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Latest Posts in TaxTim's Blog

Top Tips to Prepare for the 2022 Tax Season



Ensure you have a tax number & eFiling profile

If you have not registered for SARS eFiling or you don't have a tax number don’t worry, SARS has made things a lot easier this year.

Getting a tax number is now as easy as registering on SARS eFiling. Simply click here and if you don’t have a personal income tax number yet, SARS will automatically issue ...

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Food for Thought on Subsistence Allowances



You’ve been up since 4am in order to catch yet another red-eye flight for a 9am business meeting - 1,400km away - and you’re already onto your third coffee by the time you board the plane.

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Why do I owe SARS more money?




Once you’ve completed filing your tax return, it’s possible to find that instead of getting money back

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Top tips for a successful home office claim



Let’s face it, SARS didn’t make it easy for taxpayers to claim their home office expenses this past tax season. We can’t blame them really - being faced with millions of newbie work-from-homers, they had to weed out the legitimate claims from the chancers.

At the start of the season, they made it clear that they would only allow claims for taxpayers who had a separate office at home, set up specifically for their work, which was used by them alone. The office could n...

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HELP: SARS issued me with a penalty for old tax returns




So, you’ve recently submitted your tax returns and shortly after you’ve done that you receive a message informing you about admin penalties that have been charged against you. This has come as a shock, if not a concern, to many taxpayers. Thus, we’ve been inundated with a whole lot of questions from taxpayers asking about these penalties which have been charged against them. Fortunately, you’ll be able to work through these sudden charges. Below we’ve highlighted things you need to know as well as ways in which you can handle these penalties. ...

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Tax Exemption for Foreign Employment Income : What You Need to Know




If you think earning an income from a global source isn’t taxable on home soil, I’m afraid I have some bad news. Whether you’re earning Dollars, Euros or Yen, as a South African, it’s more than likely you’ll have to pay tax on this income. This is because South Africa’s taxation system works on a residence-based tax system meaning we’re taxed on worldwide income.

There is, however, some good news!

Section 10 of the Income Tax Act offers a list of conditions where foreign remuneration earned (up to R1,25m) for services rendered outside of South Africa borders will be exempt from income tax.

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Latest SARS Scams, Phishing & Fake site alerts



As a taxpayer, it's crucial that you're aware of scams that aim to defraud taxpayers. The
festive season is almost here and every year, criminals use people’s financial desperation to
enrich themselves.

So-called ‘tax experts’ will contact you with promises of making your life easier by securing
a tax refund on your behalf. When you use their services, they pocket your money and
disappear, never responding to your messages and calls.

SARS has received a flood of calls from victims of this scam in the past and is warning...

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Provisional Tax Penalties




Seasoned provisional taxpayers – those people who earn income from sources other than, or in addition to a regular ol' salary or traditional payment from an employer - are all too familiar with the process of estimating taxable income and submitting provisional tax returns. Not once - but twice a year!

Yes, it's a bit painful (although TaxTim makes it super easy) but entirely necessary if you don't want to be lumped with penalties from SARS...

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Tax and Marriage go together, like a horse and carriage




When planning your wedding, it’s highly unlikely that anything related to tax features on your agenda. However, when saying “I do” it’s very important to understand the tax laws associated with marriage because SARS treats income differently according to the type of marriage contract that binds you and your spouse.

Marriage in Community of Property

If you marry without an antenuptial contract, you’ll by default be married in community of property...

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Finance Minister Enoch Godongwana's budget speech 2022 Overview



Finance Minister, Enoch Godongwana, delivered his maiden budget speech on 23 February.

The speech started by indicating that there are still high risks to the economy, which is slowly recovering from the Covid-19 pandemic. The budget reasserts the commitment made in the 2021 MTBPS to set the economy’s course towards growth and fiscal sustainability.

It was announced that employment support will also be extended to the most vulnerable, service delivery shortcomings would ...

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Budget 2022: Some Hope For Consumers



All eyes were on Finance Minister, Enoch Godongwana, when he delivered his maiden budget speech to South Africans yesterday. Taxpayers breathed a sigh of relief when he announced that there would be no major tax hikes. This was welcome news for South Africans who are dealing with the effects of Covid-19, rising inflation, interest rate hikes and  significant fuel price increases. 'Now is not the time to increase taxes' - thank you Mr Minister, we couldn't agree with you more!

The minister announced that SARS had brought in R182 billion more in taxes than had been predicted last year in February...

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Retrenched? Here’s how you will be taxed



In 2020, about 2.2 million jobs were lost in South Africa and in 2021, that number is expected to double as a result of Covid-19. With that, we have found that there are many questions surrounding the subject of taxes and severance packages. Here’s everything you need to know.

