Retirement Posts in TaxTim's Blog


10 Types of Tax Directives




Imagine you’re an estate agent or luxury car salesman. Chances are that you don’t earn much (if anything) as a basic salary and you rely on a few big deals and commission payments to keep you afloat during quieter months.

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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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Why do I owe SARS more money?




Once you’ve completed filing your tax return, it’s possible to find that instead of getting money back

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What Medical Expenses Can You Claim Back from Tax




Medical expenses are nothing to sneeze at. Private medical treatment is increasingly pushing the limits of medical aid scheme

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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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The Tax Refund Myth: Why aren't I getting anything back?




Every year there arises a misconception amongst taxpayers that a tax refund or 'tax rebate', as it is incorrectly known to many,

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7 Types of Tax Directives





Imagine you’re an estate agent or luxury car salesman. Chances are that you don’t earn much (if anything) as a basic salary

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How does Pay-As-You-Earn (PAYE) work?




You may have seen the word PAYE on your IRP5 payslip or heard it mentioned by your employer, but have no idea of its meaning.

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5 Reasons you Still Need to File your Tax Return




SARS 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 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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FAQs: Retirement funds and tax




At TaxTim, we receive many questions from taxpayers about retirement funds and tax.

One of the biggest benefits of contributing towards a retirement fund is the tax break.

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Sole Proprietor or Company: What's Best for Tax?



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.

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Why don't I get a tax deduction for Out of Pocket Medical Expenses?




Tax season always throws up some interesting and confusing calculations, but for many, the most confusing of all is how medical aid contributions and Out of Pocket medical expenses are treated.

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Overview on Tax Free Savings versus Retirement Annuity




By Rowan Burger from Momentum Investments

The benefits of saving your money are well known and encouraged by many financial institutions

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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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Why have I received a smaller tax refund from SARS this year?




We receive many queries from confused taxpayers who are disappointed to see their tax refunds are smaller than the refund received last year.

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Medical Aid Tax! How SARS' new changes affect YOU!




In 2012 SARS began making changes to how medical expenses were treated for tax purposes. The system at that time created a higher benefit for deducted medical expenses if you earned a high income (bad news for low income earners) and the changes since then have sought to make medical deductions more equal across various income levels.

Basic summary of how SARS calculates your tax

Income Earned
Less: Expenses / Deductions
= Taxable Income
x SARS tax rate ...

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The 3 R's: Returns, Rebates and Refunds Explained




When it comes to tax jargon, most people prefer to bury their heads in the sand instead of trying to understand all the confusing terms that tax practitioners use. Taxpayers just want to do their tax quickly and easily, and if they’re due - receive some money back from SARS. A lot of confusion surrounds the process, but by understanding three simple terms you can make tax season a little bit easier.

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Budget Speech: VAT rises by 1%, predictions were correct!




Taxpayers should breathe a sigh of relief as a much lower than expected R36bn in increased taxes was announced by the once-off Minister of Finance. The biggest news amongst the increases was the VAT rise of 1%. For the first time in 25 years, all South Africans will see most goods and services become a little bit more expensive thanks to the Value Added Tax rise. Although controversial, a VAT rise was much needed and will bring in almost R23...

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2017/2018 Budget - The rich are going to pay more, but what does that mean for the rest of us?





Personal Tax Rates (rates below)

Individuals across the country, those qualifying above the new tax threshold of R75 750 (previously R75 000) will be paying increased taxes of R16.5bn (previously R5.65bn in actual tax increase) for the next tax year, most of this will be for high income earners, however. Taxpayers generally across the board will be earning the tiniest bit more money each year as their tax brackets...

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2016 Budget Speech: Welcome Back, Minister! You Couldn't Have Returned Just for the Free Lunch?



The 24th of February 2016 was supposed to be a watershed moment for the Economy of South Africa. The old-new Minister of Finance, Pravin Gordhan, was to deliver his budget for the 2016/2017 tax year and save South Africa from a financial pit-fall in the form of an International Ratings Agency downgrade. The jury is still out on whether or not this is possible. Immediately after the budget was revealed the Rand tumbled 2%, which doesn’t bode well for market sentiment. However, ...

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2016/2017 Tax Tables



Income Tax Tables for the 2017 Tax Year - 1 March 2016 to 28 February 2017


Income Tax Thresholds



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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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SARS Tax Tables 2015



Tax Thresholds:


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