5 Reasons you Still Need to File your Tax Return in 2019
Posted 4 June 2019
SARS has just announced that if you earn less than R500 000 in a year, and fulfill a series of complicated criteria, you may not have to file a tax return for 2019.
Previously, SARS had communicated that if you earn less than R350 000 in a year you may not have to file a tax return.
However, we advise you to take GREAT CARE here, and understand your duties properly, because if you don't, you may suffer for it later on.
Here are the top 5 reasons why not to skip filing your tax return this season:
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How to lodge a complaint with SARS
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...
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Why don't I get a tax deduction for Out of Pocket Medical Expenses?
Posted 28 May 2019
Tax season always throws up some interesting and confusing calculations, but for many, the most confusing of all is how medical aid contributions and Out of Pocket medical expenses are treated.
Effective March 2012, the
Medical Aid Tax Credit was introduced. Prior to this date, your contributions to medical aid were deducted from your income earned in order to work out your tax, much like other tax deductible expenses...
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Wear and Tear (Depreciation) Top Questions
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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Top Questions on IRP5s
Posted 9 May 2019
It’s that time of the year again and employers are issuing their employees IRP5s for the 2019 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...
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Tax Treatment for Uber Drivers
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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A basic overview of the Balance Sheet and Income Statement
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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Capital Gains Tax (CGT) Top Questions
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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Home Office Expenses/Deductions
Posted 9 April 2019
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 a 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 cruise through a travel audit efficiently
Posted 3 April 2019
Surely most of us love to travel, but traveling for business purposes is no fun when it comes to completing your tax return.
SARS has some rather onerous requirements, but as long as you know what you need, submitting your documents to SARS should be plain sailing.
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Tax and winnings
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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SARS and medical disability
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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Retirement Funds
Posted 12 March 2019
This week we received some questions from our users on retirement fund contributions and the laws that govern it. We hope that this helps you as you start gathering your documents for the new tax season.
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Rental Property: Top Weekly Questions
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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Multiple Employers, Multiple PAYE payments. Yet I still owe SARS?
Posted 27 February 2019
We receive many questions to our Helpdesk from taxpayers who are faced with the following scenario:
They work for two employers during the year, perhaps even at the same time and earn income from both. Each employer deducts employee’s tax (PAYE) from the taxpayer’s salary every month and issue them with an IRP5 after year end.
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Top 5 Weekly Tax Questions
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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1 March 2020: Expats alert, tax changes are coming your way!
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...
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Tax Return, Rebate and Refund Explained
Posted 21 February 2019
When it comes to tax jargon, most people prefer to bury their heads in the sand instead of trying to understand all the confusing terms that tax practitioners use. Taxpayers just want to do their tax quickly and easily, and if they’re due - receive some money back from SARS. A lot of confusion surrounds the process, but by understanding three simple terms you can make tax season a little bit easier.
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Budget 2019: What did the Minister deliver?
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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Latest Top 5 weekly round up
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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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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