2020 Supplementary Budget Speech
Posted 30 June 2020
On Wednesday, 24 June 2020, Minister of Finance, Tito Mboweni, addressed parliament to announce the 2020 Emergency Budget Speech.
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FAQs: Tax Directives
Posted 24 June 2020
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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10 Types of Tax Directives
Posted 23 June 2020
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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How is Commission Taxed? 3 Ways Your Company Taxes Commission
Posted 23 June 2020
Our helpdesk receives hundreds of questions related to tax where commission is involved. A misconception that comes up time
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FAQs: Tax Clearance or Tax Compliance Status (TSC)
Posted 22 June 2020
1. I need an actual tax clearance certificate, but each time I apply I am sent a PIN. Can you help me print the certificate?
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FAQs: Retrenchment
Posted 15 June 2020
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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Cryptocurrency Income: Yes, you should be declaring it on your tax return!
Posted 2 June 2020
As most of us know by now, cryptocurrency is not real but virtual money.
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FAQS: SARS eFiling
Posted 25 May 2020
Filing a tax return for the first time can be a daunting task. To get you started, we’ve gone back to basics
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Navigating around your Capital gains tax certificate (IT3C)
Posted 15 May 2020
If you have shares (financial instruments) , there is important information on your
IT3C tax certificate which needs to be included in your tax return.
This will ensure your taxable
income is calculated accurately with the correct capital gain or loss included.
Do you have shares at any of the following institutions?...
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FAQs: 'Other Deductions' that you may be able to claim in your tax return
Posted 13 May 2020
There is a section in the tax return called ‘Other Deductions’ which often causes confusion for taxpayers
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Why do I owe SARS more money?
Posted 13 May 2020
Once you’ve completed filing your tax return, it’s possible to find that instead of getting money back
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What Medical Expenses Can You Claim Back from Tax
Posted 13 May 2020
Medical expenses are nothing to sneeze at. Private medical treatment is increasingly pushing the limits of medical aid scheme
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Navigating around your Easy Equities tax certificate (IT3c)
Posted 12 May 2020
1. This is the gross base cost of all shares you bought through the institution. You must NOT use this value on your return.
To calculate the base cost of the shares that you sold, you will have to deduct the profit / loss from the proceeds and then enter this amount in the base cost field on your return.
2. This is the proceeds i.e the value that your shares were sold for. This amount needs to be entered as proceeds in the capital gains section of your tax return....
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Navigating around your Allan Gray tax certificate (IT3c)
Posted 12 May 2020
1. This is the proceeds i.e the value that your shares were sold for. This amount needs to be entered as proceeds in the capital gains section of your tax return.
2. This is the base cost i.e the costs attached to the sale of your shares. This amount needs to be entered as the base cost in the capital gains section of your tax return....
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Navigating around your Investec investment tax certificate (IT3c)
Posted 12 May 2020
1. This is the proceeds i.e the value that your shares were sold for. This amount needs to be entered as proceeds in the capital gains section of your tax return.
2. This is the base cost i.e the costs attached to the sale of your shares. This amount needs to be entered as the base cost in the capital gains section of your tax return....
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Navigating around your Momentum tax certificate (IT3c)
Posted 12 May 2020
1. Opbrengs/Proceeds i.e the value that your shares were sold for. This amount needs to be entered as proceeds in the capital gains section of your tax return.
2. Basiskoste/Base Cost i.e the costs attached to the sale of your shares. This amount needs to be entered as the base cost in the capital gains section of your tax return.
...
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News Alert: Tax Season 2020
Posted 8 May 2020
On Tuesday evening, the SARS commissioner, Edward Kieswetter, held a media briefing to talk about the challenges that SARS is facing due to Covid-19.
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Do I earn enough to have to pay tax?
Posted 23 April 2020
Why must I pay tax, I don’t earn enough! Will I get a penalty if I don’t disclose all my income to SARS?
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10 Tips to Pay Less Tax
Posted 22 April 2020
These tips are part of TaxTim's personalised recommendation tool called the Tax Health Score. Once you file your tax return with TaxTim,
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FAQs: Travel expenses and Tax
Posted 22 April 2020
Travel expenses and their tax impact are a complex issue for many. It’s no surprise that it’s a common theme on our Helpdesk.
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Tax Breaks For All
Posted 21 April 2020
What?
1.Rebates
Who?
Everybody
Primary, secondary, and tertiary rebates – depending on your age.
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The Tax Refund Myth: Why aren't I getting anything back?
Posted 20 April 2020
Every year there arises a misconception amongst taxpayers that a tax refund or 'tax rebate', as it is incorrectly known to many,
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7 Types of Tax Directives
Posted 19 April 2020
Imagine you’re an estate agent or luxury car salesman. Chances are that you don’t earn much (if anything) as a basic salary
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Promised a Guaranteed Tax Refund? Be Afraid - Be Very Afraid
Posted 16 April 2020
Guarantees are pretty powerful – they’re used by leading manufacturers and retailers to gain our confidence and trust.
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FAQs: Donations and Tax
Posted 15 April 2020
Have you recently received a present or a donation from a wealthy family member or a friend? Or, maybe you've just donated money to support a child in need?
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