TaxTim's Blog

Key announcements from the State of the Nation 2022

President Cyril Ramaphosa made the following key announcements in the State of the Nation Address (SoNA) he delivered on 10 February 2022. Economic issues were

Technical issues for tax season 2021

Important Notice: You will face new penalties if you miss the January ttax deadline

If you’re a provisional taxpayer, make sure you file your tax return before or on the deadline of 31 January 2022. You can check here to see if you are a

FAQ: Cryptocurrency and tax

Does SARS regard cryptocurrency as a real currency? No - SARS does not regard cryptocurrency as a currency, but rather as an intangible asset. In fact, t

How to calculate totals under source codes 3696 and 3699

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

Calculate interest on late provisional tax payment

SARS charges interest on late payments made toward provisional tax deadlines. To calculate this late payment penalty, use the formula below:Provisional tax amou

When will SARS pay my tax refund?

Hundreds of thousands of South Africans are filing their annual tax returns and everyday people ask us “when will I get my refund from SARS?”

Important notice: You will face new penalties if you miss the November tax deadline

If you’re an individual non-provisional taxpayer, make sure you file your tax return before or on the deadline of 2 December 2021. SARS is warning that t

What is identity fraud?

Identity fraud happens when someone uses your personal information, such as your name and identity number, without your permission. Criminals steal your identi

Crypto investors are on SARS’ hitlist

Earlier this year, SARS reached out to cryptocurrency platforms to access their lists of clients and information in its bid to clamp down on the wealthy. Many

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,(endpreview) we analyze

I have received a reduced assessment from SARS

This is good news! A Reduced Assessment means you owe LESS tax. i.e SARS has assessed your taxable income to be a lower or reduced amount compared to their Orig

The Momentum HealthSaver and your tax return

The Momentum HealthSaver is a savings account which works with your medical aid and allows you to save for additional medical costs which are not covered

SARS can now fine you or take you to jail for these tax mistakes

In the past SARS needed to prove that a taxpayer had committed a tax crime “willfully and without just cause” but the legislation has just been chan

How to reject the SARS auto assessment

If SARS have issued you an Auto Assessment, you will need to follow these steps to reject it so that we can help you to complete and submit your return to SARS.

Where do I get my IT3b tax certificate from?

When we finally decide to complete our tax return, the last thing we want is a delay in finding that last piece of missing information. In case your bank or inv

Been working from home? You can get money back from SARS

Good news if you’ve been working from home for the past year. You can claim a tax deduction if you worked from home for more than half of your total worki

Working remotely? You could be liable for double taxation

In these ever-changing times, many South Africans working abroad have found themselves working back in their home country. Although this may not have been their

SARS advertises 370 jobs to clamp down on SAs wealthy

In the national budget speech this year, finance minister, Tito Mboweni announced the initiation of a new unit within SARS dedicated to improving tax compliance

Tax on your travel allowance after Covid-19 lockdown regulations

Do you receive a travel allowance from your employer because your job used to entail significant travel? As the Covid-19 pandemic hit and lockdown restrictions

Will you be ready when the time comes?

“A society grows great when old men plant trees whose shade they know they shall never sit in.” - ANON More than 70% of South Africans don’t

I submitted all my documents to SARS, they've asked again. Why?

We are seeing many cases where taxpayers submit their documents to SARS, wait 21 working days (sometimes longer) only to receive a second letter on eFiling whic

FAQ: Stock options

Companies issue stock options (also called share options) to key employees in order to attract and retain talent. A stock option is different from a share &nda

Budget 2021: No tax hikes

The Minister delivered some welcome news to South Africans yesterday when he announced that plans to hike taxes by R40 billion rand over the next four years, ha

IRP5 FAQs

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,