Written by Nicci
Posted 22 February 2023
Finance Minister, Enoch Godongwana, delivered his second budget speech to South Africans yesterday. The energy crisis played centre stage with the minister announcing that the government will take over a large part of Eskom's debt. He also outlined two major tax incentives to encourage individuals and businesses to invest in renewable energy and independent electricity generation. Much to everyone's relief, he went on further to announce that there would be no major tax proposals for the year...
Written by Alicia
Posted 21 February 2023
Did you start a wrong tax return on eFiling by mistake? This could happen for example, if you selected the wrong tax year.
Can you delete the tax return and start again?
Unfortunately not - once a return has been requested on SARS eFiling, there is no way to delete it. It will show under Returns Issued as a ‘Saved’ version on your SARS profile. You don’t need to worry about it though. As long as it is not submitted, SARS will ignore it.
Written by Evan
Updated 20 February 2023
1. Login to your TaxTim profile.
2. Click the My Returns button in the top header menu.
3. Click on Delete a tax return.
4. Then click on the tax return you wish to delete.
Written by Elani
Updated 11 February 2023
Click here to find out if you are a provisional taxpayer.
Provisional taxpayers are people who earn income other than a salary / remuneration. If you earn any of the following income, you may be a provisional taxpayer even if you also earn a salary:
Written by Patrick
Posted 31 January 2023
Retirement annuities are tax-smart investments that help you to save for life after your nine-to-five. You generally can’t withdraw these funds before you turn 55, but you may be able to do so if you’ve emigrated from South Africa.
A retirement annuity – or RA for short – is an investment vehicle designed to help people living and working in South Africa save towards retirement. It can be used as a...
Written by Alicia
Posted 8 December 2022
When should I pay SARS
You’ve received your assessment, sent SARS your supporting documents but owe SARS on the initial assessment, what should you do?
As soon as you receive your assessment and it confirms that you need to pay SARS an amount, you can make the payment to SARS. You can do this even if there’s a first and second due date on your assessment to make the payment, if you are able to make the payment before the second due date, we suggest you pay SARS to ...
Written by Nicci
Updated 1 December 2022
7 Steps on how to draw a statement of account on SARS efiling:
Step 1.
Log into your SARS efiling profile:
Step 2.
To the left select: "SARS Correspondence"
Step 3. ...
Written by Nicci
Updated 24 November 2022
This year, SARS has once again ‘auto-assessed’ a large number of taxpayers. They have done this using data that they have received from 3rd parties, such as employers, financial institutions, medical schemes and retirement fund administrators.
If you have been auto-assessed, you should receive an email or SMS from SARS within the first few weeks of July. If your auto-assessment shows that you are due a tax refund, we are seeing SARS pay out these refu...
Written by Marc
Updated 29 October 2022
Why can’t I see my return on eFiling after TaxTim submitted it for me?
If you don’t see your tax return immediately on eFiling after we’ve confirmed that it’s been sent to SARS, you needn’t panic. SARS usually processes it around 6pm on the day we submit and then it should appear in eFiling shortly thereafter.
We will then send you the assessment as soon as we receive it from SARS.
Written by Alicia
Posted 27 October 2022
If you received another email from TaxTim requesting SARS supporting documents, but you already sent these to SARS more than 21 business days ago, one of these four scenarios might be the reason you are still waiting:
Scenario 1:
You submitted the documents directly on SARS eFiling yourself, but you did not inform TaxTim. In this case, our system needs to be updated to reflect that you already submitted your documents.
Please log into your TaxTim profi...
Written by Nicci
Posted 19 October 2022
Tick-tock, time is running out for non-provisional taxpayers to submit their 2022 tax return. The filing deadline of 24 October 2022 is just around the corner.
Provisional Taxpayers: your tax return filing deadline is 23 January 2023. Breathe easy.
If you ‘think’ you are a Provisional Taxpayer, we strongly suggest you make 100% sure you me...
