President Cyril Ramaphosa addressed South Africa for the fourth time on Thursday, 13 February 2020. The event commemorated the 30 year anniversary of Nelson Mandela’s release from prison. 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... As of 1 March 2020, South Africans working abroad will have to comply with the amended laws on expat tax. Amendments to the Income Tax Act includes the exemption of taxes up to the first R1 million per annum. Remember that both your first and second provisional return (IRP6) must reflect an estimate of your taxable income for the full 12 months of the tax year. 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. We’ve recently received many questions from taxpayers asking us if we physically went into a SARS office to submit their returns manually. 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. 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 ... By now you would have seen the latest announcement by the SARS commissioner to increase the qualifying threshold for certain taxpayers to submit a tax return from R350 000 to R500 000. Along with this news, came some changes to the tax season filing dates and deadlines. Our help desk has been received many queries about these changes. Since the start of tax season is just around the corner, we... It’s that time of the year again and employers are issuing their employees IRP5s for the 2019 tax year. An IRP5 is a tax certificate which shows the total employment income that you earned for the tax year, the total employment related deductions that were taken from your income and paid over to either a retirement fund (pension, provident or retirement annuity fund) or a medical aid and the total tax (PAYE, UIF and SDL) that you paid... If you are an Uber driver, you use your own vehicle/s to generate your income and you determine your own working hours, you will be treated as being self-employed (i.e. an independent contractor) for tax purposes. Since you do not earn a salary, you should be registered as a provisional taxpayer with SARS. Below we take a look at Capital Gains Tax, particularly relating to the primary residence exclusion. What we’ve covered are some of the most pressing questions asked by our users on our help-desk. Take a few minutes to read the Q&As. Hopefully what has been unpacked in these Q&As will benefit and assist you with any uncertainties you might have experienced regarding this topic. 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. Getting a new business venture off the ground is an equally exciting and stressful time. You’re enthusiastic about getting your new product or service out into the market, but you face quite an administrative process to get it off the ground legally. A decision that often stumps many small business owners is whether to operate as a sole proprietor or as private company, a PTY Ltd. We receive many questions about this from entrepreneurs wanting to know the tax implications of each route.
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Provisional Tax Penalties
Posted 18 February 2020
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Expat Tax
Posted 14 February 2020
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Top Tips for Provisional Taxpayers
Posted 4 February 2020
1. Estimate your taxable income for the whole tax year
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File by 4th of December to avoid penalties
Posted 22 November 2019
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Return Status ‘Filed through Branch’ " What Does This Mean?
Posted 13 September 2019
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Tax on Pension Annuities
Posted 14 August 2019
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SARS has done a ‘simulated calculation’ for me " what does this mean?
Posted 19 July 2019
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Top Questions on Tax Season 2019
Posted 20 June 2019
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5 Reasons you Still Need to File your Tax Return in 2019
Posted 4 June 2019
SARS has just announced that if you earn less than R500 000 in a year, and fulfill a series of complicated criteria, you may not have to file a tax return for 2019.
Previously, SARS had communicated that if you earn less than R350 000 in a year you may not have to file a tax return.
However, we advise you to take GREAT CARE here, and understand your duties properly, because if you don't, you may suffer for it later on.
Here are the top 5 reasons why not to skip filing your tax return this season:
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Top Questions on IRP5s
Posted 9 May 2019
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Tax Treatment for Uber Drivers
Posted 24 April 2019
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Capital Gains Tax (CGT) Top Questions
Posted 16 April 2019
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How to cruise through a travel audit efficiently
Posted 3 April 2019
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Sole Proprietor or Company: What's Best for Tax?
Posted 31 May 2016
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