Latest Posts in TaxTim's Blog

Food for Thought on Subsistence Allowances



You’ve been up since 4am in order to catch yet another red-eye flight for a 9am business meeting - 1,400km away - and you’re already onto your third coffee by the time you board the plane.

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How to Change/Verify Your Bank Details at SARS




SARS has recently issued a new guide with regards to updating your banking details with them. This was done in order to reduce the risk of refunds being paid into the wrong accounts and also to streamline the process, which has tended to be an onerous one in the past.

Change of bank details can be done:

  • in person at a SARS branch (SARS still prefers this way)
  • via eFiling (Go to Maintain Taxpayer Registered Particulars Menu) Note, you will still need t...


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Sole Proprietor or Company: What's Best for Tax?



Getting a new business venture off the ground is an equally exciting and stressful time. You’re enthusiastic about getting your new product or service out into the market, but you face quite an administrative process to get it off the ground legally.

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Why don't I get a tax deduction for Out of Pocket Medical Expenses?




Tax season always throws up some interesting and confusing calculations, but for many, the most confusing of all is how medical aid contributions and Out of Pocket medical expenses are treated.

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Budget 2020: Unexpected Relief for Taxpayers!




The Minister delivered some good news to South Africans yesterday when he announced there would be no significant tax hikes

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Budget Prediction 2020: More dark days ahead?




All eyes will be on Finance Minister, Tito Mboweni, tomorrow when he delivers his budget speech on Wednesday, 26 February to the nation.

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Overview on Tax Free Savings versus Retirement Annuity




By Rowan Burger from Momentum Investments

The benefits of saving your money are well known and encouraged by many financial institutions

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State of the Nation Address - SONA 2020



President Cyril Ramaphosa addressed South Africa for the fourth time on Thursday, 13 February 2020. The event commemorated the 30 year anniversary of Nelson Mandela’s release from prison.

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Provisional Tax Penalties




Seasoned provisional taxpayers – those people who earn income from sources other than, or in addition to a regular ol' salary or traditional payment from an employer - are all too familiar with the process of estimating taxable income and submitting provisional tax returns. Not once - but twice a year!

Yes, it's a bit painful (although TaxTim makes it super easy) but entirely necessary if you don't want to be lumped with penalties from SARS...

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Expat Tax




As of 1 March 2020, South Africans working abroad will have to comply with the amended laws on expat tax. Amendments to the Income Tax Act includes the exemption of taxes up to the first R1 million per annum.

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Top Tips for Provisional Taxpayers




1. Estimate your taxable income for the whole tax year

Remember that both your first and second provisional return (IRP6) must reflect an estimate of your taxable income for the full 12 months of the tax year.

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TaxTim in People Magazine: Money Talks



 

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'Rejection of Revised ITR12' - but my return is already finalised!




There seem to be many confused taxpayers who have received a letter from SARS titled ‘Rejection of Revised ITR12’ which goes on to say that their revised return cannot be finalised because their assessment has already been finalised.

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File by 4th of December to avoid penalties




The deadline for non-provisional taxpayers to file their tax return is just around the corner. Taxpayers have until 4th December to submit their return and avoid unwanted penalties and interest.

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Tax effects of your salary structure




We often receive questions from taxpayers as to how to structure their salary most efficiently for tax purposes.  Unfortunately, the reality is that the days of employees gaining a tax advantage

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Pay your taxes by 4 December or face the consequences




The deadline for 2019’s tax season is 4 December, just less than a month away, so it’s time to seriously focus on your tax returns. Last week, Tito Mboweni, the finance minister confirmed during his medium-term budget announcement

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My medical aid is paid by my former employer: How does this affect my tax?




When you retire, your soon to be ‘ex-employer’ might offer to continue to pay your medical aid. If you are one of the fortunate few to receive such a benefit, read on for some things to look out for:

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Unemployed Periods




A few years ago, SARS introduced a new section onto the Tax Return called “Unemployed Periods.” Taxpayers are required to complete this section by entering all the times within the tax year they were not working.

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Top Questions on Tax and Marriage




We receive many questions from taxpayers about how to declare their income in the event that they are married in Community of Property (CoP).

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SARS terminates Tax Clearance Certificates from October 25th




From the 25th October 2019, the printed Tax Clearance Certificate (TCC) will be substituted by the electronic Tax Compliance Status (TCS). This new digital version of the TCC allows for a more secure experience.

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File with TaxTim and WIN R10,000!




Want to win R10,000 in cash just for filling your Individual (ITR12) tax return for the 2019 tax year?

How to enter:

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TaxTim in Fairlady Magazine



 

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Top Questions on Income that is not taxed




Exempt or non-taxable income refers to certain types of income, which is not subject to income tax.

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I've never been audited before. Why now?




This is a common area of concern for many taxpayers who don’t know why they are asked to submit documents to SARS after they file their tax return.

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When Will SARS Pay My Tax Refund?



Hundreds of thousands of South Africans are filing their annual tax returns and everyday people ask us “when will I get my refund from SARS?”.

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