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Latest Posts in TaxTim's Blog

Income Tax Return Verifications and Audits

It is important to note that verifications and audits are two different processes. In a simple explanation, verification is the "straightforward" process to confirm if the information you declared on your tax return is true and correct, whilst an audit is where the tax return is under deeper investigation which means they look at the finer details. 

Supporting documents request

If SARS decides to review your tax return, they will notify you via a SARS let...

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The Deduction of Home Office Expenditure

Nowadays, work culture has evolved massively and “Flexible employment” has become the new buzzword. This is especially relevant at the moment, where many employees are still working from home due to the global Corona virus outbreak of 2020.

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FAQ: Home Office Expenses

Flexible employment is becoming increasingly popular, many taxpayers spend some (or all) of their time working from home. If certain conditions are met, taxpayers are allowed to claim a portion of their office running costs as a tax deduction on their tax return. However, please note that SARS usually flags these returns for audit. If you do work from home, take a read of our home office blog and also check out our handy decision tree to make 100% sure you are claiming this expense correctly.

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How to Submit a Request for Reduced Assessment via SARS eFiling

If your 2023 individual income tax return was auto-assessed by SARS earlier this year, and you intended to include extra income or expenses/ deductions but missed the deadline, don't be dismayed, there might still be a way to fix things!

Is SARS rejecting your tax return submission and your dispute too?

Have you requested an extension, but SARS granted it for a day before they replied to you? i.e, you asked for an extension till 10 November 2023, but SARS gave you an extension...

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Important Tax Filing Reminder: Don't Miss the Deadline

If you're a regular employee (i.e non-provisional taxpayer), your tax filing deadline is 23 October 2023. But, if you do fall into the provisional taxpayer category, your deadline extends to 24 January 2024.

Now, if you're thinking about waiting until the later deadline next year and consider yourself a provisional taxpayer, it's super important to make sure you actually meet the criteria for being one in 2023.

Let's debunk some common misunderstandings many taxpayers have abo...

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Is My Life Insurance Claim Taxed in South Africa?

A pressing concern for many South Africans is whether or not the taxman gets a chunk of the money when the life insurance policy pays out. It’s a big stress factor to wonder how big the tax portion will be and how much will be left over for your family especially in a time when they need it the most. But here's some good news as of 2023: life insurance payouts usually don't get taxed. That means your loved ones get to keep the whole amount, giving everyone a bit of comfort.


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Tax-Efficient Wealth Protection: Understanding Life Insurance with TaxTim

While it might seem like a morbid topic at first, understanding life insurance is pretty important to safeguarding your family's financial future. Life insurance is about more than just providing for your loved ones after you're no longer around, it is the cornerstone of financial stability during hard times like illness or disability as it protects your income. Think of it as a protective bubble that will ensure your family's financial well-being, no matter what life throws your way.

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How Does Tax Work on a Life Insurance Policy in South Africa

Delving into tax laws and understanding their impact on life insurance doesn’t have to be headache. At TaxTim, we're here to simplify the world of tax and ensure you stay informed about the key tax implications when it comes to your life insurance. Without diving into too much detail, let's get straight to the point and focus on what you really need to know about the tax implications on your life insurance premiums.

First off, it's essential to know that life insurance premiums ...

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Recent updates to the Company Tax Return (ITR14)

The updated ITR14 on eFiling has some new sections, and one that often raises questions is the part about share classes. Although it might seem confusing, it's actually quite simple. SARS is just asking you to tell them more about your shareholders in the company.

When you begin your ITR14, please have the balance sheet, income statement, and also the share register ready. A share register is  is a list of all active and former owners of a company's shares. To complete the capita...

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Here is the process to follow if you have a dormant company

It seems that dormant companies are on SARS' radar.

If you registered a company with CIPC some time ago and forgot about it, that company could land you in hot water with SARS. Read more to find out what the financial repercussions could be and why you should get a hold on the situation.

What is a dormant company?

A dormant company is classified as a company that has not actively traded for the full year of assessment.  Because there is no activity in the compan...

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How to set up a payment arrangement with SARS

With the end of the tax year looming, SARS tax collectors are on high alert to collect taxes and meet their revenue targets.

If you owe SARS, you should be receiving constant reminders to pay your debt. This may be in the form of SMS's, phone calls or even posted letters.

If the debt is unfamiliar or if you are not in agreement with the debt, you can File a dispute with SARS , howe...

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Track your tax return on the SARS website

SARS have recently introduced a new way to track your tax return online via the SARS website.

See TaxTim's step-by-step guide to help you nagivate this new process:

1. Please go to the SARS website click on "Contact Us" 

2. Scroll down the page then click o...

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I have received an Additional Assessment from SARS - what does this mean?

