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
Posted 15 February 2019
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?
Posted 15 February 2019
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
Posted 14 February 2019
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
Posted 12 February 2019
- 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
Posted 11 February 2019
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.
- 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
Posted 22 November 2018
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
Posted 11 October 2018
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!
Posted 11 October 2018
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 have I received a smaller tax refund from SARS this year?
Posted 23 July 2018
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
Posted 3 July 2018
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
Posted 23 June 2018
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
Posted 4 June 2018
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
Posted 4 June 2018
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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How Do Taxpayers Feel About The Proposed New Filing Deadline?
Posted 28 May 2018
On Monday 21st May, TaxTim conducted a simple survey of taxpayers who make use of the TaxTim services about their opinion on SARS’ proposal to shorten the tax filing season by 3 weeks.
An email was sent out containing the following:
“SARS recently published a Draft Notice of who needs to file a tax return and when tax returns will be due for the 2018 tax season. SARS are planning to move the submission deadline 3 weeks earlier to 31st October 2018 for all non-provisional taxpayers. ...
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What supporting documents do I need to submit to SARS?
Posted 28 May 2018
After submission of your tax return, when you receive your tax assessment (ITA34) from SARS, you need to scan down to the block “Compliance Information” to see if SARS requires anything further from you. You will see “Selected for audit or verification” with a Y or N (Yes or No) next to it. If you have a N, you can breathe a sigh of relief and consider yourself fortunate that SARS probably doesn’t require anything further from you for this tax year. If you have a Y in the block (and we are seeing this more and more frequently) it means that SARS wants to see evidence or back up which supports the amounts you entered on your tax return....
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Be smart and save tax when receiving income from an Airbnb
Posted 14 May 2018
Taxpayers who earn Airbnb income often don’t know what they need to do when it comes to declaring this income to SARS. Sometimes taxpayers think that they don’t have to declare this extra income, or can hide it from SARS by not entering it on their tax return form - a big mistake!
The truth is that extra income earned from Airbnb income is taxable, and SARS needs to know about it. In some cases - if the amount earned (profit) outside of a salary is larger than R30,000 a y...
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Budget Speech: VAT rises by 1%, predictions were correct!
Posted 21 February 2018
Taxpayers should breathe a sigh of relief as a much lower than expected R36bn in increased taxes was announced by the once-off Minister of Finance. The biggest news amongst the increases was the VAT rise of 1%. For the first time in 25 years, all South Africans will see most goods and services become a little bit more expensive thanks to the Value Added Tax rise. Although controversial, a VAT rise was much needed and will bring in almost R23...
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Mirror Mirror on the Wall, Where Do We Look to Plug the Shortfall?
Posted 19 February 2018
By now we are all aware that it is more than likely that SARS will miss its 2018 revenue collection target that it set a year ago by R51bn. The budget deficit (i.e. the gap between government expenditure and income) for the first eight months of the tax year from April to November 2017 widened to a record R195 billion as tax collections lagged due to a slowing economy, low business confidence and a possible slippage in compliance by taxpayers. Sadly, there’s no light at the end of the tunn...
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I've raised a dispute: Do I need to pay?
Posted 14 February 2018
Many disgruntled taxpayers are receiving SMS’s from SARS who threaten legal action if they don’t pay their outstanding tax debt.
However, these same taxpayers raised a dispute/lodged an objection because they didn’t agree with the SARS assessment and are still waiting for the dispute to be resolved.
This can take up to 60 working days and in many cases, even longer. In fact if the dispute was raised at the end of last year, SARS will take even longer because the period 15 December to 15 Janaury is excluded from the 60 day review period!...
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Latest SARS Guide: Tax treatment of retrenchment benefits
Posted 8 February 2018
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
Posted 5 February 2018
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)
Posted 29 January 2018
1. Local interest - source code 4201
Navigating around your Investec investment tax certificate (IT3b)
Posted 25 January 2018
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)
Posted 25 January 2018
1. Local credit interest (income) - source code 4201.
2. Local debit interest (expense) - you don't need to enter this on your tax return.
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