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Latest Posts in TaxTim's Blog

Latest SARS Guide: Tax treatment of retrenchment benefits




In the past, taxpayers who received a severance payment benefitted from the favourable tax treatment applied to it. It didn’t matter if the retrenchment was ‘voluntary’ or ‘involuntary’ (i.e. forced). If it was their first such lump sum, R500,000 was exempt from tax and the balance was taxed according to special tax tables.

For the first time last year, SARS issued a guide on Tax Directives, which distinguished, between ‘voluntary’ and ‘involuntary’ retrenchments as follows:...

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Disposal of Small Business Assets




If you have reached the age of 55 years, and are thinking of selling your small business, read on to find out more about the special capital gains exclusion of R1,800,000 which may apply to you.

Before getting into the detail, let’s first highlight the three different scenarios where this exclusion may apply:

1. You are selling your business, which you operate as a sole proprietor.
2. You are selling your share of a business, which you run through a partnership....

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Navigating around your Momentum tax certificate (IT3b)









1. Local interest - source code 4201

Navigating around your Investec investment tax certificate (IT3b)







1. Local interest - source code 4201
2. Local dividends - you don't need to enter this on your tax return. This income is exempt....

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Navigating around your FNB tax certificate (IT3b)





1. Local credit interest (income) - source code 4201. 
2. Local debit interest (expense) - you don't need to enter this on your tax return.

Navigating around your Allan Gray tax certificate (IT3b)





1. Local interest - source code 4201
2. Foreign interest - source code 4218
3. Foreign tax credit on foreign interest - source code 4113
4. Local dividends - you don't need to enter this on your tax return. This income is exempt from tax.
5. Real Estate Investment Income (REIT) - source code 4238
6. Foreign dividends - source code 4216
7. Foreign tax credit on foreign dividends - source code 4112...

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Navigating around your Alexander Forbes investment tax certificate (IT3b)




1. Local dividend - subject to dividend withholding tax. You don't need to enter it in your tax return.
2. Local interest - source code 4201.
3. Distribution from a REIT (Real Estate Investment Trust) - source code 4238.
4. Withholding tax on local dividend - you don't need to enter it in your tax return (see note 1).

Navigating around your investment tax certificate (IT3b)



If you hold investments with a bank or financial institution, there is important information on your IT3(b) tax certificate which needs to be included in your tax return.

This will ensure your taxable income is calculated accurately with the correct interest, foreign dividends and foreign tax credits included. 

Do you hold investments at any of the below institutions?


Alexander Forbes...

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Navigating around your Wooltru Medical Aid Certificate



1. Name of Medical Scheme
2. Medical Scheme Membership number
3. Number of members/dependents per month
4. Total contributions
5. Claims you paid personally that were not covered by the Medical Aid

 


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Navigating around your Polmed Medical Aid Certificate



1. Name of Medical Scheme
2. Medical Scheme Membership number
3. Number of members/dependents per month
4. Total contributions
5. Claims you paid personally that were not covered by the Medical Aid

 


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Navigating around your Momentum Medical Aid Certificate



1. Name of Medical Scheme
2. Medical Scheme Membership number
3. Number of members/dependents per month
4. Total contributions
5. Claims you paid personally that were not covered by the Medical Aid

 


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Navigating around your Gems Medical Aid Certificate



1. Name of Medical Scheme
2. Medical Scheme Membership number
3. Number of members/dependents per month
4. Total contributions
5. Claims you paid personally that were not covered by the Medical Aid

 


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Navigating around your Discovery Medical Aid Certificate



1. Name of Medical Scheme
2. Medical Scheme Membership number
3. Number of members/dependents per month
4. Total contributions
5. Claims you paid personally that were not covered by the Medical Aid

 

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Navigating around your Camaf Medical Aid Certificate



1. Name of Medical Scheme
2. Medical Scheme Membership number
3. Number of members/dependents per month
4. Total contributions
5. Claims you paid personally that were not covered by the Medical Aid

 


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Navigating around your Bonitas Medical Aid Certificate



1. Name of Medical Scheme
2. Medical Scheme Membership number
3. Number of members/dependents per month
4. Total contributions
5. Claims you paid personally that were not covered by the Medical Aid


Navigating around your Bankmed Medical Aid Certificate



1. Name of Medical Scheme
2. Medical Scheme Membership number
3. Number of members/dependents per month
4. Total contributions
5. Claims you paid personally that were not covered by the Medical Aid

 

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The Dangers of DIY Tax: How to Avoid Disaster




Have you ever started one of those ‘oh, this’ll be easy’ Do-It-Yourself jobs, only to find yourself utterly frustrated half-way through wondering - what was I thinking? Pieces of wood cut just a few millimetres short of what they should’ve been. Holes drilled in the wrong places. Screwdrivers in every size except the one you need, missing bolts or the wrong colour paint! These DIY disasters can land up costing you much more time and money to salvage (or in the w...

