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At TaxTim, we receive many questions from taxpayers about retirement funds and tax.
One of the biggest benefits of contributing towards a retirement fund is the tax break.
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The national lockdown due to the Covid-19 virus is undoubtedly wreaking havoc on the economy. Small businesses have been hard hit – many not knowing if they will have sufficient cash flow to resume operations when things eventually return to normal.
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It’s not all doom and gloom when it comes to the rising costs of medical expenses. You can expect some tax relief if you contribute to a medical aid and if you spend a certain amount on ‘out of pocket’ expenses.
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Quarantine. Self-isolation. Coronavirus. These are the buzzwords for 2020, and once it is all over, words we’ll probably never want to hear again. In light of Covid-19, TaxTim offers the safest way to handle your taxes - online.
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You’ve been diligent with your tax obligations. You’ve paid your PAYE each month without fail. You’ve kept all the supporting documents for your deduction claims. You’ve carefully filled out your tax return, making sure you’ve put all the right amounts in all the right places, against all the right codes. (Pssst, if you used TaxTim to help you complete your tax return you wouldn’t have had to worry about all the right places and codes that’s all automated for you!) You file your tax return, somewhat impressed with yourself and, by your calculations, you can look forward to a reasonable tax refund amount. Then you get your assessment notification.
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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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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:
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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The Minister delivered some good news to South Africans yesterday when he announced there would be no significant tax hikes
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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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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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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. 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... 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. 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. 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. 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. 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 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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Provisional Tax Penalties
Posted 18 February 2020
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Expat Tax
Posted 14 February 2020
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Top Tips for Provisional Taxpayers
Posted 4 February 2020
1. Estimate your taxable income for the whole tax year
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TaxTim in People Magazine: Money Talks
Posted 7 January 2020
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'Rejection of Revised ITR12' - but my return is already finalised!
Posted 28 November 2019
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File by 4th of December to avoid penalties
Posted 22 November 2019
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Tax effects of your salary structure
Posted 11 November 2019
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Pay your taxes by 4 December or face the consequences
Posted 7 November 2019
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Do Your Tax Return Easily