Latest Posts in TaxTim's Blog

TaxTim in People Magazine: Money Talks



 

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'Rejection of Revised ITR12' - but my return is already finalised!




There seem to be many confused taxpayers who have received a letter from SARS titled ‘Rejection of Revised ITR12’ which goes on to say that their revised return cannot be finalised because their assessment has already been finalised.

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File by 4th of December to avoid penalties




The deadline for non-provisional taxpayers to file their tax return is just around the corner. Taxpayers have until 4th December to submit their return and avoid unwanted penalties and interest.

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Tax effects of your salary structure




We often receive questions from taxpayers as to how to structure their salary most efficiently for tax purposes.  Unfortunately, the reality is that the days of employees gaining a tax advantage

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Pay your taxes by 4 December or face the consequences




The deadline for 2019’s tax season is 4 December, just less than a month away, so it’s time to seriously focus on your tax returns. Last week, Tito Mboweni, the finance minister confirmed during his medium-term budget announcement

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My medical aid is paid by my former employer: How does this affect my tax?




When you retire, your soon to be ‘ex-employer’ might offer to continue to pay your medical aid. If you are one of the fortunate few to receive such a benefit, read on for some things to look out for:

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Unemployed Periods




A few years ago, SARS introduced a new section onto the Tax Return called “Unemployed Periods.” Taxpayers are required to complete this section by entering all the times within the tax year they were not working.

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Top Questions on Tax and Marriage




We receive many questions from taxpayers about how to declare their income in the event that they are married in Community of Property (CoP).

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SARS terminates Tax Clearance Certificates from October 25th




From the 25th October 2019, the printed Tax Clearance Certificate (TCC) will be substituted by the electronic Tax Compliance Status (TCS). This new digital version of the TCC allows for a more secure experience.

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File with TaxTim and WIN R10,000!




Want to win R10,000 in cash just for filling your Individual (ITR12) tax return for the 2019 tax year?

How to enter:

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TaxTim in Fairlady Magazine



 

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Top Questions on Income that is not taxed




Exempt or non-taxable income refers to certain types of income, which is not subject to income tax.

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I've never been audited before. Why now?




This is a common area of concern for many taxpayers who don’t know why they are asked to submit documents to SARS after they file their tax return.

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When Will SARS Pay My Tax Refund?



Hundreds of thousands of South Africans are filing their annual tax returns and everyday people ask us “when will I get my refund from SARS?”.

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Top Questions on Provisional Tax




With the first provisional return still fresh in the minds of taxpayers, we thought it would be a good time to highlight some questions that were asked to our Helpdesk last month.

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Return Status ‘Filed through Branch’ " What Does This Mean?



We’ve recently received many questions from taxpayers asking us if we physically went into a SARS office to submit their returns manually.

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Making payments to SARS




You have filed all your outstanding tax returns with SARS and when receiving your ITA34 assessment/ Statement of Account/ Penalty statement you notice that you owe SARS some tax. There are three main options available to you, if you want to make a payment to SARS.

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SARS asked for my documents again. Why?




We are seeing many cases where taxpayers submit their documents to SARS, wait 21 working days (sometimes longer) only to receive a second letter on eFiling which requests the exact same documents again.

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Tax on Pension Annuities




Taking a closer look at why taxpayers may be required to pay in tax on pensions or annuities on assessment and how they can avoid a repetition of this each year.

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SONA 2019 - A Short Summary



On 20 June 2019, President Cyril Ramaphosa delivered his first State of the Nation Address (SONA) of the sixth parliament, and for the first time in years, we witnessed an uninterrupted SONA. And that is not the only first. For the first time, the SONA cost almost R2m, a staggering 47% lower than the cost of SONA 2018 and the lowest in five years.

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SARS has done a ‘simulated calculation’ for me " what does this mean?




You may have heard the recent announcement from SARS that certain taxpayers who earn less than R500 000 per year don’t need to submit a tax return. However, this only applies under very specific conditions so it is extremely important to understand these fully if you think you may be affected. You can read all about this rule here.

This year SARS are taking things one step further. They ...

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How to claim medical aid costs for a family member




At TaxTim we receive many questions from taxpayers who pay medical aid for dependent family members and who want to know if they can claim for this in their tax return.

When paying medical aid contributions for a ‘financial dependent’ the medical scheme fees tax credit applies in respect of fees paid by the person to a medical scheme.  This means that the person who is paying the medical aid will receive the medical tax credits, and not the dependent/member of the medical aid. 

Who is a ‘dependent’?...

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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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Why is SARS requesting my supporting documents again?




TaxTim is seeing cases where taxpayers who had already submitted their documents in early July to SARS are, around ten days to two weeks later, receiving a further two letters from SARS requesting documents again. The one letter is the generic letter with the long list of documents, which was originally issued, while the second, contains a more specific request relating to the taxpayer’s tax return. 

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What should I do if I have no assessment from SARS after having filed a return?



Usually SARS issued an immediate assessment, however sometimes they do need to do a further manual check on their side. Often the reason for this is one of the following:

  • They are missing an IRP5/IT3a due to you having transferred a lumpsum between any retirement funds. For example if you changed jobs during the year or withdrew your lumpsum from a Pension/Provident or Retirement Annuity Fund then you should have been issued an IRP5/IT3a;

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