How to know if an email from SARS is safe or scam
Posted 15 April 2020
Recently we have noticed emails that appear to have been sent from SARS, and that might look like legitimate SARS correspondence, but are not.
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Renting out your home and the effect on capital gains tax
Posted 15 April 2020
Our Helpdesk receives lots of questions from home sellers who rented out their primary residence for some of the
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I work for someone, but did not receive an IRP5 - what should I do?
Posted 14 April 2020
You may be employed by someone, but for one reason or another- you don't receive an IRP5 and no amount of begging or pleading
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How home office deduction impacts Capital Gains Tax
Posted 13 April 2020
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.
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Who's (Legally) Allowed to File Your Tax Return?
Posted 12 April 2020
Tax isn’t the easiest of subjects to navigate. Besides the long list of legalese to master, there’s the fact that tax legislation
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How does Pay-As-You-Earn (PAYE) work?
Posted 10 April 2020
You may have seen the word PAYE on your IRP5 payslip or heard it mentioned by your employer, but have no idea of its meaning.
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I worked for less than a year: Do I still need to submit a tax return?
Posted 10 April 2020
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.
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Do You Need to Ring-Fence Your Business or Rental Losses for Tax?
Posted 10 April 2020
When pursuing a business activity, trade or renting out a property, you’re no doubt doing so to make some money, but the reality for self-starters
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Multiple Employers, Multiple PAYE payments. Yet I still owe SARS?
Posted 9 April 2020
We receive many questions to our Helpdesk from taxpayers who are faced with the following scenario:
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Why is SARS asking me for outstanding tax returns?
Posted 9 April 2020
When did this happen?
Previously, assuming that SARS did not request any documents for verification and everything for the year was accepted
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Foreign Employment Income Exemption - What is it really?
Posted 9 April 2020
This is the exemption is for employees that receives foreign employment income for services rendered outside of South Africa, provided that all the requirements are met.
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10 Ways to Spend Your Tax Refund
Posted 8 April 2020
It’s tax season, and one of the most compelling reasons to file a tax return (besides the fact that it’s the law, of course) is the chance that you’ve
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Provisional Tax FAQs
Posted 6 April 2020
What is a provisional tax?
Provisional tax is paid by people who earn income other than a salary / traditional remuneration paid by an employer.
How do I convert from a provisional taxpayer to a regular taxpayer? OR How do I de-register as a Provisional Taxpayer?
Your tax number stays the same, just make sure that it has not been deactivated. This has happened in some cases. You will also need to de-register as a Provisional Taxpayer (this won’t affect your tax number) You can do this on eFiling by going to the Home Tab and clicking Tax Types and de-registering there. This will mean you are only a "regular" taxpayer...
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Medical Aid contributions paid on behalf of a dependent
Posted 4 April 2020
Date
Taxpayer's Full Name
Address
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5 Reasons you Still Need to File your Tax Return
Posted 4 April 2020
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
Posted 3 April 2020
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
Posted 2 April 2020
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
Posted 2 April 2020
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
Posted 1 April 2020
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
Posted 31 March 2020
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?
Posted 23 March 2020
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
Posted 18 March 2020
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
Posted 18 March 2020
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
Posted 17 March 2020
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
Posted 15 March 2020
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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