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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You may be employed by someone, but for one reason or another- you don't receive an IRP5 and no amount of begging or pleading
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Received your IRP5 or IT3(a) but unsure what it all means? Here’s a quick introduction to help you understand this tax document.
Your IRP5 starts with your personal details. While these details won’t override what SARS has on record, it’s important to check them and update any outdated information with your employer.
Your ...
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SARS 2024 tax season dates:
The tax season dates are not yet announced. However, based on prior years, they are expected to be the following:
01 July 2024 to 23 October 2024: individual (non-provisional) taxpayers
01 July 2024 to 24 January 2025: provisional taxpayers
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 in 2024.
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....
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Exempt or non-taxable income refers to certain types of income, which is not subject to income tax.
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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
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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.
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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.
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Last year, we noticed that many taxpayers filed their tax returns before the tax season officially began (i.e July). However, doing so caused delays and problems with their tax refunds.
There are only three specific instances where you can file your tax return (ITR12) directly on eFiling before tax season starts:
Perhaps you just tried to submit your tax return and you instantly got an error relating to 3696 and 3699. As frustrating as it could be, don’t worry the error can be fixed. Maybe, you might have just simply left an amount out. Let’s have a look at what you should do, in order to crack these codes correctly – in that way making filing much more easier for you.
You’ll need to check your IRP5 to make sure you answered TaxTim's questions for these amounts correctly. Your IRP5 can show one or more amounts with source codes describing the income you received from your employer that year. ...
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SARS charges interest on late payments made toward provisional tax deadlines.
To calculate this late payment penalty, use the formula below:
Provisional tax amount x 7% x (days after deadline / 365)
Use the calculator below:
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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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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For those fortunate enough to receive bonus payments as part of your remuneration, you’ll understand the
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Medical expenses are nothing to sneeze at. Private medical treatment is increasingly pushing the limits of medical aid scheme
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On Tuesday evening, the SARS commissioner, Edward Kieswetter, held a media briefing to talk about the challenges that SARS is facing due to Covid-19.
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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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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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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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We receive many questions to our Helpdesk from taxpayers who are faced with the following scenario:
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When did this happen?
Previously, assuming that SARS did not request any documents for verification and everything for the year was accepted
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Do Your Tax Return Easily