TaxTim's Blog
TaxTim in Fairlady Magazine
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Read moreVerification of Assessment - what now?
When SARS has completed their audit, they send a letter called a Verfication of Asssment/Completion Letter. This has the following wording: VERIFICATION OF ASS
Read moreTop questions on provisional tax
With the first provisional return still fresh in the minds of taxpayers, we thought it would be a good time to highlight some questions that were asked to our H
Read moreReturn status ‘filed through branch’ – what does this mean?
We’ve recently received many questions from taxpayers asking us if we physically went into a SARS office to submit their returns manually. (endpreview) Th
Read moreMaking payments to SARS
You have filed all your outstanding tax returns with SARS and when receiving your ITA34 assessment/ Statement of Account/ Penalty statement you notice that you
Read moreSONA 2019 - A short summary
A Short Summary on the 2019 SONA -we’ve summed up some of the key points that President Ramaphosa made in his speech.
Read moreSARS has done a ‘simulated calculation’ for me – what does this mean?
You may have heard the recent announcement from SARS that certain taxpayers who earn less than R500 000 per year don’t need to submit a tax return. Howeve
Read moreHow to claim medical aid costs for a family member
At TaxTim we receive many questions from taxpayers who pay medical aid for dependent family members and who want to know if they can claim for this in their tax
Read moreWhy is SARS requesting my supporting documents again?
TaxTim is seeing cases where taxpayers who had already submitted their documents in early July to SARS are, around ten days to two weeks later, receiving a furt
Read moreWhat should I do if I have no assessment from SARS after having filed a return?
Usually SARS issued an immediate assessment, however sometimes they do need to do a further manual check on their side. Often the reason for this is one of the
Read moreClarifying the tax return threshold set by SARS
You may have seen the latest announcement by the SARS commissioner to increase the qualifying threshold for certain taxpayers to submit a tax return from R350 0
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Top Questions on tax seasons
By now you would have seen the latest announcement by the SARS commissioner to increase the qualifying threshold for certain taxpayers(endpreview) to submit a t
Read moreHow to lodge a complaint with SARS
There are times when the call centre agent from SARS is unable to resolve your issue and you need to reach out to a more senior person at SARS. You can request
Read moreWear and Tear (Depreciation) Top Questions
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. T
Read moreTop Questions on IRP5s
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 empl
Read moreTax Treatment for Uber Drivers
If you are an Uber driver, you use your own vehicle/s to generate your income and you determine your own working hours, you will be treated as being self-employ
Read moreA basic overview of the balance sheet and income statement
From our numerous interactions with small business owners, it seems that many draw up the company’s financial statements by themselves, without engaging t
Read moreCapital gains tax (CGT) top questions
Below we take a look at Capital Gains Tax, particularly relating to the primary residence exclusion. What we’ve covered are some of the most pressing ques
Read moreTax and winnings
It's always wonderful to win a prize or a competition – however, many people don’t realise there may be tax consequences attached. This week we tho
Read moreSARS and medical disability
We receive many relevant questions from our users about what they can claim as a tax deduction if they or one of their dependants suffers from a disability. Thi
Read moreRental property: Top weekly questions
If you own a rental property, then this week’s top questions are specifically for you! Read on to find out more. 1. We paid off our home loan 5 years ago
Read moreTop 5 weekly tax questions
Read on to see this week’s top five burning questions received to our Helpdesk this past week. Hopefully this helps you too as we once again shed li
Read more1 March 2020: Expats alert, tax changes are coming your way!
In 2017, National Treasury announced that there would be changes to the Foreign Employment income Exemption. These changes were intended to target those South A
Read moreTax return, rebate and refund 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 u
Read moreBudget 2019: What did the Minister deliver?
Mr Minister, you did a fine balancing act on this year’s budget; short-term pain for long-term gain. (endpreview) Although no one was expecting any tax i
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