Tax and Marriage go together, like a horse and carriage
Posted 7 December 2017
When planning your wedding, it’s highly unlikely that anything related to tax features on your agenda. However, when saying “I do” it’s very important to understand the tax laws associated with marriage because SARS treats income differently according to the type of marriage contract that binds you and your spouse.
Marriage in Community of Property
If you marry without an antenuptial contract, you’ll by default be married in community of property...
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Navigating around your Medical Aid Tax Certificate
Posted 27 November 2017
If you belong to a Medical Aid, there is important information on your medical aid tax certificate which needs to be included in your tax return.
This will ensure you receive the medical aid tax credit that is due to you.
Do you belong to any of the below medical aids?
-
Bankmed-
Bonitas-
Camaf...
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Navigating around your Wooltru Medical Aid Certificate
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
Navigating around your Polmed Medical Aid Certificate
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
Navigating around your Momentum Medical Aid Certificate
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
Navigating around your Gems Medical Aid Certificate
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
Navigating around your Discovery Medical Aid Certificate
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
Navigating around your Camaf Medical Aid Certificate
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
Navigating around your Bonitas Medical Aid Certificate
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
Navigating around your Bankmed Medical Aid Certificate
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
The Dangers of DIY Tax: How to Avoid Disaster
Posted 13 November 2017
Have you ever started one of those ‘oh, this’ll be easy’ Do-It-Yourself jobs, only to find yourself utterly frustrated half-way through wondering - what was I thinking? Pieces of wood cut just a few millimetres short of what they should’ve been. Holes drilled in the wrong places. Screwdrivers in every size except the one you need, missing bolts or the wrong colour paint! These DIY disasters can land up costing you much more time and money to salvage (or in the w...
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My refund was reversed by SARS: Why is this?
Posted 13 November 2017
If you've ever found yourself confused as to why SARS has recalled your refund, even after they confirmed that you'd be recieving it, on a certain date. Below we've highlighted three reasons why this could be happening.
• The auditing department might want to check your return again
Usually SARS' system automatically restarts a verification process on your tax return if one or more of your claims weren't explained in detail. This means, a whole new verification case will be created and SARS will ask you for the same documents you'd sent them before and you might have to wait another 60 days to get your refund. ...
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I worked for less than a year: Do I still need to submit a tax return?
Posted 10 November 2017
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. It seems like a tedious task for someone who only worked for a few months of the year and was unemployed for the rest. However, the answer is YES, you must definitely submit a tax return, even if you’ve worked for less than twelve months.
The reason is that, if you only worked for a few months of the year and paid tax, it's likely that you are due a refund. Read some other reasons
here, why we recommend you always submit a tax return....
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Finding your way around an IRP5
Posted 2 November 2017
Consult the image above to find all the tax-related information on your IRP5 that you will need when completing your annual tax return.
- PAYE number
- Income source codes
- Non-taxable income - source code 3696
- Gross Employment Income (taxable) – source code 3699
- Deduction source codes
- PAYE – source code 4102
- PAYE tax on lump sum benefit – source code 4115
- Employee and employer UIF contribution &...
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Finding your way around an IRP5
Posted 2 November 2017
Consult the image above to find all the tax-related information on your IRP5 that you will need when completing your annual tax return.
- PAYE number
- Income source codes
- Non-taxable income - source code 3696
- Gross Employment Income (taxable) – source code 3699
- Deduction source codes
- PAYE – source code 4102
- Employee and employer UIF contribution – source code 4141
- Employer SDL contributio...
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Finding your way around an IRP5
Posted 2 November 2017
Consult the image above to find all the tax-related information on your IRP5 that you will need when completing your annual tax return.
- PAYE number
- Income source codes
- Non-taxable income - source code 3696
- Gross Employment Income (taxable) – source code 3699
- Deduction source codes
- PAYE – source code 4102
- Employee and employer UIF contribution – source code 4141
- Employer SDL contributio...
