Written by Nicci
Posted 23 April 2024
Written by Nicci
Updated 17 April 2024
Taking a closer look at why taxpayers may be required to pay in tax on pensions or annuities on assessment and how they can avoid a repetition of this each year.
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Written by Evan
Updated 11 April 2024
Provisional tax is paid by people who earn income other than a salary / traditional remuneration from an employer.
If you earn non-salary income, for example rental income from a property, interest income from investments or other income from a trade or small business you run, you will be a provisional taxpayer, even if you ALSO earn a salary. Some exceptions and thresholds do apply though, so
Written by Patrick
Updated 11 April 2024
In his Budget Speech on 22 February 2023, Minister of Finance Enoch Godongwana announced the introduction of tax incentives intended to encourage the rapid uptake of renewable energy.
Government has developed the scheme in a bid to encourage households to invest in clean electricity generation capacity. The programme is intended to minimise demand on the national grid by reducing the number of households that are entirely reliant on Eskom for their power.
The incentives will r...
Written by Alicia
Posted 10 April 2024
In today's digital age, social media influencers wield significant influence and often enjoy lucrative partnerships with brands. However, amidst the glitz and glam, it's crucial for influencers to be aware of their tax obligations. In this blog post, we'll explore the tax consequences that social media influencers need to consider in South Africa.
Understanding Tax Obligations
As a social media influencer in South Africa, it's essential to recognize that...
Written by Marc
Updated 10 April 2024
SARS has recently issued a new guide with regards to updating your banking details with them. This was done in order to reduce the risk of refunds being paid into the wrong accounts and also to streamline the process, which has tended to be an onerous one in the past.
Change of bank details can be done:
Written by Evan
Updated 10 April 2024
Provisional tax is not separate from income tax, but simply a mechanism to pay your taxes during the tax year instead of having a large amount owing to SARS on assessment when you submit your tax return (ITR12).
Think of provisional tax as an 'advance payment' of your taxes that are due to SARS. This is required because provisional taxpayers don't pay tax monthly to SARS via the PAYE system, like regular salaried employees do.<...
Written by Nicci
Updated 9 April 2024
This is the exemption is for employees that receives foreign employment income for services rendered outside of South Africa, provided that all the requirements are met.
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Written by Nicci
Updated 20 March 2024
Exempt or non-taxable income refers to certain types of income, which is not subject to income tax.
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Written by Nicci
Updated 20 March 2024
1. This is the proceeds i.e the value that your shares were sold for. This amount needs to be entered as proceeds in the capital gains section of your tax return.
2. This is the base cost i.e the costs attached to the sale of your shares. This amount needs to be entered as the base cost in the capital gains section of your tax return....
Written by Nicci
Updated 19 March 2024
With “flexible” employment being the new buzzword, more and more people are working part or all of the week from an office in their home.
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Written by Vee
Updated 19 March 2024
As a nation, South Africa does rather poorly on the savings front. With the majority living near or below the breadline, there’s not much to save when you’re more concerned with just getting through the month. Our high levels of consumer-debt, combined with little in the way of personal savings, means we become financial burdens on the government in the long-run...
Written by Vee
Updated 19 March 2024
When pursuing a business activity, trade or renting out a property, you’re no doubt doing so to make some money, but the reality for self-starters
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Written by Vee
Updated 19 March 2024
You’ve been up since 4am in order to catch yet another red-eye flight for a 9am business meeting - 1,400km away - and you’re already onto your third coffee by the time you board the plane.
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Written by Nicci
Updated 14 March 2024
If you left out some documents in your original submission to SARS, don’t panic.
SARS has recently implemented a new process
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Written by Alicia
Posted 8 March 2024
In the Capital Gains section of the annual tax return (ITR12), SARS requires you to insert the relevant asset source code for the item you have sold. However, when you sell financial investments (e.g shares) the financial institution issues an IT3(c) which shows the profit/loss source code (i.e4250/4251) and not the asset source code. This causes confusion for taxpayers, who think th...
Written by Patrick
Updated 7 March 2024
As part of SARS’ mission to simplify the eFiling system, the Tax Type Transfer process was updated in 2020 for all Tax products in a bid to offer users complete control of their eFiling profiles.
What's new on eFiling?Overall, you can expect to see the following key changes introduced to eFiling from the end of April 2021:
Written by Nicci
Posted 21 February 2024
South Africans were bracing themselves for bad news when Finance Minister Enoch Godongwana delivered his budget speech yesterday. However, in line with expectations during an election year, he delivered the reassuring news that there would be no significant tax hikes, no VAT increase, and no introduction of a new wealth tax. Contrary to earlier speculation, the medical tax rebate is also set to stay for a while longer.
However, this positive news is not without consequences. As South ...
Written by Nicci
Updated 5 February 2024
If you belong to a Medical Aid, there is important information on your medical aid tax certificate which needs to be included in your tax return.
This will ensure you receive the medical aid tax credit that is due to you.
Do you belong to any of the below medical aids?
- Bankmed
- Bonitas...
Written by Nicci
Posted 30 January 2024
I received a SARS assessment after submitting my tax return via TaxTim. During the submission, there was no payment to SARS expected. However I then received an assessment for a large (R2m) balance owed. At the time I assumed it was a mistake or a premature assessment before my documents had been processed, but I've now received an email from SARS stating Outstanding Debt. Please could you assist me with understanding the significant discrepancy between the TaxTim calculation and the SARS assess...
Written by Nicci
Updated 22 January 2024
1. Keep an accurate record of revenue and expenses
You can draw up these records by way of a simple spreadsheet based on your invoices and then confirm these amounts by cross-checking them against your bank statement.
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Written by Chantill
Posted 18 January 2024
Written by Alicia
Updated 22 November 2023
Written by Alicia
Updated 21 November 2023
The CIPC recently (1 April 2023) implemented a new register called the Beneficial Ownership (BO) register in an attempt to establish who owns or exercise control over which companies.
In layman’s terms, BO in respect of a company means, an individual who, directly or indirectly, ultimately owns that company or exercises effective control over that company for tax or financial purposes.
This new register is to assist law enforcement with relevant information when it comes...
Written by Marc
Updated 21 November 2023
When a Tax Return is filed usually SARS issues an immediate assessment (ITA34), however sometimes they do need to do a further manual check on their side.
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