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Source Code Posts in TaxTim's Blog

How to cruise through a travel audit efficiently

  Written by Neo  


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.

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Finding your way around a SARS IRP5

  Written by Nicci  

Consult the image below to find all the tax-related information on your IRP5 that you will need when completing your annual tax return.

  1. PAYE number
  2. Income source codes
  3. Non-taxable income - source code 3696
  4. Gross Employment Income (taxable) – source code 3699
  5. Deduction source codes
  6. PAYE – source code 4102
  7. PAYE tax on lump sum benefit – source code 4115
  8. Employee and employer UIF contribution &...


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Food for Thought on Subsistence Allowances

  Written by Vee  

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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Capital Gains and Losses: which source codes to use?

  Written by Alicia  

In the Capital Gains section of the annual tax return (ITR12), SARS requires you to insert the relevant asset source code for the item you have sold.  However, when you sell financial investments (e.g shares)  the financial institution issues an IT3(c) which shows the profit/loss source code (i.e4250/4251) and not the asset source code.  This causes confusion for taxpayers, who think th...



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Top Tips for Sole Props

  Written by Neo  


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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SARS terminates Tax Clearance Certificates from October 25th

  Written by Patrick  


From the 25th October 2019, the printed Tax Clearance Certificate (TCC) will be substituted by the electronic Tax Compliance Status (TCS). This new digital version of the TCC allows for a more secure experience.

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Wear and Tear (Depreciation) Top Questions

  Written by Neo  


This week we zoom into Wear and Tear also commonly known as Depreciation. Below we've covered some of the top questions we've received from our Helpdesk. Take a quick read through our Q&As and see how your pressing depreciation questions can potentially be solved. 

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Top Questions on IRP5s

  Written by Neo  


It’s that time of the year again and employers are issuing their employees IRP5s for the 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...



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