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Latest Posts in TaxTim's Blog - Page 2



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Rental Property: Top Weekly Questions

Posted 4 March 2019

Rental Property: Top Weekly Questions

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

Multiple Employers, Multiple PAYE payments. Yet I still owe SARS?

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

1 March 2020: Expats alert, tax changes are coming your way!

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

Tax Return, Rebate and Refund Explained

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

Budget 2019: What did the Minister deliver?

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

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

SARS are sending me SMSs demanding payment but I have raised a dispute  - what must I do?

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

TaxTim’s top tips for Provisional Taxpayers

  1. 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. 

  1. 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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What does a Completion Letter from SARS mean?

Posted 27 November 2018

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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I submitted all my documents to SARS - They've asked again. Why?

Posted 26 November 2018

I submitted all my documents to SARS -  They've asked again. Why?

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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Black Friday Survival Tips

Posted 22 November 2018

Black Friday  Survival Tips

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...

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I've never been audited before. Why now?

Posted 12 November 2018

I've never been audited before. Why now?

This is a common area of concern for many taxpayers who don’t know why they are asked to submit documents to SARS after they file their tax return.

Our Helpdesk receives comments such as:

  • ‘my tax return is very simple’
  • ‘it has barely changed from last year’
  • ‘I have never been audited before, why now?’
  • ‘I am not even due a refund!’
  • ‘I did the return myself on eFiling last ...


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Where do I get my IT3(b) tax certificate from?

Posted 30 October 2018

Where do I get my IT3(b) tax certificate from?

When we finally decide to complete our tax return, the last thing we want is a delay in finding that last piece of missing information. In case your bank or investment fund hasn't sent you your IT3b tax certificate by mail or email earlier in the year, here are the fastest ways to download your tax certificate online in record time.

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

Posted 23 October 2018

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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How to Change/Verify Your Bank Details at SARS

Posted 22 October 2018

How to Change/Verify Your Bank Details at SARS

SARS has recently issued a new guide with regards to updating your banking details with them. This was done in order to reduce the risk of refunds being paid into the wrong accounts and also to streamline the process, which has tended to be an onerous one in the past.

Change of bank details can be done:

  • in person at a SARS branch (SARS still prefers this way)
  • via eFiling (Go to Maintain Taxpayer Registered Particulars Menu) Note, you will still need t...


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FAQs on TaxTim

Posted 11 October 2018

FAQs on TaxTim

We’ve put together a few FAQs which have come from many of our users. These questions vary from the filing process on TaxTim as well as the generic tax questions which can often be quite unclear. With the tax filing season deadline being just around the corner, we’d like to ensure you’ve got the correct information and tools to help you navigate your way around the processes. Knowing exactly what to do when it comes to your taxes during this final stretch. After all, according to SARS, filing a tax return is your responsibility and not your employers'....

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File by 31 October or face heavy fines and potential legal action!

Posted 11 October 2018

File by 31 October or face heavy fines and potential legal action!

With the tax season shortened this year by 3 weeks, the deadline to file by 31 October is just around the corner. SARS announced that it will be clamping down on taxpayers who miss the deadline to submit their tax return. Besides stating that they will impose monthly fines for late tax returns, they have even gone so far as threatening criminal prosecution and time behind bars for unpaid tax debt, just as many of us have witnessed with the recent celebrity headlines.

Their ominous slogan “pay your taxes or pay the price” is still in use, with the hope to encourage taxpayers to file their returns on time...

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Do You Need to Ring-Fence Your Business or Rental Losses for Tax?

Posted 10 October 2018

When pursuing a business activity, trade or renting out a property, you’re no doubt doing so to make some money, but the reality for self-starters is that there’s a good chance it’s going to take some time for your venture to break even, which can often mean facing a loss.

Your additional income is of interest to SARS as it translates into more tax revenue for them, so how do you record your loss to them? And when, how and where is the loss applied from a tax perspective?

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Why is SARS asking me for outstanding tax returns?

Posted 9 October 2018

Why is SARS asking me for outstanding tax returns?

When did this happen?

Previously, assuming that SARS did not request any documents for verification and everything for the year was accepted, refunds due were typically paid out quite quickly to taxpayers within 1-2 days.

From 2015, SARS has implemented a new requirement that ALL tax returns, since the first year a taxpayer registered for a tax reference number, must be submitted before any refund is paid out.

...

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

Posted 4 October 2018

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. This year, SARS is re...

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Why must I submit an IRP5/IT3a if I never received any lump sum cash?

Posted 21 September 2018

Why must I submit an IRP5/IT3a if I never received any lump sum cash?

We receive many questions from taxpayers who are confused as to why they receive an IRP5/IT3a for retirement fund withdrawals or transfers and how to report this (if at all) in their tax return. If this applies to you, read on and let us clarify the issue for you.

IRP5/IT3a for retirement fund withdrawal, resignation or transfer

If you withdraw money or retire from your retirement fund and receive a lumpsum, the fund will have to apply for a tax directive for you and should also issue you an IRP5/IT3a...

Read more →
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TaxTim
can help
you file your
Tax return!


TaxTim will help you:

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund

Tim uses your answers to complete your income tax return instantly and professionally, with everything filled in in the right place.

Let Tim submit your tax return direct to SARS in just a few clicks!

Get started