Donations Posts in TaxTim's Blog

How is Commission Taxed? 3 Ways Your Company Taxes Commission




Our helpdesk receives hundreds of questions related to tax where commission is involved. A misconception that comes up time

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Do I earn enough to have to pay tax?




Why must I pay tax, I don’t earn enough! Will I get a penalty if I don’t disclose all my income to SARS?

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10 Tips to Pay Less Tax




These tips are part of TaxTim's personalised recommendation tool called the Tax Health Score. Once you file your tax return with TaxTim,

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Tax Breaks For All




What?

1.Rebates

Who?
Everybody

Primary, secondary, and tertiary rebates – depending on your age.

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FAQs: Donations and Tax




Have you recently received a present or a donation from a wealthy family member or a friend? Or, maybe you've just donated money to support a child in need?

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10 Ways to Spend Your Tax Refund




It’s tax season, and one of the most compelling reasons to file a tax return (besides the fact that it’s the law, of course) is the chance that you’ve

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How to Change/Verify Your Bank Details at SARS




SARS has recently issued a new guide with regards to updating your banking details with them. This was done in order to reduce the risk of refunds being paid into the wrong accounts and also to streamline the process, which has tended to be an onerous one in the past.

Change of bank details can be done:

  • in person at a SARS branch (SARS still prefers this way)
  • via eFiling (Go to Maintain Taxpayer Registered Particulars Menu) Note, you will still need t...


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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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Donations FAQs



Are donations to political parties’ tax deductible?
They are deductible if the political party is a registered Public Benefit Organisation/Not-For-Profit and is registered with SARS.

Are church donations deductible?
The church should give you a receipt with a PBO/NPO/NPC number, if they don't have a number then you cannot claim the deduction. The number needs to start with a 9. It should be either 9 or 10 digits. 

Foreign gift in the form of donation OR Donation from overseas OR Informing SARS of inheritance OR Donations received from overseas...

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4 Common Provisional Tax Penalties - And How to Avoid Them



 


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...

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The Ins and Outs of Donations Tax



Have you been the lucky recipient of a gift or donation from a generous family member of 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.

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SARS is asking for more documents. Are they auditing me?



For most people upon submission of their year-end income tax return, either nothing much will happen or a refund will be due, this being paid back within a matter of days. However in a small number of cases SARS requires extra documentation or proof to be submitted so that they can verify that everything you submitted in your tax return is correct. Don’t be afraid, although many people consider this an “audit” it isn’t nearly as frightening as that and doesn't mean you have done anything wrong. A true audit would be SARS requesting years of past documentation and opening up for examination all your tax affairs from previous years. ...

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How do I calculate my earnings after tax? Try our income tax calculator



Most employees negotiate their salary based on the gross amount (or cost to company) - the whole amount paid by their employer. Since income tax is deducted from this gross amount, in most cases the taxpayer doesn't know how much money actually goes into their bank account each month, after tax.

SARS levies employee's tax monthly and employers must pay that over to SARS every month. This tax is called PAYE (Pay As You Earn). PAYE is calculated based on your taxable income. This is different to your gross income and is calculated as follows: ...

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"Claim it back from Tax" The Fact behind the Fiction



There is this misconception that if one has an expense or makes a donation then “it can be claimed back from tax” While to the non-tax literate this may be true in a sense, having expenses or making donations for this purpose only, could actually backfire from a cash flow point of view. It is correct that you can claim the expense or the donation made as a deduction, this amount only comes off after all your income has been declared. So in affect it only reduces your taxable income and therefore the amount of tax paid...

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