Written by Neo
Posted 15 July 2019
TaxTim is seeing cases where taxpayers who had already submitted their documents in early July to SARS are, around ten days to two weeks later, receiving a further two letters from SARS requesting documents again. The one letter is the generic letter with the long list of documents, which was originally issued, while the second, contains a more specific request relating to the taxpayer’s tax return.
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Written by Marc
Posted 11 July 2019
Usually SARS issued an immediate assessment, however sometimes they do need to do a further manual check on their side. Often the reason for this is one of the following:
Written by Neo
Posted 7 June 2019
Our helpdesk receives hundreds of questions from commission earners about how their tax is calculated. Many are also confused about which expenses they can claim. Hopefully our FAQ will help other taxpayers who might be puzzling over the same issues.
1. I have a salary and earn a small commission; can I claim for my travel to and from work every day? (The commission is based on the sales that my team makes telephonically per month).
Should the commiss...
Written by Neo
Posted 4 June 2019
You may have seen the latest announcement by the SARS commissioner to increase the qualifying threshold for certain taxpayers to submit a tax return from R350 000 to R500 000.
However as with all previous years, this only applies to certain taxpayers and so it is very important to check if you are one of these.
The threshold applies to you only if you meet ALL of the criteria below:
Written by Nicci
Posted 4 June 2019
By now you would have seen the latest announcement by the SARS commissioner to increase the qualifying threshold for certain taxpayers
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Written by Neo
Posted 28 May 2019
There are times when the call centre agent from SARS is unable to resolve your issue and you need to reach out to a more senior person at SARS.
You can request to speak to a team leader / operations manager or the branch / call centre manager and they should be able to assist you. Always remember to note down the case number for your call. If however, you're not satisfied with the outcome of the issue, you can lodge a formal complaint with an agent at a SARS branch or on eFiling (if y...
Written by Neo
Posted 21 May 2019
This week we zoom into Wear and Tear also commonly known as Depreciation. Below we've covered some of the top questions we've received from our Helpdesk. Take a quick read through our Q&As and see how your pressing depreciation questions can potentially be solved.
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Written by Neo
Posted 9 May 2019
It’s that time of the year again and employers are issuing their employees IRP5s for the tax year. An IRP5 is a tax certificate which shows the total employment income that you earned for the tax year, the total employment related deductions that were taken from your income and paid over to either a retirement fund (pension, provident or retirement annuity fund) or a medical aid and the total tax (PAYE, UIF and SDL) that you paid...
Written by Neo
Posted 24 April 2019
If you are an Uber driver, you use your own vehicle/s to generate your income and you determine your own working hours, you will be treated as being self-employed (i.e. an independent contractor) for tax purposes.
Since you do not earn a salary, you should be registered as a provisional taxpayer with SARS.
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Written by Neo
Posted 17 April 2019
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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Written by Neo
Posted 16 April 2019
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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Written by Neo
Posted 25 March 2019
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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Written by Neo
Posted 18 March 2019
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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Written by Neo
Posted 4 March 2019
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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Written by Neo
Posted 26 February 2019
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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Written by Neo
Posted 25 February 2019
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...
Written by Neo
Posted 21 February 2019
Written by Marc
Posted 20 February 2019
Mr Minister, you did a fine balancing act on this year’s budget; short-term pain for long-term gain.
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Written by Neo
Posted 18 February 2019
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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Written by Marc
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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Written by Neo
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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Written by Neo
Posted 14 February 2019
Written by Marc
Posted 12 February 2019
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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Written by Neo
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.
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 ...
Written by Neo
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...
