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Latest Posts in TaxTim's Blog - Page 4



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you file your
Tax returns


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!

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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:

Read more →

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 →

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 →

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 a SARS IRP5

Posted 2 November 2017

Finding your way around a SARS 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 →

Navigating your way around your IRP5

Posted 2 November 2017

IRP5 documents come in all sorts of formats. Luckily there are only a handful of companies that produce IRP5s, so most of them follow a similar format.

Click on the format that matches your IRP5 below and we will show you where to find all the amounts you need for your tax return.


OPTION 1: SARS format

...

Read more →

How home office deduction impacts Capital Gains Tax

Posted 13 October 2017

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. Eliminating the daily commute, saves staff valuable time in their day which they can put to good use from the comfort of their own house.

Home office expenses qualify as a tax deduction if various conditions are met. This means they reduce taxable income and ultimately your tax liability. However, not just anyone qualifies to deduct his or her home office expenses...

Read more →

Who's (Legally) Allowed to File Your Tax Return?

Posted 12 October 2017

Tax isn’t the easiest of subjects to navigate. Besides the long list of legalese to master, there’s the fact that tax legislation evolves year on year. What was applicable on your tax return 2 or 3 years ago, isn’t necessarily valid on your next, and what’s right this year, may change next season.

It’s unsurprising then, that when faced with the daunting task of filing their annual tax return, many people turn to a friend, colleague or trusted broker to help them out, in the hope that they’re more proficient...

Read more →

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TaxTim helping
you file your
Tax returns


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