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Latest Posts in TaxTim's Blog

How to inform SARS that you ceased to be a South African Tax Resident



Step 1: Please log into your SARS eFiling profile

Step 2: Click on "Home" on the top menu

Step 3: Click on "SARS Registered Details" and then on "Maintain SARS Registered Details" on the l...

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Tax residency



South African expatriates who ignore their tax obligations will soon find themselves facing the wrath of the taxman in the upcoming tax season.

SARS has urged taxpayers including expats (South Africans residing outside the country) to urgently review their tax compliance status or stand the risk of facing major penalties or even jail time.

Originally, individuals were taxed according to a source-based tax system but from 1 March 2001 it has changed so that individuals will be ...

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How to submit a Request for Extension on eFiling



Step 1:

Log into your SARS eFiling pofile.

Step 2:

Navigate to your Tax Return which was auto-assessed.

You can do this by clicking "Returns" (top menu), then "Returns History" (side menu), then "Personal Income Tax ITR12" , then select the the relevant ITR12.

You will see the
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Some common (and sometimes forgotten) tax deductions




Too often, taxpayers rush when completing their tax return, and then they miss out on some expenses they are eligible to claim. Don’t overpay tax by overlooking these seven common tax breaks.

Contributions towards a Retirement Annuity

Your contributions towards retirement funds are deductible for tax up to a limit of 27,5% of the greater of your taxable income or remuneration (to a maximum of R350,000 per year).  This limit applies to the total contributions you make to any Pension, Provident or Retirement Annuity (RA) fund during the year...

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New SARS Deadlines for Auto-Assessments



From 1 July to 4 July, SARS aims to issue auto-assessments to taxpayers who are due a refund.

The rest will be issued in batches up to 24 July.

Timing is Everything

If you receive an auto-assessment, you will have just 40 working days to request a tax return on TaxTim (or eFiling), complete and submit it. If you take no action within the ...

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Tax Season 2022



The 2022 filing season opens on 1 July.  Tick tock. That’s just around the corner.

It is important to be aware that the season is shorter than prior years. This means that SARS are giving you less time to file your return.

Important Filing Deadlines

24 October 2022: non-provisional taxpayer (i.e. salaried employees)

23 January 2023: provisional taxpayer (i.e self-employed, rental earners, freelancers, etc)

Auto-Assess...

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SARS penalties: strict rules for 2022



SARS is warning that those who fail to submit their tax return on time, will face harsh penalties. The period of leeway which applied to 2021 has now passed.

SARS announced a change to their legislation in December 2021 whereby they would levy administrative penalties to taxpayers who missed the filing deadline for one or more tax returns. Prior to this change, taxpayers only paid penalties when two or more returns were outstanding. 

As a...

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Digging into the detail of Building Allowances



The cement is all used up and the bricks have been laid exactly where they need to be. A huge sigh of relief because… finally, construction and renovations are complete! And, just when you thought the worry was over, you realise that the differences between the building allowance and renovations aren’t clear to you. “Aren’t they all the same?” is the question lingering in your head. Don't fret, below is a breakdown of the exact clarity you’re looking for. ...

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Renting out your home and the effect on capital gains tax




 Our Helpdesk receives lots of questions from home sellers who rented out their primary residence for some of the

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The Less Common Tax Deductions




We’re aware that sometimes taxpayers may not understand all of the deductions which appear on the tax return. And because of this, expenses that could have been deducted get missed. To help make things easier for you, we’ve explained some of these less understood tax deductions which may be overlooked by taxpayers.  They all appear in the Other Deductions section of the ITR12.

The s11(nA) and s11(nB)
If an employee is in breach of an agreement with their employer, they may be asked to pay back a benefit they received from them e.g bonus, maternity leave benefit, bursary, sign on bonus etc. ...

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Where can I get my Medical Scheme Tax Certificate?



In order to complete the Medical section of your annual tax return, you will need a tax certificate from your medical scheme (if you contributed to a medical scheme that is!).

This certificate details exactly how much was paid to the medical aid for yourself and your dependents over the course of the tax year (1 March to end Feb). It also details how much money you paid for other medical expenses, such as medicines and doctors expenses, which you claimed for, but your medical aid did NOT cover...

