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Latest SARS Guide: Tax treatment of retrenchment benefits

Posted 8 February 2018

Latest SARS Guide: Tax treatment of retrenchment benefits

In the past, taxpayers who received a severance payment benefitted from the favourable tax treatment applied to it. It didn’t matter if the retrenchment was ‘voluntary’ or ‘involuntary’ (i.e. forced). If it was their first such lump sum, R500,000 was exempt from tax and the balance was taxed according to special tax tables.

For the first time last year, SARS issued a guide on Tax Directives, which distinguished, between ‘voluntary’ and ‘involuntary’ retrenchments as follows:...

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Disposal of Small Business Assets

Posted 5 February 2018

Disposal of Small Business Assets

If you have reached the age of 55 years, and are thinking of selling your small business, read on to find out more about the special capital gains exclusion of R1,800,000 which may apply to you.

Before getting into the detail, let’s first highlight the three different scenarios where this exclusion may apply:

1. You are selling your business, which you operate as a sole proprietor.
2. You are selling your share of a business, which you run through a partnership....

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Navigating around your Momentum tax certificate (IT3b)

Posted 29 January 2018




Navigating around your Investec investment tax certificate (IT3b)

Posted 25 January 2018




Navigating around your FNB tax certificate (IT3b)

Posted 25 January 2018


Navigating around your Allan Gray tax certificate (IT3b)

Posted 25 January 2018


How to make payment to SARS via EFT

Posted 23 January 2018

How to make payment to SARS via EFT

If you filed your tax return with SARS and they've responded with your ITA34 assessment and you unfortunately have outstanding payments which you need to make to SARS. We've put together a step-by-step guide  to help you navigate your way around the payment process. 

Follow these quick steps to get the payment details required to make your payment to SARS by EFT:

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Navigating around your Alexander Forbes investment tax certificate (IT3b)

Posted 22 January 2018

Navigating around your Alexander Forbes investment tax certificate (IT3b)

1. Local dividend - subject to dividend withholding tax. You don't need to enter it in your tax return.
2. Local interest - source code 4201.
3. Distribution from a REIT (Real Estate Investment Trust) - source code 4238.
4. Withholding tax on local dividend - you don't need to enter it in your tax return (see note 1).

Navigating around your investment tax certificate (IT3b)

Posted 22 January 2018

If you hold investments with a bank or financial institution, there is important information on your IT3(b) tax certificate which needs to be included in your tax return.

This will ensure your taxable income is calculated accurately with the correct interest, foreign dividends and foreign tax credits included. 

Do you hold investments at any of the below institutions?


Alexander Forbes...

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Renting out your home and the effect on capital gains tax

Posted 15 January 2018

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 time that they owned it. For example, they may have lived in it for ten years, and then moved to a different city for a job and rented it out for two years, before selling it. Will this impact their capital gains tax? How do they reflect the details of their home sale correctly in their tax return, given that it was not their primary residence for the entire duration of ownership?
...

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Tax and Marriage go together, like a horse and carriage

Posted 7 December 2017

Tax and Marriage go together, like a horse and carriage

When planning your wedding, it’s highly unlikely that anything related to tax features on your agenda. However, when saying “I do” it’s very important to understand the tax laws associated with marriage because SARS treats income differently according to the type of marriage contract that binds you and your spouse.

Marriage in Community of Property

If you marry without an antenuptial contract, you’ll by default be married in community of property...

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Navigating around your Medical Aid Tax Certificate

Posted 27 November 2017

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
- Camaf...

Read more →

Navigating around your Wooltru Medical Aid Certificate

Posted 27 November 2017

Navigating around your Wooltru Medical Aid Certificate

1. Name of Medical Scheme
2. Medical Scheme Membership number
3. Number of members/dependents per month
4. Total contributions
5. Claims you paid personally that were not covered by the Medical Aid

 


Navigating around your Polmed Medical Aid Certificate

Posted 27 November 2017

Navigating around your Polmed Medical Aid Certificate

1. Name of Medical Scheme
2. Medical Scheme Membership number
3. Number of members/dependents per month
4. Total contributions
5. Claims you paid personally that were not covered by the Medical Aid

 


Navigating around your Momentum Medical Aid Certificate

Posted 27 November 2017

Navigating around your Momentum Medical Aid Certificate

1. Name of Medical Scheme
2. Medical Scheme Membership number
3. Number of members/dependents per month
4. Total contributions
5. Claims you paid personally that were not covered by the Medical Aid

 


