Exempt or non-taxable income refers to certain types of income, which is not subject to income tax.
Read more →
1. This is the proceeds i.e the value that your shares were sold for. This amount needs to be entered as proceeds in the capital gains section of your tax return.
2. This is the base cost i.e the costs attached to the sale of your shares. This amount needs to be entered as the base cost in the capital gains section of your tax return....
Read more →
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.
Read more →
Have you been the lucky recipient of a gift or donation from a generous family member or friend? Perhaps they struck it lucky on the Lotto and decided to share their winnings with you!
Or maybe you're the giving type and have donated cash, shares or even property to someone you felt deserved a little boost.
Irrespective of whether you're the giver or receiver of a donation or gift, it's good to understand donations from a tax perspective, and how to declare these to SARS.
Ready to find out?
Let's get started.
Read more →
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...
Read more →
As a nation, South Africa does rather poorly on the savings front. With the majority living near or below the breadline, there’s not much to save when you’re more concerned with just getting through the month. Our high levels of consumer-debt, combined with little in the way of personal savings, means we become financial burdens on the government in the long-run...
Read more →
When pursuing a business activity, trade or renting out a property, you’re no doubt doing so to make some money, but the reality for self-starters
Read more →
You’ve been up since 4am in order to catch yet another red-eye flight for a 9am business meeting - 1,400km away - and you’re already onto your third coffee by the time you board the plane.
Read more →
If you left out some documents in your original submission to SARS, don’t panic.
SARS has recently implemented a new process
Read more →
1. This is the gross base cost of all shares you bought through the institution. You must NOT use this value on your return.
To calculate the base cost of the shares that you sold, you will have to deduct the profit / loss from the proceeds and then enter this amount in the base cost field on your return.
2. This is the proceeds i.e the value that your shares were sold for. This amount needs to be entered as proceeds in the capital gains section of your tax return....
Read more →
As part of SARS’ mission to simplify the eFiling system, the Tax Type Transfer process was updated in 2020 for all Tax products in a bid to offer users complete control of their eFiling profiles.
Overall, you can expect to see the following key changes introduced to eFiling from the end of April 2021:
2024 tax year (1 March 2023 - 28 February 2024) - see changes from last year
South Africans were bracing themselves for bad news when Finance Minister Enoch Godongwana delivered his budget speech yesterday. However, in line with expectations during an election year, he delivered the reassuring news that there would be no significant tax hikes, no VAT increase, and no introduction of a new wealth tax. Contrary to earlier speculation, the medical tax rebate is also set to stay for a while longer.
However, this positive news is not without consequences. As South ...
Read more →
TaxTim has TWO exciting competitions in 2024!
COMPETITION 1: Win R10,000 in cash by filing your tax return with TaxTim
How to enter:
Read more →
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...
Read more →
The CIPC recently (1 April 2023) implemented a new register called the Beneficial Ownership (BO) register in an attempt to establish who owns or exercise control over which companies.
In layman’s terms, BO in respect of a company means, an individual who, directly or indirectly, ultimately owns that company or exercises effective control over that company for tax or financial purposes.
This new register is to assist law enforcement with relevant information when it comes...
Read more →
When a Tax Return is filed usually SARS issues an immediate assessment (ITA34), however sometimes they do need to do a further manual check on their side.
Read more →
Each time SARS makes changes on eFiling or with their standard operating procedures, TaxTim has to adjust its systems and processes. We usually receive no warning of these technical changes. During this time, some of our users might feel a need to abandon our service and either seek help elsewhere or go and queue at SARS.
We understand this may cause frustration, however we will not refund you in cases where you have worked your way through every section of the TaxTim dialogue a...
Read more →
During the tax year, SARS issued SMS's to taxpayer whom they chose to auto-assess.
Those selected individuals would typically be taxpayers earning fixed salaries without additional allowances. If they did have medical aid and retirement annuity fund contributions, these details would have already been sent to SARS by their service providers, and SARS should have automatically included them in the assessment.
We've received many questions on our help desk where users say that t...
Read more →
It is important to note that verifications and audits are two different processes. In a simple explanation, verification is the "straightforward" process to confirm if the information you declared on your tax return is true and correct, whilst an audit is where the tax return is under deeper investigation which means they look at the finer details.
Supporting documents request
If SARS decides to review your tax return, they will notify you via a SARS let...
Read more →
Nowadays, work culture has evolved massively and “Flexible employment” has become the new buzzword. This is especially relevant at the moment, where many employees are still working from home due to the global Corona virus outbreak of 2020.
Read more →
Flexible employment is becoming increasingly popular, many taxpayers spend some (or all) of their time working from home. If certain conditions are met, taxpayers are allowed to claim a portion of their office running costs as a tax deduction on their tax return. However, please note that SARS usually flags these returns for audit. If you do work from home, take a read of our home office blog and also check out our handy decision tree to make 100% sure you are claiming this expense correctly.
Read more →
If your 2023 individual income tax return was auto-assessed by SARS earlier this year, and you intended to include extra income or expenses/ deductions but missed the deadline, don't be dismayed, there might still be a way to fix things!
Is SARS rejecting your tax return submission and your dispute too?
Have you requested an extension, but SARS granted it for a day before they replied to you? i.e, you asked for an extension till 10 November 2023, but SARS gave you an extension...
Read more →
If you're a regular employee (i.e non-provisional taxpayer), your tax filing deadline is 23 October 2023. But, if you do fall into the provisional taxpayer category, your deadline extends to 24 January 2024.
Now, if you're thinking about waiting until the later deadline next year and consider yourself a provisional taxpayer, it's super important to make sure you actually meet the criteria for being one in 2023.
Let's debunk some common misunderstandings many taxpayers have abo...
Read more →