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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 to cruise through a travel audit efficiently




Surely most of us love to travel, but traveling for business purposes is no fun when it comes to completing your tax return.

SARS has some rather onerous requirements, but as long as you know what you need, submitting your documents to SARS should be plain sailing.

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Tax Return Due Dates



There are various types of taxes with their own special return forms and deadlines.

Quick Summary



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Use of personal devices for work letter



COMPANY LETTERHEAD



Date
Employee's Full Name
Address

 

To Whom It May Concern,


Subject: Permission to use personal items for work purposes

This letter serves to confirm that _______________________________(Name of employee), ___________________________(ID number) who is employed by our firm ___________________( company name) in the capacity of__________________________(Position) has permission to use  the following personal items for work purposes:

 

Item: 1...

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Home Office Letter



COMPANY LETTERHEAD



Date
Employee's Full Name
Address

 

 To Whom It May Concern,

Subject: Permission to work from home

This letter serves to confirm that _______________________________ (Name of employee), _____________________ (ID number) who is employed by our firm ___________________ (Company name) in the capacity of __________________________ (Position) has permission to work from h...

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The Public Servants Association (PSA) Notifies SARS of strike action



The Public Servants Association (PSA) served SARS with a notice of strike action on Friday, 13 May 2022. The strike is due to take place on Wednesday, 25 May 2022.

The union is demanding a CPI plus 7% across the board, while the National Education, Health and Allied Workers’ Union (NEHAWU) demands an increase of 11.5%. The unions and SARS hit a deadlock as SARS unashamedly made a final offer of a 0% increase.

If there is no resolution at the Com...

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Your social media posts might flag you with SARS



According to SARS commissioner Edward Kieswetter, some South Africans who came into money were eager to “display their wealth”, giving cause for SARS to look into the income of these individuals.

In many cases, SARS found that there was a major disconnect between the income that was being declared and the type of lifestyle that these individuals were leading, according to third-party data. These include social media platforms.

As we already know, people are often i...

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SARS clamps down on crypto investors



For months, SARS has been clear about its plan to clamp down on crypto investors. While many may be under the impression that crypto is going under the radar, SARS is firmly taking the position that it is not.

With luxury audits being the order of the day, SARS is continuously looking into those who live luxurious lifestyles, particular those who own luxury cars and crypto assets, without declaring their income to the revenue service.

In many cases, this income pertains to the...

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Top Tips to Prepare for the 2022 Tax Season



Ensure you have a tax number & eFiling profile

If you have not registered for SARS eFiling or you don't have a tax number don’t worry, SARS has made things a lot easier this year.

Getting a tax number is now as easy as registering on SARS eFiling. Simply click here and if you don’t have a personal income tax number yet, SARS will automatically issue ...

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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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Top tips for a successful home office claim



Let’s face it, SARS didn’t make it easy for taxpayers to claim their home office expenses this past tax season. We can’t blame them really - being faced with millions of newbie work-from-homers, they had to weed out the legitimate claims from the chancers.

At the start of the season, they made it clear that they would only allow claims for taxpayers who had a separate office at home, set up specifically for their work, which was used by them alone. The office could n...

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Tax Exemption for Foreign Employment Income : What You Need to Know




If you think earning an income from a global source isn’t taxable on home soil, I’m afraid I have some bad news. Whether you’re earning Dollars, Euros or Yen, as a South African, it’s more than likely you’ll have to pay tax on this income. This is because South Africa’s taxation system works on a residence-based tax system meaning we’re taxed on worldwide income.

There is, however, some good news!

Section 10 of the Income Tax Act offers a list of conditions where foreign remuneration earned (up to R1,25m) for services rendered outside of South Africa borders will be exempt from income tax.

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Latest SARS Scams, Phishing & Fake site alerts



As a taxpayer, it's crucial that you're aware of scams that aim to defraud taxpayers. The
festive season is almost here and every year, criminals use people’s financial desperation to
enrich themselves.

So-called ‘tax experts’ will contact you with promises of making your life easier by securing
a tax refund on your behalf. When you use their services, they pocket your money and
disappear, never responding to your messages and calls.

SARS has received a flood of calls from victims of this scam in the past and is warning...

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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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