TaxTim's Blog
Why is my take-home pay less than my gross salary?
Have you ever noticed a difference between your contracted salary and the actual amount deposited into your bank account? This Q&A aims to clarify some comm
Read moreCan I claim depreciation on a car I bought for my business?
If I run a small business and buy an asset like a vehicle for R200,000 (paid in full and not financed), can I deduct the full amount from my taxable income in t
Read moreRenewable 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 renew
Read moreWhy you may owe tax on two-pot withdrawals
South Africa introduced the Two-Pot Retirement System to help people access part of their retirement savings before retirement age, while keeping the rest for r
Read moreUnderstanding the assets and liabilities section in your tax return
The assets and liabilities section in the annual tax return (ITR12) needs to be completed if you: earn self-employment income or are an independent contracto
Read moreWhat are shares?
Shares represent ownership in a company. When you buy shares, you become a shareholder — meaning you own a small part of that company. Companies issue sha
Read moreInvesting 101: What is a bond?
A bond is essentially a loan you give to a company, a municipality, or the government. It is a type of investment. When you buy a bond, you are lending money&md
Read moreForeign employment exemption letter
COMPANY LETTERHEAD DateEmployee's Full NameAddress To Whom It May Concern,Subject: Confirmation of foreign employmentThis letter serves to confirm that__
Read moreFAQ: Provisional tax
1. How many returns should I file each year if I am a provisional taxpayer? You are required to file 3 returns i.e. 2 provisional tax returns (IRP6s) and
Read moreI missed filing the first provisional return - what should I do?
Provisional tax can be confusing, especially when it comes to the timing of payments. If you miss the first payment, do you need to catch it up, or can you just
Read moreWhy your estimated provisional tax may differ from your SARS Statement of Account
TaxTim uses the financial information which you entered to work out the payment due on your provisional tax return (also called an IRP6). However, there m
Read moreWhere can I find my provisional tax payment details?
During the final days of the provisional tax season, high traffic volumes may cause delays in submitting provisional tax returns to SARS—even after you've
Read moreHow to cruise through a travel audit efficiently
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 requi
Read moreFAQs: Travel expenses and tax
Travel expenses and their tax impact are a complex issue for many. It’s no surprise that it’s a common theme on our Helpdesk.(endpreview) We&rs
Read moreFinding your way around a SARS IRP5
Consult the image below to find all the tax-related information on your IRP5 that you will need when completing your annual tax return. PAYE number Income s
Read moreWhat 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(endpreview) benefits and our walle
Read moreWhat to do if your SARS document is blank
Unfortunately, some of the SARS documents cannot be viewed online (i.e. from within your internet browser). You can work around this issue by downloading the SA
Read moreTax on Pension Annuites
When you retire, you’ll have a few options for how to access your retirement savings. You can take up to one-third of the total amount as a cash lump sum
Read moreCryptocurrency Income: Yes, you should be declaring it on your tax return!
As most of us know by now, cryptocurrency is not real but virtual money.(endpreview) Any income received or accrued from cryptocurrencies are taxable because S
Read moreHow to request a provisional tax Statement of Account on eFiling
If you're a provisional taxpayer, you can request a statement of your provisional account on eFiling. However, instead of finding it on your Income Tax workpage
Read moreSection 12H learnership allowance
Training and development for employees plays a vital role in the growth and success of your business. But, finding affordable and correct tools might be where t
Read moreFAQs: Donations and tax
Have you recently received a present or a donation from a wealthy family member or a friend? Or, maybe you've just donated money to support a child in need? (en
Read moreThe ins and outs of donations tax
Have you been the lucky recipient of a gift or donation from a generous family member or friend? Perhaps they struck it lucky on the Lotto and decided to share
Read moreProvisional tax penalties
Seasoned provisional taxpayers – those people who earn income from sources other than, or in addition to a regular ol' salary or traditiona
Read moreRetirement funds
This week we received some questions from our users on retirement fund contributions and the laws that govern it. We hope that this helps you as you start gathe
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