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Latest Posts in TaxTim's Blog

What is Identity Fraud?



Identity fraud happens when someone uses your personal information, such as your name and identity number, without your permission.

Criminals steal your identifying information from your home, car or wallet and even your rubbish bins and use your details to commit crime. Con artists can also get your personal and confidential information from the internet, social networking sites, emails, spoofed websites, Short Message Services (SMS) and unsolicited telephone calls.

It’...

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Crypto investors are on SARS’ hitlist



Earlier this year, SARS reached out to cryptocurrency platforms to access their lists of clients and information in its bid to clamp down on the wealthy.

Many South Africans have been misinformed and are under the impression that crypto-activity is under the radar. Some believe it is untraceable or that it only needs to be declared to SARS when it is traded. This is incorrect as all individuals who have bought and held crypto assets during the tax year must disclose these holdings to ...

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10 Tips to Pay Less Tax




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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I have received a Reduced Assessment from SARS



This is good news! A Reduced Assessment means you owe LESS tax. i.e SARS has assessed your taxable income to be a lower or reduced amount compared to their Original Assessment.

The Reduced Assessment can be confusing to taxpayers who think they need to pay the amount on it. However, it’s important to realise the amount on this assessment must not be viewed in isolation. It must be added to the Original Assessment and the OVERALL balance is the amount t...

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How Long do I have to wait for my tax refund?




Like in previous years, there have always been opening tax season niggles and 2021 has been no different. Patience is a virtue, so the adage goes.

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Tax residency



South African expatriates who ignore their tax obligations will soon find themselves facing the wrath of the taxman in the upcoming tax season.

SARS has urged taxpayers including expats (South Africans residing outside the country) to urgently review their tax compliance status or stand the risk of facing major penalties or even jail time.

Originally, individuals where taxed according to a source-based tax system but from 1 March 2001 it has changed so that individuals will be...

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The Momentum HealthSaver and your tax return



The Momentum HealthSaver is a savings account which works with your medical aid and allows you to save for additional medical  costs which are not covered by your medical aid.

When it comes to filing your annual tax return, there seems to be some confusion around how your monthly  payments to the HealthSaver, as well as medical costs paid from the HealthSaver, are treated for tax purposes.

Momentum Tax Certificates

It is important to point ou...

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SARS can now fine you or take you to jail for these tax mistakes




In the past SARS needed to prove that a taxpayer had committed a tax crime “willfully and without just cause” but the legislation has just been changed. The court can now find you guilty of a tax crime even in cases of negligence or even in a case where the taxpayer may have made a mistake.

The amended law separates non-compliance into two groups: the first is where the taxpayer’s intention is not considered, and the other group is where the taxpayer’s intentio...

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How to reject the SARS Auto Assessment



If SARS have issued you an Auto Assessment, you will need to follow these steps to reject it so that we can help you to complete and submit your return to SARS.

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How to add your Company Tax Number to your eFiling profile



As part of SARS’ mission to simplify the eFiling system, the Tax Type Transfer process was updated in 2020 for all Tax products in a bid to offer users complete control of their eFiling profiles. 

What's new on eFiling?

 Overall, you can expect to see the following key changes introduced to eFiling from the end of April 2021: 

  • Changes to adding taxpayers to a profile (Organisations, Practitioners & ind...


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Where do I get my IT3b tax certificate from?




When we finally decide to complete our tax return, the last thing we want is a delay in finding that last piece of missing information. In case your bank or investment fund hasn't sent you your IT3b tax certificate by mail or email earlier in the year, here are the fastest ways to download your tax certificate online in record time.

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Been working from home? You can get money back from SARS




Good news if you’ve been working from home for the past year. You can claim a tax deduction if you worked from home for more than half of your total working hours or for more than six months during the tax year that started in March 2020.

“Claim for your home office if you started working from home at the end of March, and worked there for at least 6 months till the end of February 2021, to deduct this benefit in the tax ...

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Working remotely? You could be liable for double taxation




In these ever-changing times, many South Africans working abroad have found themselves working back in their home country. Although this may not have been their first choice, SARS is tightening its hold on foreign income earners, and the tax authority will be diving deeper into expat taxes, but what does that mean and how will that affect your taxes this year? Here’s what you need to know.