After you have submitted your supporting documents to SARS, they have 21 working days to review them, assuming all sufficient documents have been received.  Once their review is complete, you will either:

  1. Receive a request for additional documents; or
  2. Receive a Completion Letter; or,
  3. Receive an Additional Assessment

Additional Documents Request

If SARS still requires for documents from you, they will either send ...

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The new SARS auto-assessment

Step 1:

If you have been auto-assessed by SARS,  you may see the screen below when you log into SARS eFiling.

Please click on "View".

You may also see this screen:

If you ...

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Payment for asking a Tax Question

Why am I receiving a request for payment for asking a tax question?

During the process of assisting taxpayers with the completion and submission of their tax return, we sometimes receive tax related questions to our Helpdesk which fall beyond the scope of the tax return and therefore requires some more of our time. This is because documents may need to be reviewed or calculations to be performed or even in some cases, external experts to be consulted.

For this reason, you may receive a request for a payment in response to your tax question...

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How to start saving money

In these uncertain economic times, we all want to stretch our budgets a little further. With a few simple financial habits, anyone can save some extra cash each month. So, if you're ready to start saving but not sure where to begin, here are ten handy tips to get you started:

1) Track Your Spending

Keep an eye on where your money goes, and you'll naturally start spending less. Keep a record of your daily expenses and distinguish between needs and wants. Need...

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Getting your debt under control

By Debtline

Managing debt can be daunting, but it doesn't have to define or control your life. In South Africa, many individuals face the complex task of effectively handling their finances and debts.

Keep reading, and we’ll equip you with practical strategies and valuable insights to take control of your debt and financial future.

Let's delve into how you can regain control of your debt and finances and pave the way for a brighter future.


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A beginner's guide to investing in South Africa

You are doing well. You are earning enough money to cover your monthly expenses, and have some extra cash remaining at the end of each month. You could keep that money in the bank for a rainy day, or you could invest it, with the hopes of growing your savings significantly. This guide aims to help you understand why investing is important, how investments differ and what options are available to you in South Africa.

Why investing is important

Your money does not keep it's va...

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After all my documents submissions to SARS, they disallowed my expenses, why?

We are starting to see some common trends whereby taxpayers’ expenses are disallowed because the documents submitted are falling short of SARS’s requirements.  To avoid unnecessary frustration and time wasted in raising disputes, read on to see if any of these areas apply to you.

Travel deduction

In prior years, the submission of a logbook detailing your business mileage used to be sufficient to justify your travel claim. In recent years howev...

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Tax-Efficient Wealth Protection: Understanding Life Insurance

By Josh Kaplan - OneSpark

Life insurance: it sounds about as exciting as watching paint dry, right? However, just like that fresh coat of paint protects your walls from wear and tear, life insurance is all about protecting your loved ones from the financial burdens that could pop up in your absence.

If you've ever been out to dinner with friends and spent more time figuring out how to split the bill than actually enjoying your meal, then you'll understand why ...

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How to buy your first property

The thought of buying a house can be daunting. It might seem almost impossible when you are just getting started. But like any financial goal, you can achieve it if you understand what's involved, and break the process up into small, bite-size steps.

Buying your first home is also exciting! Choosing where you will live, how many rooms you need, what colour to paint the walls, and what furniture to fill it with are part of the fun. Use that excitement to get you through the admin involved....

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What you need to know about SARS auto-assessments

What is an auto-assessment?

This is an automatic assessment issued by SARS to certain taxpayers.

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Tax Season 2023

The 2023 filing season opens this year at 8pm on Friday, 7 July.  The countdown's on, it's almost here!

It is important to be aware that the season is shorter than prior years. This means that SARS are giving you less time to file your return.

Important Filing Deadlines

23 October 2023: non-provisional taxpayer (i.e. salaried employees)

24 January 2024: provisional taxpayer (i.e self-employed, rental earners, freelancers, ...

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Don't file on SARS eFiling before 7 July

Last year, we noticed that many taxpayers filed their tax returns before the tax season officially began (i.e July). However, doing so caused delays and problems with their tax refunds.

There are only three specific instances where you can file your tax return (ITR12) directly on eFiling before tax season starts:

  • If you have been declared insolvent / sequestrated or, 
  • If you need to file a tax return for a deceased estate or, 
  • If you are em...

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Why refund/tax liability estimations may differ from the SARS calculator and final SARS ITA34 assessment

TaxTim and SARS use all the financial information you provide to work out the most accurate estimate of your potential refund (or tax liability) for the current tax season. However, there may be some information we don’t have access to that won’t be included in the estimate of your tax refund or tax liability.

Information from previous tax seasons

Just like the SARS eFiling tax calculator, TaxTim doesn’t take into account provisional tax ...

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