Written by Neo
Posted 11 October 2018
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....
Written by Marc
Posted 23 July 2018
We receive many queries from confused taxpayers who are disappointed to see their tax refunds are smaller than the refund received last year.
Read more →
Written by Neo
Posted 3 July 2018
TaxTim, which helps you to complete and file your tax returns online with the help of a digital tax expert called Tim, now offers a personalised tax health score report free which could help users pay less tax.
The score is the result of an in depth automated analysis of an individual’s tax return. It makes recommendations on how to improve tax health for maximum tax efficiency.
“For the first time, taxpayers will have a report card reflecting where they can improve their tax affairs and maximise efficiency...
Written by Marc
Posted 23 June 2018
Written by Nicci
Posted 4 June 2018
After submission of your tax return, SARS may request certain documents from you.
These may include a letter if you claimed any of the following deductions:
- Home Office
- Wear and Tear on personal devices used for work e.g laptop or cellphone.
- Foreign Employment Income Exemption...
Written by Neo
Posted 28 May 2018
On Monday 21st May, TaxTim conducted a simple survey of taxpayers who make use of the TaxTim services about their opinion on SARS’ proposal to shorten the tax filing season by 3 weeks.
An email was sent out containing the following:
“SARS recently published a Draft Notice of who needs to file a tax return and when tax returns will be due for the 2018 tax season. SARS are planning to move the submission deadline 3 weeks earlier to 31st October 2018 for all non-provisional taxpayers. ...
Written by Neo
Posted 14 May 2018
Taxpayers who earn Airbnb income often don’t know what they need to do when it comes to declaring this income to SARS. Sometimes taxpayers think that they don’t have to declare this extra income, or can hide it from SARS by not entering it on their tax return form - a big mistake!
The truth is that extra income earned from Airbnb income is taxable, and SARS needs to know about it. In some cases - if the amount earned (profit) outside of a salary is larger than R30,000 a y...
Written by Neo
Posted 21 February 2018
Taxpayers should breathe a sigh of relief as a much lower than expected R36bn in increased taxes was announced by the once-off Minister of Finance. The biggest news amongst the increases was the VAT rise of 1%. For the first time in 25 years, all South Africans will see most goods and services become a little bit more expensive thanks to the Value Added Tax rise. Although controversial, a VAT rise was much needed and will bring in almost R23...
Written by Neo
Posted 19 February 2018
By now we are all aware that it is more than likely that SARS will miss its 2018 revenue collection target that it set a year ago by R51bn. The budget deficit (i.e. the gap between government expenditure and income) for the first eight months of the tax year from April to November 2017 widened to a record R195 billion as tax collections lagged due to a slowing economy, low business confidence and a possible slippage in compliance by taxpayers. Sadly, there’s no light at the end of the tunn...
Written by Neo
Posted 14 February 2018
Many disgruntled taxpayers are receiving SMS’s from SARS who threaten legal action if they don’t pay their outstanding tax debt.
However, these same taxpayers raised a dispute/lodged an objection because they didn’t agree with the SARS assessment and are still waiting for the dispute to be resolved.
This can take up to 60 working days and in many cases, even longer. In fact if the dispute was raised at the end of last year, SARS will take even longer because the period 15 December to 15 Janaury is excluded from the 60 day review period!...
Written by Neo
Posted 8 February 2018
In the past, taxpayers who received a severance payment benefitted from the favourable tax treatment applied to it. It didn’t matter if the retrenchment was ‘voluntary’ or ‘involuntary’ (i.e. forced). If it was their first such lump sum, R500,000 was exempt from tax and the balance was taxed according to special tax tables.
For the first time last year, SARS issued a guide on Tax Directives, which distinguished, between ‘voluntary’ and ‘involuntary’ retrenchments as follows:...
Written by Neo
Posted 5 February 2018
If you have reached the age of 55 years, and are thinking of selling your small business, read on to find out more about the special capital gains exclusion of R1,800,000 which may apply to you.
Before getting into the detail, let’s first highlight the three different scenarios where this exclusion may apply:
1. You are selling your business, which you operate as a sole proprietor.
2. You are selling your share of a business, which you run through a partnership....
Written by Nicci
Posted 29 January 2018
Written by Nicci
Posted 25 January 2018
1. Local interest - source code 4201
2. Local dividends - you don't need to enter this on your tax return. This income is exempt....
Written by Nicci
Posted 25 January 2018
Written by Nicci
Posted 25 January 2018
1. Local interest - source code 4201
2. Foreign interest - source code 4218
3. Foreign tax credit on foreign interest - source code 4113
4. Local dividends - you don't need to enter this on your tax return. This income is exempt from tax.
5. Real Estate Investment Income (REIT) - source code 4238
6. Foreign dividends - source code 4216
7. Foreign tax credit on foreign dividends - source code 4112...
Written by Nicci
Posted 22 January 2018
Written by Nicci
Posted 22 January 2018
If you hold investments with a bank or financial institution, there is important information on your IT3(b) tax certificate which needs to be included in your tax return.
This will ensure your taxable income is calculated accurately with the correct interest, foreign dividends and foreign tax credits included.
Do you hold investments at any of the below institutions?
- Alexander Forbes...
Written by Nicci
Posted 27 November 2017
1. Name of Medical Scheme
2. Medical Scheme Membership number
3. Number of members/dependents per month
4. Total contributions
5. Claims you paid personally that were not covered by the Medical Aid
Written by Nicci
Posted 27 November 2017
1. Name of Medical Scheme
2. Medical Scheme Membership number
3. Number of members/dependents per month
4. Total contributions
5. Claims you paid personally that were not covered by the Medical Aid
Written by Nicci
Posted 27 November 2017
1. Name of Medical Scheme
2. Medical Scheme Membership number
3. Number of members/dependents per month
4. Total contributions
5. Claims you paid personally that were not covered by the Medical Aid
Written by Nicci
Posted 27 November 2017
1. Name of Medical Scheme
2. Medical Scheme Membership number
3. Number of members/dependents per month
4. Total contributions
5. Claims you paid personally that were not covered by the Medical Aid
Written by Nicci
Posted 27 November 2017
1. Name of Medical Scheme
2. Medical Scheme Membership number
3. Number of members/dependents per month
4. Total contributions
5. Claims you paid personally that were not covered by the Medical Aid
Written by Nicci
Posted 27 November 2017
1. Name of Medical Scheme
2. Medical Scheme Membership number
3. Number of members/dependents per month
4. Total contributions
5. Claims you paid personally that were not covered by the Medical Aid
Written by Nicci
Posted 27 November 2017
1. Name of Medical Scheme
2. Medical Scheme Membership number
3. Number of members/dependents per month
4. Total contributions
5. Claims you paid personally that were not covered by the Medical Aid
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