The Basic Conditions of Employment Act states that your severance pay should include at least one week’s worth of remuneration for every full year of work. Your severance package may consist of your ...

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Individual Tax Rate Tables




RATES OF TAX FOR INDIVIDUALS

 2023 tax year (1 March 2022 - 28 February 2023) - see changes from last year



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Your Retirement Fund: Understanding the 2022 Tax Changes



Have you found yourself with a huge tax bill at the end of the tax year, and no money to pay it? SARS is making your life easier by changing the way it does tax deductions on your retirement fund from 1 March 2022.

Avoiding Tax Debt

You may receive several annuities or pensions from your previous employer or pension fund. In the past, your fund used to look at each income source separately when working out your tax.

The separate amounts you received probably fell bel...

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Key Announcements from the State of the Nation 2022



President Cyril Ramaphosa made the following key announcements in the State of the Nation Address (SoNA) he delivered on 10 February 2022.

Economic issues were high on the Agenda. There is recognition that unemployment, poverty, and inequality need to be addressed to create conditions for long-term stability and development. New energy generation projects were once again promised.

Progress is being made with Covid-19 vaccinations. Thirty million doses have been administered, w...

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WIN up to R10,000 with TaxTim in 2022




TaxTim has TWO exciting competitions in 2022!

COMPETITION 1: Win R10,000 in cash by filing your tax return with TaxTim

How to enter:

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Technical Issues for Tax Season 2021



1. SARS eFiling connection issue: Resolved

Problem description

When TaxTim tries to connect to individual taxpayers' profiles, eFiling is returning an 'unexpected system error'.  This is affecting all Tax Practitioners. 

How taxpayers are affected

TaxTim cannot connect to the taxpayer's eF...

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Important Notice: You Will Face New Penalties if You Miss the January Tax Deadline



If you’re a provisional taxpayer, make sure you file your tax return before or on the deadline of 31 January 2022. You can check here to see if you are a provisional taxpayer.

SARS is warning that those who fail to submit on time, will face penalties. Legislation has changed and you will have to pay penalties come February 2022 if you have not submitted one or more...

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FAQ: Cryptocurrency and Tax



Does SARS regard cryptocurrency as a real currency?

No - SARS does not regard cryptocurrency as a currency, but rather as an intangible asset.  In fact, the annual tax return (ITR12) refers to 'Crypto Assets' and not Cryptocurrency.  As there are currently no laws or regulations governing the use of cryptocurrency in South Africa, crypto traders or users have limited legal protection according to the general common law. In other words, if you choose to use or trade cryptocurrency you do so at your own risk.

...

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The Ins and Outs of Donations Tax



Have you been the lucky recipient of a gift or donation from a generous family member or friend? Perhaps they struck it lucky on the Lotto and decided to share their winnings with you!

Or maybe you're the giving type and have donated cash, shares or even property to someone you felt deserved a little boost.

Irrespective of whether you're the giver or receiver of a donation or gift, it's good to understand donations from a tax perspective, and how to declare these to SARS.

Ready to find out?

Let's get started.

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How to calculate totals under source codes 3696 and 3699




Perhaps you just tried to submit your tax return and you instantly got an error relating to 3696 and 3699. As frustrating as it could be, don’t worry the error can be fixed. Maybe, you might have just simply left an amount out. Let’s have a look at what you should do, in order to crack these codes correctly – in that way making filing much more easier for you.

You’ll need to check your IRP5 to make sure you answered TaxTim's questions for these amounts correctly. Your IRP5 can show one or more amounts with source codes describing the income you received from your employer that year. ...

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Calculate interest on late provisional tax payment



SARS charges interest on late payments made toward provisional tax deadlines.

To calculate this late payment penalty, use the formula below:

Provisional tax amount x 7% x (days after deadline / 365)


Use the calculator below:



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What does a Completion Letter from SARS mean?



Completion Letter

You will receive a Completion Letter if all goes well and SARS is happy with your documents. This means that SARS is not adjusting your Original Assessment and if you have a refund due, it should be paid out in 7 working days (provided you have no tax debt due or outstanding tax returns from prior years). Similarly, if you owe tax to SARS per your Original Assessment, the amount you owe will remain unchanged.

An example of a...



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When Will SARS Pay My Tax Refund?



Hundreds of thousands of South Africans are filing their annual tax returns and everyday people ask us “when will I get my refund from SARS?”.

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Important Notice: You Will Face New Penalties if You Miss the November Tax Deadline



If you’re an individual non-provisional taxpayer, make sure you file your tax return before or on the deadline of 2 December 2021.

SARS is warning that those who fail to submit on time, will face penalties. Legislation has changed and you will have to pay penalties in January 2022 if you have not submitted one or more of your returns. This means that if you file your 2021 return after the deadline, SARS will levy an admin penalty.

Before, you only paid penalties when two...

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