Written by Nicci
Posted 20 February 2025
I worked for an international company (UK based) during the 2024 tax year. I was a contracted employee, meaning I had to submit salary invoices. Therefore, I was advised to register as a provisional tax payer and submitted an IRP6. I worked 100% from home during this time and would like to claim a home office deduction, which was already taken into account during my IRP6 submission (audited by SARS and accepted). However, when submitting my home office deduction on Tax Tim for my IRT12, it says ...
Written by Nicci
Posted 20 February 2025
Written by Nicci
Posted 14 February 2025
Saving for retirement is one of the best financial decisions you can make, but sometimes, you may contribute more than the tax-deductible limit in a tax year. In South Africa, the tax-deductible limit for retirement contributions is 27.5% of taxable income, capped at R350,000 per year (R430,000 from the 2027 tax year). If you contribute more than this limit, the excess amount does not provide an immediate tax benefit. However, it is not lost. Instead, these 'excess contributions' are carried ...
Written by Nicci
Updated 13 February 2025
TaxTim has TWO exciting competitions in 2026 !
COMPETITION 1:Win R10,000 in cash by filing your tax return with TaxTim
How to enter:
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Written by Nicci
Updated 1 February 2025
Seasoned provisional taxpayers – those people who earn income from sources other than, or in addition to a regular ol' salary or traditional payment from an employer - are all too familiar with the process of estimating taxable income and submitting provisional tax returns. Not once - but twice a year!
Yes, it's a bit painful (although TaxTim makes it super easy) but entirely necessary if you don't want to be lumped with penalties from SARS...
Written by Evan
Posted 14 January 2025
Written by Evan
Posted 14 January 2025
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Written by Evan
Posted 14 January 2025
Written by Evan
Posted 14 January 2025
Written by Evan
Posted 14 January 2025
Use this tool to connect to your bank account, import your latest bank statements, then quickly and easily ...
Written by Evan
Posted 14 January 2025
Written by Evan
Posted 14 January 2025
Written by Alicia
Posted 18 December 2024
Many taxpayers find the process of filing a correction confusing. This often happens when they submit their tax return after the auto-assessment deadline or attempt to make corrections after SARS has already reviewed or audited their return. To make things clearer, we’ve compiled a list of common questions and answers to guide you through this challenge.
1. How long do I have to submit a correction?
Written by Nicci
Updated 12 December 2024
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 gathering your documents for the new tax season.
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Written by Alicia
Updated 2 December 2024
Insolvency is a state of financial distress when a person or business is unable to pay their debts.
What is Sequestration?Sequestration is a legal process that is used to deal with your financial difficulties and manage your debts. It gives you legal relief from creditors, while the debt recovery efforts of the various companies you owe are put on hold.
Written by Elani
Posted 28 November 2024
The WRAV01 is the menu on the left hand side of the RAV01 form. It opens when you are ready to edit your data with SARS or add new details, or register a new tax reference number.
Menu items include:
Written by Elani
Posted 28 November 2024
The RAV01 is the form displaying all the data SARS has on file for you.
Written by Vee
Updated 21 November 2024
Getting a new business venture off the ground is an equally exciting and stressful time. You’re enthusiastic about getting your new product or service out into the market, but you face quite an administrative process to get it off the ground legally.
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Written by Nicci
Updated 20 November 2024
There are two ways to make a payment to SARS. What's good is, whatever method you prefer, you can choose the one that's best suited for you. Of the two payment methods, one is via EFT and the other via your eFiling profile. For the rest of this blog we will show you steps to follow when making payments the electronic way, via eFiling.
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Written by Evan
Updated 20 November 2024
If your ITA34 assessment indicates that you unfortunately have an outstanding payment to make to SARS, this step-by-step guide will help you navigate your way around the payment process.
Follow these quick steps to get the payment details required to make your payment to SARS by EFT:
Step 1: Login to your SARS eFiling account
Visit www.sarsefiling.co.za then login with your SARS username and password.
...
Written by Elani
Updated 15 November 2024
South African expatriates who ignore their tax obligations will soon find themselves facing the wrath of the taxman in the upcoming tax season.
SARS has urged taxpayers including expats (South Africans residing outside the country) to urgently review their tax compliance status or stand the risk of facing major penalties or even jail time.
Originally, individuals were taxed according to a source-based tax system but from 1 March 2001 it has changed so that individuals will be ...
Written by Nicci
Updated 11 November 2024
We often receive questions from taxpayers as to how to structure their salary most efficiently for tax purposes. Unfortunately, the reality is that the days of employees gaining a tax advantage If I earn business income as a sole proprietor for services delivered as an electronic engineer, do I need to declare all my personal assets (bank balance, investments, motor vehicle, etc.) on the Statement of Assets, or only the assets that I mainly use for business (i.e. laptop computer)? I do not have a separate business bank account. Do fixed bank deposits fall under "Financial instruments" or "Cash in Bank" or does it not really matter? For investments such as unit trusts, do I need to s... South Africa rolled out the Two-Pot Retirement System on 1 September, 2024. It applies to any South African who has a pension fund, provident fund or retirement annuity fund. The Two-Pot Retirement System allows you to access a limited portion of your retirement savings before retirement for emergencies, while the majority of your savings remains "preserved". This means the larger part of your savings must stay invested until you reach retirement. The goal of South Africa's ne...
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What is included in Statement of Assets and Liabilities on ITR12?
Written by Marc
Updated 31 October 2024
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Two-Pot Retirement System and its Tax Effects
Written by Ursula
Posted 1 October 2024
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Travel deduction for an on older car
Written by Nicci
Posted 13 September 2024
I'm a commission earner and I can claim travel expenses. When I complete TaxTim 'Travel Deduction Optimiser' it will only let me choose the date of the purchase of my car from 2017 onwards. My car was purchased in 2007. Does this mean that I can't use the 'deemed cost' method and can only use the 'actual cost method' - or is there another way to enter the correct year of purchase as 2007?
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