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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How to know if an email from SARS is safe or scam
Posted 15 April 2020
Recently we have noticed emails that appear to have been sent from SARS, and that might look like legitimate SARS correspondence, but are not.
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Renting out your home and the effect on capital gains tax
Posted 15 April 2020
Our Helpdesk receives lots of questions from home sellers who rented out their primary residence for some of the
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I work for someone, but did not receive an IRP5 - what should I do?
Posted 14 April 2020
You may be employed by someone, but for one reason or another- you don't receive an IRP5 and no amount of begging or pleading
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How home office deduction impacts Capital Gains Tax
Posted 13 April 2020
With “flexible” employment being the new buzzword, more and more people are working part or all of the week from an office in their home.
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Who's (Legally) Allowed to File Your Tax Return?
Posted 12 April 2020
Tax isn’t the easiest of subjects to navigate. Besides the long list of legalese to master, there’s the fact that tax legislation
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How does Pay-As-You-Earn (PAYE) work?
Posted 10 April 2020
You may have seen the word PAYE on your IRP5 payslip or heard it mentioned by your employer, but have no idea of its meaning.
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I worked for less than a year: Do I still need to submit a tax return?
Posted 10 April 2020
If you worked for less than a year, you may be confused as to whether or not you are required to submit a tax return.
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Do You Need to Ring-Fence Your Business or Rental Losses for Tax?
Posted 10 April 2020
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
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Multiple Employers, Multiple PAYE payments. Yet I still owe SARS?
Posted 9 April 2020
We receive many questions to our Helpdesk from taxpayers who are faced with the following scenario:
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Why is SARS asking me for outstanding tax returns?
Posted 9 April 2020
When did this happen?
Previously, assuming that SARS did not request any documents for verification and everything for the year was accepted
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Foreign Employment Income Exemption - What is it really?
Posted 9 April 2020
This is the exemption is for employees that receives foreign employment income for services rendered outside of South Africa, provided that all the requirements are met.
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10 Ways to Spend Your Tax Refund
Posted 8 April 2020
It’s tax season, and one of the most compelling reasons to file a tax return (besides the fact that it’s the law, of course) is the chance that you’ve
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Provisional Tax FAQs
Posted 6 April 2020
What is a provisional tax?
Provisional tax is paid by people who earn income other than a salary / traditional remuneration paid by an employer.
How do I convert from a provisional taxpayer to a regular taxpayer? OR How do I de-register as a Provisional Taxpayer?
Your tax number stays the same, just make sure that it has not been deactivated. This has happened in some cases. You will also need to de-register as a Provisional Taxpayer (this won’t affect your tax number) You can do this on eFiling by going to the Home Tab and clicking Tax Types and de-registering there. This will mean you are only a "regular" taxpayer...
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Medical Aid contributions paid on behalf of a dependent
Posted 4 April 2020
Date
Taxpayer's Full Name
Address
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