never received any lump sum cash?




We receive many questions from taxpayers who are confused as to why they receive an IRP5/IT3a for retirement fund withdrawals or transfers and how to report this (if at all) in their tax return. If this applies to you, read on and let us clarify the issue for you.

IRP5/IT3a for retirement fund withdrawal, resignation or transfer

If you withdraw money or retire from your retirement fund and receive a lumpsum, the fund will have to apply for a tax directive for you and should also issue you an IRP5/IT3a...

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Why have I received a smaller tax refund from SARS this year?




We receive many queries from confused taxpayers who are disappointed to see their tax refunds are smaller than the refund received last year.

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Get your digital tax health score to help you pay less tax




TaxTim, which helps you to complete and file your tax returns online with the help of a digital tax expert called Tim, now offers a personalised tax health score report free which could help users pay less tax.

The score is the result of an in depth automated analysis of an individual’s tax return. It makes recommendations on how to improve tax health for maximum tax efficiency.

“For the first time, taxpayers will have a report card reflecting where they can improve their tax affairs and maximise efficiency...

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What to expect after submitting your tax return to SARS




As soon as tax season opens in July, many taxpayers rush to submit their ITR12 tax returns as early as possible, eagerly hoping for a nice refund.

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Foreign Employment Exemption Letter



COMPANY LETTERHEAD



Date
Employee's Full Name
Address


To Whom It May Concern,

Subject: Confirmation of foreign employment

This letter serves to confirm that____________________________(Name of employee) _______________________(ID number) is employed by __________________________(company name) in the capacity of__________________________(position).
He/she is contracted to work overseas in _______________ (country)  from ______________dd/mm/yy to ________________dd/mm/yy.  ...

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Letters you may need to provide to SARS



After submission of your tax return, SARS may request certain documents from you.
These may include a letter if you claimed any of the following deductions:


- Home Office
- Wear and Tear on personal devices used for work e.g laptop or cellphone.
- Foreign Employment Income Exemption...

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