Read more →
Finding your way around an IRP5
Posted 2 November 2017
Consult the image above to find all the tax-related information on your IRP5 that you will need when completing your annual tax return.
- PAYE number
- Income source codes
- Non-taxable income - source code 3696
- Gross Employment Income (taxable) – source code 3699
- Deduction source codes
- PAYE – source code 4102
- PAYE tax on lump sum benefit – source code 4115
- Employee and employer UIF contribution – ...
Read more →
Finding your way around a SARS IRP5
Posted 2 November 2017
Consult the image above to find all the tax-related information on your IRP5 that you will need when completing your annual tax return.
- PAYE number
- Income source codes
- Non-taxable income - source code 3696
- Gross Employment Income (taxable) – source code 3699
- Deduction source codes
- PAYE – source code 4102
- PAYE tax on lump sum benefit – source code 4115
- Employee and employer UIF contribution – ...
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Navigating your way around your IRP5
Posted 2 November 2017
IRP5 documents come in all sorts of formats. Luckily there are only a handful of companies that produce IRP5s, so most of them follow a similar format.
Click on the format that matches your IRP5 below and we will show you where to find all the amounts you need for your tax return.
OPTION 1: SARS format
...
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How home office deduction impacts Capital Gains Tax
Posted 13 October 2017
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. Eliminating the daily commute, saves staff valuable time in their day which they can put to good use from the comfort of their own house.
Home office expenses qualify as a tax deduction if various conditions are met. This means they reduce taxable income and ultimately your tax liability. However, not just anyone qualifies to deduct his or her home office expenses...
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Who's (Legally) Allowed to File Your Tax Return?
Posted 12 October 2017
Tax isn’t the easiest of subjects to navigate. Besides the long list of legalese to master, there’s the fact that tax legislation evolves year on year. What was applicable on your tax return 2 or 3 years ago, isn’t necessarily valid on your next, and what’s right this year, may change next season.
It’s unsurprising then, that when faced with the daunting task of filing their annual tax return, many people turn to a friend, colleague or trusted broker to help them out, in the hope that they’re more proficient...
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Alert: file by 24 November or face heavy fines and potential legal action!
Posted 4 October 2017
SARS has recently announced that it will be clamping down on taxpayers who miss the deadline to submit their tax return. Besides stating that they will carry out monthly fines for each tax return that is filed late, they have even gone so far as threatening criminal prosecution and time behind bars for unpaid tax debt.
This message, from SARS, comes in the wake of reports that it missed its first quarter tax collection target by R13.1 billion and if the trend continues, it will miss its overall revenue collection target by about R50 billion for 2017. ...
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The most common and often forgotten tax deductions
Posted 27 September 2017
While many taxpayers are often faced with the tax deductions dilemma, many are well on fortunate to claim just about anything they can. A lot of unknown deductions are often missed because of this, people then lose out on the funds which are due to them. Imagine what an extra bit of information could do for your claims. Below are the most common claimed deductions, which are regularly forgotten too.
Sweat the stationery
Have you ever found that...
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Why refund/tax liability estimations may differ from your final SARS ITA34 assessment
Posted 14 September 2017
TaxTim and SARS use all the financial information you provide to work out the most accurate estimate of your potential refund (or tax liability) for the current tax season. However, there may be some information we don’t have access to, or information from prior years we don’t know about, that won’t be included in the estimate of your tax refund or tax liability. Just like the SARS eFiling tax calculator, TaxTim doesn’t take into acco...
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HELP: SARS has requested me to submit an IT14SD
Posted 13 September 2017
After you have submitted the Company tax return (ITR14), SARS may request you to complete an IT14SD.
The purpose of the IT14SD is to reconcile the information on the ITR14 to the VAT and PAYE submissions made during the year. The VAT information is made bi-monthly on the VAT 201 and the PAYE submission is made every month on the EMP201.
Below are some reasons why there may be reconciling differences between the ITR14 and the PAYE and VAT submissions. Remember, you only need to...
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