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My refund was reversed by SARS: Why is this?




If you've ever found yourself confused as to why SARS has recalled your refund, even after they confirmed that you'd be recieving it, on a certain date. Below we've highlighted three reasons why this could be happening. 

• The auditing department might want to check your return again

Usually SARS' system automatically restarts a verification process on your tax return if one or more of your claims weren't explained in detail. This means, a whole new verification case will be created and SARS will ask you for the same documents you'd sent them before and you might have to wait another 60 days to get your refund. ...

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Finding your way around an IRP5



Consult the image above to find all the tax-related information on your IRP5 that you will need when completing your annual tax return.

  1. PAYE number
  2. Income source codes
  3. Non-taxable income - source code 3696
  4. Gross Employment Income (taxable) – source code 3699
  5. Deduction source codes
  6. PAYE – source code 4102
  7. PAYE tax on lump sum benefit – source code 4115
  8. Employee and employer UIF contribution &...


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Finding your way around an IRP5



 Consult the image above to find all the tax-related information on your IRP5 that you will need when completing your annual tax return.

  1. PAYE number
  2. Income source codes
  3. Non-taxable income - source code 3696
  4. Gross Employment Income (taxable) – source code 3699
  5. Deduction source codes
  6. PAYE – source code 4102
  7. Employee and employer UIF contribution – source code 4141
  8. Employer SDL contributio...


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Finding your way around an IRP5



 Consult the image above to find all the tax-related information on your IRP5 that you will need when completing your annual tax return.

  1. PAYE number
  2. Income source codes
  3. Non-taxable income - source code 3696
  4. Gross Employment Income (taxable) – source code 3699
  5. Deduction source codes
  6. PAYE – source code 4102
  7. Employee and employer UIF contribution – source code 4141
  8. Employer SDL contributio...


Read more →

Finding your way around an IRP5



Consult the image above to find all the tax-related information on your IRP5 that you will need when completing your annual tax return.
  1. PAYE number
  2. Income source codes
  3. Non-taxable income - source code 3696
  4. Gross Employment Income (taxable) – source code 3699
  5. Deduction source codes
  6. PAYE – source code 4102
  7. PAYE tax on lump sum benefit – source code 4115
  8. Employee and employer UIF contribution – ...


Read more →

Finding your way around a SARS IRP5



Consult the image below to find all the tax-related information on your IRP5 that you will need when completing your annual tax return.
  1. PAYE number
  2. Income source codes
  3. Non-taxable income - source code 3696
  4. Gross Employment Income (taxable) – source code 3699
  5. Deduction source codes
  6. PAYE – source code 4102
  7. PAYE tax on lump sum benefit – source code 4115
  8. Employee and employer UIF contribution – ...


Read more →

Alert: file by 24 November or face heavy fines and potential legal action!




SARS has recently announced that it will be clamping down on taxpayers who miss the deadline to submit their tax return. Besides stating that they will carry out monthly fines for each tax return that is filed late, they have even gone so far as threatening criminal prosecution and time behind bars for unpaid tax debt.

This message, from SARS, comes in the wake of reports that it missed its first quarter tax collection target by R13.1 billion and if the trend continues, it will miss its overall revenue collection target by about R50 billion for 2017. ...

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HELP: SARS has requested me to submit an IT14SD



After you have submitted the Company tax return (ITR14), SARS may request you to complete an IT14SD.

The purpose of the IT14SD is to reconcile the information on the ITR14 to the VAT and PAYE submissions made during the year. The VAT information is made bi-monthly on the VAT 201 and the PAYE submission is made every month on the EMP201.

Below are some reasons why there may be reconciling differences between the ITR14 and the PAYE and VAT submissions. Remember, you only need to...

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