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Independent Contractor Posts in TaxTim's Blog

Renewable Energy Incentives for Businesses



The enhanced tax incentive recently introduced by the government, known as Section 12BA, aims to promote private investment in electricity generation from renewable energy sources to help alleviate the energy crisis in the country. This incentive is a temporary enhancement of the existing renewable energy tax incentive found in section 12B of the Income Tax Act.

Below are the key points:

Availability and Duration

The incentive is available from 1 ...

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Navigating Tax Consequences for Social Media Influencers



In today's digital age, social media influencers wield significant influence and often enjoy lucrative partnerships with brands. However, amidst the glitz and glam, it's crucial for influencers to be aware of their tax obligations. In this blog post, we'll explore the tax consequences that social media influencers need to consider in South Africa. 

Understanding Tax Obligations

As a social media influencer in South Africa, it's essential to recognize that...

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What to do if your tax return was rejected by SARS



If you've received a letter from SARS saying that your tax return has been rejected and you're not sure why, there could be a few reasons why this has happened. Here are some of the most common reasons, along with the corrective steps you need to take:

Reason 1: You were auto-assessed by SARS for the 2020, 2021 or 2022 tax year, but you submitted your tax return after the 40-day period SARS gave you, and you failed to request an extension in time. Please click here to read more about auto-assessments. ...


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FAQ: Home Office Expenses




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.

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IRP5 FAQs



What is an IRP5?
An IRP5 is the employee's tax certificate that is issued to him/her at the end of each tax year detailing all employer/employee related incomes, deductions, and related taxes. The employee uses it specifically to complete his/her income tax return for a specific year.

Do I need an IRP5?
Yes, you do if you were employed during the tax year.

Can I submit a return without an IRP5? OR Am I able to submit returns without my IRP5? OR Are you able to submit without the IRP5?...

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Top Tips for Sole Props




1. Keep an accurate record of revenue and expenses

You can draw up these records by way of a simple spreadsheet based on your invoices and then confirm these amounts by cross-checking them against your bank statement.

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



Tax isn’t the easiest of subjects to navigate. Besides the long list of legalese to master, there’s the fact that tax legislation

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Contract Workers FAQs



Contracting Benefits vs Salary?
You will still be able to claim deductions for medical, travel and RA directly regardless of how you are earning income.

Contract worker and the tax effects?
Contractors are taxed if they earn above the threshold. This is the same as a full time employee. 

Tax Thresholds? 
For the 2018 tax year, anyone under 65 years of age earning above R75 750 will not pay tax. 

Retirement Funds Tax Laws Effective 1 March 2016 - How SARS' New Changes Affect You!



If you’re diligently putting money away for your retirement in the form of a pension, provident fund or retirement annuity, you may be curious – perhaps even a touch concerned – about the changes SARS has made to the retirement fund tax laws, which come into effect on 1 March 2016.

If you missed the news, here's a quick overview.

SARS have changed how contributions to retirement funds are treated from a tax perspective, as well as how your funds are managed when you retire...

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Thank you Minister - we expected worse! 2015 Budget



New Finance Minister Nene delivers his first budget with some “better than expected” tax increases. The fight against corruption was highlighted with the minster announcing a series of reforms and procedures to be introduced both to curb corruption and make doing business with the state easier. The minister announced that R25bn would be saved in expenditure over the next two years, but R16.8bn is to be raised this year via tax increases and a remarkably large rise in the fuel and road accident fund levies. To be honest, we expected greater tax increases from the minister, thankfully he spared us some of the pain! ...

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2014 Budget - A move to economic transformation



In delivering what could possibly be his last annual budget and perhaps in an election year a very pragmatic one, Minister Pravin Gordhan painted a rather positive picture for the future of South Africa, whilst at the same time warning of the impact the global economy is having on the South African economy. He too, had a “good story” to tell of how well managed the economy is and how we have survived the economic downturn of the last half decade. The minister, like his predecessors b...

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SARS Tax Tables for 2014



Tax rates for Individuals and Trusts
Income tax rates: Natural persons (that's you) and special trusts.

2013 tax year: 1 March 2013 - 28 Feb 2014.

Individuals and Special Trusts:



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The effect of the 2013/14 annual budget speech on the average South African taxpayer



It was with great enthusiasm that we at TaxTim awaited delivery by the Minister of Finance of his annual budget speech this afternoon, especially after some of the shocks experienced by taxpayers and tax professionals last year. Surprisingly he delivered a very mild budget in terms of individuals with the Minister stating, “No tax rises.” The main focus areas relating to tax in this budget speech were on compliance, tax evasion and big companies seeking to shift their income around the world in order to avoid higher taxes...

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SARS Tax Tables for 2013



Tax rates for Individuals and Trusts
Income tax rates: Natural persons (that's you) and special trusts.

2013 tax year: 1 March 2012 - 28 Feb 2013.


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How to manage your tax affairs running a business in your own name as a sole-proprietor



South Africa is brimming with entrepreneurs and small business owners who keep the economy running. These people may or may not be earning a regular salary too, but all of them operate a non-registered business in their own name - a so-called sole-proprietorship. In this blog post we will discuss how such a business pays tax, how it is taxed, and how to separate personal and business affairs to make tax deductions correctly.

To register or not to register as a company? ...

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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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New tax credit to replace medical aid deductions in post 2012 Tax Year



The 2012 tax year has almost come and gone, and being annual budget time, anxious taxpayers are unsure what to expect. Is there any room to be taxed further? All will be revealed on Wednesday the 22nd, but in the meantime let's focus on the new medical aid tax regime.

Gone are the days of paying your spouse's medical aid and claiming the deduction just because you are in a higher tax bracket. From the 2013 tax year onwards that deduction is no longer allowed. Instead it will be replaced with a tax credit per dependent. "What is the difference?" I hear the average taxpayer ask, and "How does it affect me?" ...

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