Latest Posts in TaxTim's Blog

5 Reasons you Still Need to File your Tax Return




SARS announced that if you earn less than R500 000 in a year, and fulfill a series of complicated criteria, you may not have to file a tax return 2019.
Previously, SARS had communicated that if you earn less than R350 000 in a year you may not have to file a tax return.

However, we advise you to take GREAT CARE here, and understand your duties properly, because if you don't, you may suffer for it later on.

Here are the top 5 reasons why not to skip filing your tax return this season:

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Special Economic Zones



Special Economic Zones (SEZ’s) are certain designated areas of a country demarcated by the government for special targeted economic activities. These are generally areas where business and trade laws are different from that of the rest of the country. The aim of these zones is to encourage increased foreign investment and trade, as well as job creation. This done by way of several tax incentives which are available to business which operate in SEZ’s.

They include the following:...

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How to calculate totals under source codes 3696 and 3699




Perhaps you just tried to submit your tax return and you instantly got an error relating to 3696 and 3699. As frustrating as it could be, don’t worry the error can be fixed. Maybe, you might have just simply left an amount out. Let’s have a look at what you should do, in order to crack these codes correctly – in that way making filing much more easier for you. 

You’ll need to check your IRP5 to make sure you answered TaxTim's questions for these amounts correctly...

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FAQs: Retirement funds and tax




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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Covid 19: Unpacking the Tax Relief for Small Businesses




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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FAQ's: Medical Expenses and Taxes




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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Covid 19: What to do when you have to go to a SARS branch?




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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The Deduction of Home Office Expenditure




Nowadays, work culture has evolved massively. “Flexible employment” has become the new buzzword. This is especially relevant at the moment, where many employees are working from home due to the global Corona virus outbreak.

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9 Steps to File an Objection to Your Tax Assessment




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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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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