Navigating around your Gems Medical Aid Certificate

Posted 27 November 2017

Navigating around your Gems Medical Aid Certificate

1. Name of Medical Scheme
2. Medical Scheme Membership number
3. Number of members/dependents per month
4. Total contributions
5. Claims you paid personally that were not covered by the Medical Aid

 


Navigating around your Discovery Medical Aid Certificate

Posted 27 November 2017

Navigating around your Discovery Medical Aid Certificate

1. Name of Medical Scheme
2. Medical Scheme Membership number
3. Number of members/dependents per month
4. Total contributions
5. Claims you paid personally that were not covered by the Medical Aid

 


Navigating around your Camaf Medical Aid Certificate

Posted 27 November 2017

Navigating around your Camaf Medical Aid Certificate

1. Name of Medical Scheme
2. Medical Scheme Membership number
3. Number of members/dependents per month
4. Total contributions
5. Claims you paid personally that were not covered by the Medical Aid

 


Navigating around your Bonitas Medical Aid Certificate

Posted 27 November 2017

Navigating around your Bonitas Medical Aid Certificate

1. Name of Medical Scheme
2. Medical Scheme Membership number
3. Number of members/dependents per month
4. Total contributions
5. Claims you paid personally that were not covered by the Medical Aid

 


Navigating around your Bankmed Medical Aid Certificate

Posted 27 November 2017

Navigating around your Bankmed Medical Aid Certificate

1. Name of Medical Scheme
2. Medical Scheme Membership number
3. Number of members/dependents per month
4. Total contributions
5. Claims you paid personally that were not covered by the Medical Aid

 


The Dangers of DIY Tax: How to Avoid Disaster

Posted 13 November 2017

The Dangers of DIY Tax: How to Avoid Disaster

Have you ever started one of those ‘oh, this’ll be easy’ Do-It-Yourself jobs, only to find yourself utterly frustrated half-way through wondering - what was I thinking? Pieces of wood cut just a few millimetres short of what they should’ve been. Holes drilled in the wrong places. Screwdrivers in every size except the one you need, missing bolts or the wrong colour paint! These DIY disasters can land up costing you much more time and money to salvage (or in the w...

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My refund was reversed by SARS: Why is this?

Posted 13 November 2017

My refund was reversed by SARS: Why is this?

If you've ever found yourself confused as to why SARS has recalled your refund, even after they confirmed that you'd be recieving it, on a certain date. Below we've highlighted three reasons why this could be happening. 

• The auditing department might want to check your return again

Usually SARS' system automatically restarts a verification process on your tax return if one or more of your claims weren't explained in detail. This means, a whole new verification case will be created and SARS will ask you for the same documents you'd sent them before and you might have to wait another 60 days to get your refund. ...

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I worked for less than a year: Do I still need to submit a tax return?

Posted 10 November 2017

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. It seems like a tedious task for someone who only worked for a few months of the year and was unemployed for the rest. However, the answer is YES, you must definitely submit a tax return, even if you’ve worked for less than twelve months.

The reason is that, if you only worked for a few months of the year and paid tax, it's likely that you are due a refund. Read some other reasons here, why we recommend you always submit a tax return....

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Finding your way around an IRP5

Posted 2 November 2017

Finding your way around an IRP5

Consult the image above to find all the tax-related information on your IRP5 that you will need when completing your annual tax return.

  1. PAYE number
  2. Income source codes
  3. Non-taxable income - source code 3696
  4. Gross Employment Income (taxable) – source code 3699
  5. Deduction source codes
  6. PAYE – source code 4102
  7. PAYE tax on lump sum benefit – source code 4115
  8. Employee and employer UIF contribution &...


Read more →

Finding your way around an IRP5

Posted 2 November 2017

Finding your way around an IRP5

 Consult the image above to find all the tax-related information on your IRP5 that you will need when completing your annual tax return.

  1. PAYE number
  2. Income source codes
  3. Non-taxable income - source code 3696
  4. Gross Employment Income (taxable) – source code 3699
  5. Deduction source codes
  6. PAYE – source code 4102
  7. Employee and employer UIF contribution – source code 4141
  8. Employer SDL contributio...


Read more →
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Blog Categories


Do your
Tax Return in
20 minutes
or less!


TaxTim will help you:

 Do Your Tax Return Easily
 Avoid penalties
 Maximise your refund

Tim uses your answers to complete your income tax return instantly and professionally, with everything filled in in the right place.

Let Tim submit your tax return direct to SARS in just a few clicks!

Get started