We are seeing many cases where taxpayers submit their documents to SARS, wait 21 working days (sometimes longer) only to receive a second letter on eFiling which requests the exact same documents again.
The letter we are referring to here is the generic SARS document request which looks like the below:
The South African Revenue Service (SARS) thanks you for submitting the revised income tax return for the 2018 tax period.
The revised information still does not match the information in the possession of the SARS and/or the income tax return has been identified for verification in terms of the Tax Administration Act....
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Companies issue stock options (also called share options) to key employees in order to attract and retain talent.
A stock option is different from a share – a stock option is the right to acquire a share at a specific date in the future at a set price.
For example, when John joins Company A, he is granted 5000 stock options at a price of R55 per stock option. Assume that Company A’s share price rises to R75, he will make a profit of R20 per option when he is allowe...
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The Minister delivered some welcome news to South Africans yesterday when he announced that plans to hike taxes by R40 billion rand over the next four years, have been scrapped. This is largely attributed to a surge in tax revenue from mines, as well as a faster than expected recovery in VAT collections towards the end of last year.
He went on further to say, that there would be no significant tax increases at all in the year ahead. Contrary to speculation, the much-anticipated Covid-19 vaccination programme will not be funded by tax hikes...
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What is an IRP5?
An IRP5 is the employee's tax certificate that is issued to him/her at the end of each tax year detailing all employer/employee related incomes, deductions, and related taxes. The employee uses it specifically to complete his/her income tax return for a specific year.
Do I need an IRP5?
Yes, you do if you were employed during the tax year.
Can I submit a return without an IRP5? OR Am I able to submit returns without my IRP5? OR Are you able to submit without the IRP5?...
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When a Tax Return is filed usually SARS issues an immediate assessment (ITA34), however sometimes they do need to do a further manual check on their side.
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1. How many returns should I file each year if I am a provisional taxpayer?
You are required to file 3 returns i.e. 2 provisional tax returns (IRP6s) and one annual return (ITR12). The reason you need to file the annual return too is because your provisional returns are based on an estimate of your taxable income, while the annual return reflects your actual taxable income. Any provisional payments you have made for the year will be deducted from your final tax liability, which is, calculated when you submit your annual tax return for assessment.
2...
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1. Estimate your taxable income for the whole tax year
Remember that both your first and second provisional return (IRP6) must reflect an estimate of your taxable income for the full 12 months of the tax year.
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In a bid to meet its tax revenue quotas, SARS began introducing changes to the expatriate laws which took effect on 1 March 2020, which saw the launch of the Foreign Employment Unit.
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As early as July 2017, Adobe announced that Flash Player would be discontinued by 31 December 2020 and that Flash Player would block its Flash content by 12 January 2021
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As many countries around the world are already in the process of distributing the Covid-19 vaccine, the National Treasury of South Africa is proposing the possibility
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1. Keep an accurate record of revenue and expenses
You can draw up these records by way of a simple spreadsheet based on your invoices and then confirm these amounts by cross-checking them against your bank statement.
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For those fortunate enough to receive bonus payments as part of your remuneration, you’ll understand the
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If you left out some documents in your original submission to SARS, don’t panic.
SARS has recently implemented a new process
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There is a new scam going around this tax season, SARS has made us aware of it and we would like to make sure you know about it too.
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When you are in the process of selecting a medical aid, the question of adding gap cover to your plan is likely to come up.
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We are seeing many cases where taxpayers submit their documents to SARS, wait 21 working days (sometimes longer) only to receive a second letter on eFiling which requests the exact same documents again.
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These tips are part of TaxTim's personalised recommendation tool called the Tax Health Score.
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As the tax season is approaching, many of our users are asking whether or not they will be due a tax refund.
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On Wednesday, 24 June 2020, Minister of Finance, Tito Mboweni, addressed parliament to announce the 2020 Emergency Budget Speech.
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A tax directive is super useful when you earn commission, variable income or are going to receive a large bonus or a lump sum.
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Imagine you’re an estate agent or luxury car salesman. Chances are that you don’t earn much (if anything) as a basic salary and you rely on a few big deals and commission payments to keep you afloat during quieter months.
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Our helpdesk receives hundreds of questions related to tax where commission is involved. A misconception that comes up time
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Thousands of people have lost their jobs as a result of the Covid-19 pandemic and the nationwide lockdown to slow the spread of the disease.
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As most of us know by now, cryptocurrency is not real but virtual money.
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