Written by Evan
Updated 11 September 2024
In these uncertain economic times, we all want to stretch our budgets a little further. With a few simple financial habits, anyone can save some extra cash each month. So, if you're ready to start saving but not sure where to begin, here are ten handy tips to get you started:
1) Track Your SpendingKeep an eye on where your money goes, and you'll naturally start spending less. Keep a record of your daily expenses and distinguish between needs and wants. Need...
Written by Evan
Updated 11 September 2024
Managing debt can be daunting, but it doesn't have to define or control your life. In South Africa, many individuals face the complex task of effectively handling their finances and debts.
Keep reading, and we’ll equip you with practical strategies and valuable insights to take control of your debt and financial future.
Let's delve into how you can regain control of your debt and finances and pave the way for a brighter future.
Understanding Debt Manageme...
Written by Nicci
Posted 10 September 2024
TaxTim provides an online service only, with all communication handled exclusively through email via our Helpdesk. This approach ensures that your queries are centrally tracked, kept confidential, and addressed by the appropriate team members within our organization. We do not offer phone support, so clients cannot call us, and we are unable to make outgoing calls to clients or contact...
Written by Patrick
Updated 12 August 2024
At TaxTim, your security is a top priority. We've dedicated a section of our website to keep you informed about the latest scams and phishing attempts we come across. We also encourage you to share any suspicious emails you encounter. To report or learn more about phishing, you can email phishing@sars.gov.za or call the Fraud and Anti-Corruption Hotline at 0800 00 2870. For a list of all current SARS surveys, emails, and SMS communications,
Written by Marc
Updated 4 August 2024
Taxpayers this year are facing a new gripe with SARS when it comes to receiving those well-earned refunds. The current two scenarios are:
In both these cases a refund should be paid out within 72 hours (if the taxpayer is due one), however thousands of taxpayers still have not been paid their refund. Here’s why!...
Written by Evan
Updated 4 August 2024
In 2024, we have noticed that SARS is withholding refunds from taxpayers with outstanding tax returns, sometimes dating back many years. In some cases, SARS is requesting unfiled returns from as far back as 10-15 years ago, going back to when the taxpayer first registered for a tax number.
Block on eFiling submissions older than 5 years
This year, SARS introduced a change to eFiling that has frustrated many taxpayers. Returns older than five years are now blocked from being submitted on individual profiles, prompting a message that these must be filed at a branch.
Don't worry - TaxTim can help...
Written by Evan
Updated 1 August 2024
Has SARS asked you for documents that you can't produce, such as an old IRP5 from a prior year that your employer doesn't have, or that simply doesn't exist?
To prove to SARS that you cannot produce the document they want, you will need to produce what is called a sworn affidavit.
This is basically a letter that you must write, that you then take to your nearest police station to get signed and stamped.
Items to include:
1. Your name, ID number and contact details...
Written by Nicci
Updated 30 July 2024
After you have submitted your supporting documents to SARS, they have 21 working days to review them, assuming all sufficient documents have been received. Once their review is complete, you will either:
Additional Documents Request
If SARS still requires for documents from you, they will either send ...
Written by Marc
Updated 30 July 2024
Completion Letter
You will receive a Completion Letter if all goes well and SARS is happy with your documents. This means that SARS is not adjusting your Original Assessment and if you have a refund due, it should be paid out in 72 hours (provided you have no tax debt due or outstanding tax returns from prior years). Similarly, if you owe tax to SARS per your Original Assessment, the amount you owe will remain unchanged.
An example of a Compl...
Written by Nicci
Updated 30 July 2024
This is a common area of concern for many taxpayers who don’t know why they are asked to submit documents to SARS after they file their tax return.
Read more →
Written by Alicia
Posted 17 July 2024
Written by Marc
Updated 16 July 2024
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 use. Taxpayers just want to do their tax quickly and easily, and if they’re due - receive some money back from SARS. A lot of confusion surrounds the process, but by understanding three simple terms you can make tax season a little bit easier.
Read more →
Written by Nicci
Updated 11 July 2024
These tips are part of TaxTim's personalised recommendation tool called the Tax Health Score.
Read more →
Written by Vee
Updated 2 July 2024
Like in previous years, there have always been opening tax season niggles and 2024 has been no different. Patience is a virtue, so the adage goes.
Read more →
Written by Evan
Updated 27 June 2024
In order to complete the Medical section of your annual tax return, you will need a tax certificate from your medical scheme (if you contributed to a medical scheme that is!).
This certificate details exactly how much was paid to the medical aid for yourself and your dependents over the course of the tax year (1 March to end Feb). It also details how much money you paid for other medical expenses, such as medicines and doctors expenses, which you claimed for, but your medical aid did NOT cover...
Written by Nicci
Updated 27 June 2024
We receive many questions from taxpayers who are confused as to why they receive an IRP5/IT3a for retirement fund withdrawals or transfers and how to report this (if at all) in their tax return. If this applies to you, read on and let us clarify the issue for you.
IRP5/IT3a for retirement fund withdrawal, resignation or transfer
If you withdraw money or retire from your retirement fund and receive a lumpsum, the fund will have to apply for a tax directive for you and should also issue you an IRP5/IT3a...
Written by Nicci
Updated 27 June 2024
COMPANY LETTERHEAD
Date
Employee's Full Name
Address
To Whom It May Concern,
Subject: Permission to use personal items for work purposes
This letter serves to confirm that _______________________________(Name of employee), ___________________________(ID number) who is employed by our firm ___________________( company name) in the capacity of__________________________(Position) has permission to use the following personal items for work purposes:
Item: 1...
Written by Nicci
Updated 27 June 2024
We’re aware that sometimes taxpayers may not understand all of the deductions which appear on the tax return. And because of this, expenses that could have been deducted get missed. To help make things easier for you, we’ve explained some of these less understood tax deductions which may be overlooked by taxpayers. They all appear in the Other Deductions section of the ITR12.
The s11(nA) and s11(nB)
If an employee is in breach of an agreement with their employer, they may be asked to pay back a benefit they received from them e.g bonus, maternity leave benefit, bursary, sign on bonus etc. ...
Written by Nicci
Updated 27 June 2024
COMPANY LETTERHEAD
Date
Employee's Full Name
Address
To Whom It May Concern,
Subject: Permission to work from home
This letter serves to confirm that _______________________________ (Name of employee), _____________________ (ID number) who is employed by our firm ___________________ (Company name) in the capacity of __________________________ (Position) has permission to work from h...
Written by Nicci
Updated 18 June 2024
Filing a tax return for the first time can be a daunting task. To get you started, we’ve gone back to the basics
Read more →
Written by Nicci
Updated 18 June 2024
SARS have recently become a lot stricter about levying administrative penalties. These are penalties for missing the deadline to submit your tax return. You can read about these recent changes in the law here.
If you have outstanding/un-filed tax returns from prior years, chances are high that SARS will have slapped on administrative penalties.
You may have recentl...
Written by Alicia
Posted 13 June 2024
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
