Latest Posts in TaxTim's Blog

Cryptocurrency Income: Yes, you should be declaring it on your tax return!




As most of us know by now, cryptocurrency is not real but virtual money.

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FAQS: SARS eFiling




Filing a tax return for the first time can be a daunting task. To get you started, we’ve gone back to basics

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Navigating around your Medical Aid Tax Certificate



If you belong to a Medical Aid, there is important information on your medical aid tax certificate which needs to be included in your tax return.

This will ensure you receive the medical aid tax credit that is due to you.

Do you belong to any of the below medical aids?


- Bankmed
- Bonitas...

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Navigating around your Capital gains tax certificate (IT3C)



If you have shares (financial instruments) , there is important information on your IT3C tax certificate which needs to be included in your tax return.

This will ensure your taxable income is calculated accurately with the correct capital gain or loss included. 

Do you have shares at any of the following institutions?...

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FAQs: 'Other Deductions' that you may be able to claim in your tax return




There is a section in the tax return called ‘Other Deductions’ which often causes confusion for taxpayers

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Why do I owe SARS more money?




Once you’ve completed filing your tax return, it’s possible to find that instead of getting money back

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What Medical Expenses Can You Claim Back from Tax




Medical expenses are nothing to sneeze at. Private medical treatment is increasingly pushing the limits of medical aid scheme

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Navigating around your Easy Equities tax certificate (IT3c)





1. This is the gross base cost of all shares you bought through the institution. You must NOT use this value on your return.
To calculate the base cost of the shares that you sold,  you will have to deduct the profit / loss from the proceeds and then enter this amount in the base cost field on your return.

2. This is the proceeds i.e  the value that your shares were sold for. This amount needs to be entered as proceeds in the  capital gains section of your tax return....

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Navigating around your Allan Gray tax certificate (IT3c)




1. This is the proceeds i.e  the value that your shares were sold for. This amount needs to be entered as proceeds in the  capital gains section of your tax return.

2. This is the base cost i.e the costs attached to the sale of your shares. This amount needs to be entered as the base cost in the  capital gains section of your tax return....

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Navigating around your Investec investment tax certificate (IT3c)





1. This is the proceeds i.e  the value that your shares were sold for. This amount needs to be entered as proceeds in the  capital gains section of your tax return.

2. This is the base cost i.e the costs attached to the sale of your shares. This amount needs to be entered as the base cost in the  capital gains section of your tax return....

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Navigating around your Momentum tax certificate (IT3c)




1. Opbrengs/Proceeds i.e  the value that your shares were sold for. This amount needs to be entered as proceeds in the  capital gains section of your tax return.

2. Basiskoste/Base Cost i.e the costs attached to the sale of your shares. This amount needs to be entered as the base cost in the  capital gains section of your tax return.

...

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News Alert: Tax Season 2020




On Tuesday evening, the SARS commissioner, Edward Kieswetter, held a media briefing to talk about the challenges that SARS is facing due to Covid-19.

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Do I earn enough to have to pay tax?




Why must I pay tax, I don’t earn enough! Will I get a penalty if I don’t disclose all my income to SARS?

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FAQs: Travel expenses and Tax




Travel expenses and their tax impact are a complex issue for many. It’s no surprise that it’s a common theme on our Helpdesk.

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Tax Breaks For All




What?

1.Rebates

Who?
Everybody

Primary, secondary, and tertiary rebates – depending on your age.

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The Tax Refund Myth: Why aren't I getting anything back?




Every year there arises a misconception amongst taxpayers that a tax refund or 'tax rebate', as it is incorrectly known to many,

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7 Types of Tax Directives





Imagine you’re an estate agent or luxury car salesman. Chances are that you don’t earn much (if anything) as a basic salary

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Promised a Guaranteed Tax Refund? Be Afraid - Be Very Afraid




Guarantees are pretty powerful – they’re used by leading manufacturers and retailers to gain our confidence and trust.

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FAQs: Donations and Tax




Have you recently received a present or a donation from a wealthy family member or a friend? Or, maybe you've just donated money to support a child in need?

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How to know if an email from SARS is safe or scam




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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I work for someone, but did not receive an IRP5 - what should I do?




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




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?



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?




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?




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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