Written by Alicia
Posted 12 June 2024
Written by Alicia
Posted 12 June 2024
I bought furniture for R 172 000 back in 2018 for my rental property. This was bought through the developer as part of a rental pool offering. Rental pool contract stating furniture costs, e-mail clarifications and proof of payment for this is in my possession but not the actual receipts or individual pricing for the items. According to the TaxTim depreciation calculator, I can claim around R 28 600 in 2022 tax year. My question is, can I claim this with the documentation in my possession and ca...
Written by Alicia
Updated 5 June 2024
Written by Nicci
Posted 4 June 2024
The 2024 filing season opens this year on Monday, 15 July.
Tihs year, the tax season is even shorter than last year (and last year was shorter than the prior year!). This means that SARS are giving you less time to file your tax return.
Important Filing Deadlines
21 October 2024: salaried employees, who earn no other income (i.e non-provisional taxpayers)
20 January 2025: self-emplo...
Written by Alicia
Updated 28 May 2024
In previous years, it was relatively easy to add a company to your eFiling profile, whether it was an Organization or Tax Practitioner profile.
However, since early last year, SARS has changed the procedure. Now, to add a company to your profile, you need to add a registered representative. In order to do this, you must send a request to SARS along with the following documents each time you want to represent a new company:
Written by Nicci
Posted 27 May 2024
(endpreview)
| Bank Name | Universal Branch Code |
| ABN AMRO BANK | 740000 |
| ABSA | 632005 |
| ALBARAKA BANK | 800000 |
| BANK OF ATHENS | 410105 |
| CAPITEC BANK | 470010 |
| CITIBANK | 350005 |
| FNB | 25065... |
Written by Nicci
Updated 27 May 2024
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 While these details won’t override what SARS has on record, it’s important to check them and update any outdated information with your employer.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 ...
Written by Alicia
Posted 24 May 2024
In order to use TaxTim and import your tax certificates directly from your SARS eFiling profile, you will need to be able to login to your SARS profile.
If you do not remember your eFiling username and password, here is a short guide to request it:
1. Go to SARS eFiling and click "Forgot Username".
Written by Alicia
Posted 23 May 2024
I know that the interest on a bond is tax deductible in the case of an Airbnb.
I was wondering if the rental of a property is also tax deductible if you use the arbitrage Airbnb method, i.e. subletting a fixed-term rental as an Airbnb?
Another question, what if the property is not my own, I am renting it from someone and subletting it. Is the rental expense that I pay, a deductible expense of operating the Airbnb business?
I know you have tiers of packages. How much do you charge to do the income tax of individuals that include the rental income? ...
Written by Alicia
Updated 23 May 2024
Issue:
When you submit your tax return, SARS rejects it with a message which states that a Tax Directive was issued by SARS, but no Lump Sum amount is declared in the return.
This means that SARS has a Tax Directive on record for you and they are expecting to see the related lumpsum IRP5 with the matching Tax Directive in your tax return. If you have not included this IRP5, SARS won’t be able to finalise your return and issue you an assessment for the ta...
Written by Alicia
Posted 21 May 2024
Written by Alicia
Posted 21 May 2024
Written by Alicia
Posted 16 May 2024
Written by Alicia
Posted 16 May 2024
Written by Neo
Updated 16 May 2024
What is the definition of tax threshold? Tax thresholds? SARS Threshold.
A Tax threshold is the lower limit of earnings at which tax needs to start being paid. So any income less than the current threshold, would not be taxed.
What is Turnover Tax?
Turnover Tax is a streamlined taxation system designed to simplify tax compliance for small businesses. It replaces several types of taxes—Income Tax, VAT, Provisional Tax, Capital Gains Tax, and Dividends Tax—with a single tax based on turnover...
Written by Vee
Updated 16 May 2024
Turnover Tax is a simplified tax system only available to sole proprietors, partnerships, companies, or close corporations with a “qualifying turnover” of less than R1m per year. These types of entities are called micro businesses.
As the name implies, Turnover Tax is a type of tax, which is calculated against the turnover of a business, as opposed to a percentage of profit (i.e. income less business expenses) as per usual business tax. This difference reduces the administ...
Written by Alicia
Updated 15 May 2024
The enhanced tax incentive recently introduced by the government, known as Section 12BA, aims to promote private investment in electricity generation from renewable energy sources to help alleviate the energy crisis in the country. This incentive is a temporary enhancement of the existing renewable energy tax incentive found in section 12B of the Income Tax Act.
Below are the key points:
Availability and Duration
The incentive is available from 1 ...
Written by Evan
Updated 15 May 2024
You are looking for a 10 digit number from SARS that starts with a 0, 1, 2, 3 or 9. Try any of the methods below to find it.
Ask your employer
Your employer may have registered you in the past. If this is the case, you would have been issued with a 10-digit tax reference number from SARS and you would have an IT150 Notification of registration that states your tax reference number.
Check your payslip...
Written by Alicia
Updated 14 May 2024
Written by Alicia
Updated 14 May 2024
Written by Alicia
Posted 13 May 2024
Written by Alicia
Updated 9 May 2024
If you notice that you can't do anything on your SARS profile, there's no need to panic. Sometimes SARS grants TaxTim 'full' access to an individual's eFiling profile, instead of 'shared' access as we requested.
Follow these simple steps to fix the problem:
Step 1:
Go to www.sarsefiling.co.za.
Written by Marc
Updated 9 May 2024
If you want TaxTim to file your tax returns, or you want to take back control from your previous tax practitioner, you will need access to your profile on SARS eFiling.
If you think you might have registered for an eFiling profile (in the distant past), it is a good idea to call SARS and check to see if they can give you your eFiling login details. Call them on 0800 00 7277 (free call from a land line) or try the login recovery steps on their website. ...
Written by Evan
Updated 9 May 2024
To create your company profile you will not need to have a separate profile for it anymore. SARS has now created a shared platform.
To set up a new eFiling profile for a company you will need to ensure that you have all your valid documents ready to use during the process.
You will need the following:
1. Name of the company
2. The address and contact number
3. The SARS tax number
4. The registration number
Go to www.sarsefiling.co.za....
Written by Nicci
Posted 8 May 2024
Do Your Tax Return Easily