Usually, in the case where Saffas were working and earning an income in a foreign country,...

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SARS advertises 370 jobs to clamp down on SAs wealthy



In the national budget speech this year, finance minister, Tito Mboweni announced the initiation of a new unit within SARS dedicated to improving tax compliance from wealthy South Africans. In accordance with Mboweni´s plans for tax revenue collection, SARS has recently updated its vacancies page
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Tax on your travel allowance after Covid-19 lockdown regulations




Do you receive a travel allowance from your employer because your job used to entail significant travel? As the Covid-19 pandemic hit and lockdown restrictions have curbed travel, you might be wondering how this will affect your taxes. Here’s what you need to know to avoid owing the taxman, even more, this tax season.

 

How does SARS tax my travel allowance?

Under normal circumstances, your employer would only offer you a travel allowance if your job requi...

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WILL you be ready when the time comes?




By Stella Pickard - Quickwill

 

“A society grows great when old men plant trees whose shade they know they shall never sit in.” - ANON

More than 70% of South Africans don’t have a valid will. The reason for this, we believe, is because people are not educated on why wills are so important and how you can use them to protect your family and save tax. 

By drafting a will, you are planting a tree in which shade your family can sit. Let me explain… 

...

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I submitted all my documents to SARS, They've asked again. Why?




We are seeing many cases where taxpayers submit their documents to SARS, wait 21 working days (sometimes longer) only to receive a second letter on eFiling which requests the exact same documents again.

The letter we are referring to here is the generic SARS document request which looks like the below:

The South African Revenue Service (SARS) thanks you for submitting the revised income tax return for the 2018 tax period.

The revised information still does not match the information in the possession of the SARS and/or the income tax return has been identified for verification in terms of the Tax Administration Act....

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FAQ: Stock Options



Companies issue stock options (also called share options) to key employees in order to attract and retain talent.

A stock option is different from a share – a stock option is the right to acquire a share at a specific date in the future at a set price.

For example, when John joins Company A, he is granted 5000 stock options at a price of R55 per stock option. Assume that Company A’s share price rises to R75, he will make a profit of R20 per option when he is allowe...

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Budget 2021: No Tax Hikes




The Minister delivered some welcome news to South Africans yesterday when he announced that plans to hike taxes by R40 billion rand over the next four years, have been scrapped. This is largely attributed to a surge in tax revenue from mines, as well as a faster than expected recovery in VAT collections towards the end of last year.

He went on further to say, that there would be no significant tax increases at all in the year ahead. Contrary to speculation, the much-anticipated Covid-19 vaccination programme will not be funded by tax hikes...

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IRP5 FAQs



What is an IRP5?
An IRP5 is the employee's tax certificate that is issued to him/her at the end of each tax year detailing all employer/employee related incomes, deductions, and related taxes. The employee uses it specifically to complete his/her income tax return for a specific year.

Do I need an IRP5?
Yes, you do if you were employed during the tax year.

Can I submit a return without an IRP5? OR Am I able to submit returns without my IRP5? OR Are you able to submit without the IRP5?...

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Why does SARS require manual intervention to finalise my return?




When a Tax Return is filed usually SARS issues an immediate assessment (ITA34), however sometimes they do need to do a further manual check on their side.

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FAQ: Provisional Tax



1. How many returns should I file each year if I am a provisional taxpayer?

You are required to file 3 returns i.e.  2 provisional tax returns (IRP6s) and one annual return (ITR12). The reason you need to file the annual return too is because your provisional returns are based on an estimate of your taxable income, while the annual return reflects your actual taxable income. Any provisional payments you have made for the year will be deducted from your final tax liability, which is, calculated when you submit your annual tax return for assessment.

2...

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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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New South African Expat Tax Changes in 2021




In a bid to meet its tax revenue quotas, SARS began introducing changes to the expatriate laws which took effect on 1 March 2020, which saw the launch of the Foreign Employment Unit.

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Having problems with Adobe Flash Player forms on SARS e-Filing?




As early as July 2017, Adobe announced that Flash Player would be discontinued by 31 December 2020 and that Flash Player would block its Flash content by 12 January 2021

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