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As of July 2013 SARS declared it illegal for anyone other than a registered tax practitioner to assist people with doing their tax returns. Unless the person you know is a tax practitioner, them doing your tax return can lead to trouble for both of you.
This year try TaxTim - our service offers the knowledge and expertise of a trained tax professional, with an easy-to-use friendly interface.
You've come to the right place! TaxTim has made tax easy for over 4.4 million South Africans to date. Our service asks simple questions one-by-one, then fills in your tax return for you. We skip all the complicated stuff and allow you to do your own tax return quickly, easily and with confidence!
If you have ever survived a SARS audit, you may have been issued with a "revised assessment" or second ITA34 that doesn't make much sense. It probably says that you now owe SARS some money, despite being due a refund. Don't be alarmed though, if you read lower down the new ITA34 you will find that in fact you are still due a refund, only it is probably smaller than before.
First IT34A (before audit): SARS says: "Your assessment has been concluded and reflects an amount refundable to you of R-16 636.10"...
For most people upon submission of their year-end income tax return, either nothing much will happen or a refund will be due, this being paid back within a matter of days. However in a small number of cases SARS requires extra documentation or proof to be submitted so that they can verify that everything you submitted in your tax return is correct. Don’t be afraid, although many people consider this an “audit” it isn’t nearly as frightening as that and doesn't mean you have done anything wrong. A true audit would be SARS requesting years of past documentation and opening up for examination all your tax affairs from previous years. ...
Most employees negotiate their salary based on the gross amount (or cost to company) - the whole amount paid by their employer. Since income tax is deducted from this gross amount, in most cases the taxpayer doesn't know how much money actually goes into their bank account each month, after tax.
SARS levies employee's tax monthly and employers must pay that over to SARS every month. This tax is called PAYE (Pay As You Earn). PAYE is calculated based on your taxable income. This is different to your gross income and is calculated as follows:
Did you know that it is your duty by law to register with SARS (the
South African Revenue Service) as a taxpayer if you earn above R63 556
per tax year? By registering and completing your tax returns regularly
each year, you will become a tax compliant, proud South African. You
can register for a tax number with SARS in person (at their offices in
all major centres), or send the required documents by post or email.
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? These questions are common and usually include other sources of income such as interest from a bank account. If these earnings don't extend above the tax threshold then why disclose them and pay tax? Unfortunately while you may not have to pay tax on the income, you will certainly have to disclose it to SARS. Let’s assume you earn a salary of R200 000 a year and hav...
Eagerly anticipating the budget this year and forever the optimist, Finance Minister Pravin Gordhan started off well: R9.5bn of individual tax savings and revenue collection up by R10bn from the latest estimates. However, for the individual taxpayer, things went slightly downhill from there... Let’s unpack this a bit.
Not all Doom and Gloom
Ok, ok so maybe I have been too harsh as only certain individuals (the richer ones) will actually be subject to greater tax, the lower end income earners will benefit quite a bit from the new tax changes...
The 2012 tax year has almost come and gone, and being annual budget time, anxious taxpayers are unsure what to expect. Is there any room to be taxed further? All will be revealed on Wednesday the 22nd, but in the meantime let's focus on the new medical aid tax regime.
Gone are the days of paying your spouse's medical aid and claiming the deduction just because you are in a higher tax bracket. From the 2013 tax year onwards that deduction is no longer allowed. Instead it will be replaced with a tax credit per dependent. "What is the difference?" I hear the average taxpayer ask, and "How does it affect me?"
You always hear of people saying they are terrified of Tax and they just hand it over to some accountant who does it for them and they never actually see it until the next year when the whole process starts again. In most cases the accountant never even asks for any information and just submits a tax return based on a simple IRP5. Now that may be great for someone who earns a salary and has absolutely nothing else going on, tax related that is, but the poor ignorant taxpayer is potentially throwing away hundreds of Rands on an "expert" who isn't even doing their job properly. Not to mention the possible refund the taxpayer is missing out on.