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Retirement Posts in TaxTim's Blog

Retirement Related Posts - Page 2



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The effect of the 2013/14 annual budget speech on the average South African taxpayer

Posted 28 February 2013

It was with great enthusiasm that we at TaxTim awaited delivery by the Minister of Finance of his annual budget speech this afternoon, especially after some of the shocks experienced by taxpayers and tax professionals last year. Surprisingly he delivered a very mild budget in terms of individuals with the Minister stating, “No tax rises.” The main focus areas relating to tax in this budget speech were on compliance, tax evasion and big companies seeking to shift their income around the world in order to avoid higher taxes...

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SARS Tax Tables for 2013

Posted 18 January 2013

Tax rates for Individuals and Trusts
Income tax rates: Natural persons (that's you) and special trusts.

2013 tax year: 1 March 2012 - 28 Feb 2013.


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SARS is asking for more documents. Are they auditing me?

Posted 13 August 2012

For most people upon submission of their year-end income tax return, either nothing much will happen or a refund will be due, this being paid back within a matter of days. However in a small number of cases SARS requires extra documentation or proof to be submitted so that they can verify that everything you submitted in your tax return is correct. Don’t be afraid, although many people consider this an “audit” it isn’t nearly as frightening as that and doesn't mean you have done anything wrong. A true audit would be SARS requesting years of past documentation and opening up for examination all your tax affairs from previous years. ...

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I'm retired at 65 years and older - what income tax benefits do I qualify for in retirement?

Posted 23 July 2012

It would seem that SARS often prioritises younger taxpayers who are still working and receive a constant flow of income. However for many older South African taxpayers over the age of 65 who have retired or are still working, there are actually quite a few benefits to enjoy.

Firstly at 65 the tax threshold above which you would even begin paying tax is higher, at R99 056 per year (in 2012 it was R93 150). What's more, those taxpayers who are older than 75 years of age get an even bigger break at R110 889 per year (in 2012 it was R104 261)...

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How do I calculate my earnings after tax? Try our income tax calculator

Posted 6 June 2012

Most employees negotiate their salary based on the gross amount (or cost to company) - the whole amount paid by their employer. Since income tax is deducted from this gross amount, in most cases the taxpayer doesn't know how much money actually goes into their bank account each month, after tax.

SARS levies employee's tax monthly and employers must pay that over to SARS every month. This tax is called PAYE (Pay As You Earn). PAYE is calculated based on your taxable income. This is different to your gross income and is calculated as follows: ...

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Do I qualify to pay Dividends Tax?

Posted 30 March 2012

Taxpayers will no doubt notice a number of emails and letters from banks / financial advisors asking them to submit a form related to dividends tax. What is this all about?

Before 22nd February 2017, the following applied:

A new Dividends Withholding Tax or DWT has been created which replaces the old Secondary Tax on Companies (STC) from 1 April 2012. A shocking fact is that the new version is now a whopping 15%, up from 10%. So for every R1 declared as a dividend, you as the taxpayer, will only receive 85c. The remaining 15c will be paid over to SARS. ...

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Do I earn enough to have to pay tax?

Posted 26 March 2012

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? These questions are common and usually include other sources of income such as interest from a bank account. If these earnings don't extend above the tax threshold then why disclose them and pay tax? Unfortunately while you may not have to pay tax on the income, you will certainly have to disclose it to SARS. Let’s assume you earn a salary of R200 000 a year and hav...

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South African budget 2012/2013 - "Tax by stealth"

Posted 23 February 2012

Eagerly anticipating the budget this year and forever the optimist, Finance Minister Pravin Gordhan started off well: R9.5bn of individual tax savings and revenue collection up by R10bn from the latest estimates. However, for the individual taxpayer, things went slightly downhill from there... Let’s unpack this a bit.

Not all Doom and Gloom

Ok, ok so maybe I have been too harsh as only certain individuals (the richer ones) will actually be subject to greater tax, the lower end income earners will benefit quite a bit from the new tax changes...

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New tax credit to replace medical aid deductions in post 2012 Tax Year

Posted 21 February 2012

The 2012 tax year has almost come and gone, and being annual budget time, anxious taxpayers are unsure what to expect. Is there any room to be taxed further? All will be revealed on Wednesday the 22nd, but in the meantime let's focus on the new medical aid tax regime.

Gone are the days of paying your spouse's medical aid and claiming the deduction just because you are in a higher tax bracket. From the 2013 tax year onwards that deduction is no longer allowed. Instead it will be replaced with a tax credit per dependent. "What is the difference?" I hear the average taxpayer ask, and "How does it affect me?" ...

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TaxTim helping
you file your
Tax returns


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