Written by Patrick
Posted 18 October 2022
The South African Revenue Service (SARS) says it will implement an "online traveller declaration system" that will go into effect on November 1, 2022. According to SARS, the new system will be applicable to all South Africans travelling abroad and says that it will simplify passenger movement at South African airports.
According to SARS, the system's goal is to collect travel information and in exchange, grant a traveller pass via email. It requires that all South Africans and residen...
Written by Evan
Updated 26 September 2022
1. Finish answering all of Tim's questions in the animated chat.
2. Click Continue.
3. Continue through the return checking system and/or payment steps.
4. When you are asked how you wish to file your tax return, click on the manual filing option.
5. You will see instructions for filing on eFiling with your fully completed tax return underneath.
6. Click the Back button to choose how to file again.
Written by Elani
Posted 16 September 2022
Step 1: Please log into your SARS eFiling profile
Step 2: Click on "Home" on the top menu
Step 3: Click on "SARS Registered Details" and then on "Maintain SARS Registered Details" on the l...
Written by Evan
Updated 14 September 2022
Yes, I am a tax resident of South Africa
This means that you are subject to paying tax on your income earned from South Africa AND from all over the world, and this must be declared in a tax return submitted every year to the South African Revenue Service (SARS). Make use of TaxTim to ensure you are tax compliant and qualify for your maximum allowable tax refund.
No, I am not a tax resident of South Africa...
Written by Evan
Updated 1 September 2022
Step 1: Log in to your TaxTim account.
Step 2: Click on My Returns in the top menu bar and select the applicable tax return you want to update.
Written by Nicci
Updated 27 June 2022
Too often, taxpayers rush when completing their tax return, and then they miss out on some expenses they are eligible to claim. Don’t overpay tax by overlooking these seven common tax breaks.
Contributions towards a Retirement Annuity
Your contributions towards retirement funds are deductible for tax up to a limit of 27,5% of the greater of your taxable income or remuneration (to a maximum of R350,000 per year). This limit applies to the total contributions you make to any Pension, Provident or Retirement Annuity (RA) fund during the year...
Written by Nicci
Posted 24 June 2022
From 1 July to 4 July, SARS aims to issue auto-assessments to taxpayers who are due a refund.
The rest will be issued in batches up to 24 July.
Timing is Everything
If you receive an auto-assessment, you will have just 40 working days to request a tax return on TaxTim (or eFiling), complete and submit it. If you take no action within the ...
Written by Marc
Updated 24 June 2022
Question:
I have completed my return on TaxTim already and now he is asking me to update some information before he can file? Why is that? Will I lose my information? Do I have to pay anymore money?
Answer: For each tax season, SARS makes some changes to the tax return on eFiling. It looks slightly different to what it looked like in the past and there is a bit more information needed than in previous years.
In order for TaxTim to continue providing the quick and easy service we needed to update our return and questions to match SARS. Don't worry though, there is no difference in the TaxTim side and it will be like nothing has changed for you. ...
Written by Nicci
Posted 10 June 2022
The 2022 filing season opens on 1 July. Tick tock. That’s just around the corner.
It is important to be aware that the season is shorter than prior years. This means that SARS are giving you less time to file your return.
Important Filing Deadlines
24 October 2022: non-provisional taxpayer (i.e. salaried employees)
23 January 2023: provisional taxpayer (i.e self-employed, rental earners, freelancers, etc)
Auto-Assess...
Written by Nicci
Posted 10 June 2022
SARS is warning that those who fail to submit their tax return on time, will face harsh penalties. The period of leeway which applied to 2021 has now passed.
SARS announced a change to their legislation in December 2021 whereby they would levy administrative penalties to taxpayers who missed the filing deadline for one or more tax returns. Prior to this change, taxpayers only paid penalties when two or more returns were outstanding.
As a...
Written by Nicci
Updated 8 June 2022
The cement is all used up and the bricks have been laid exactly where they need to be. A huge sigh of relief because… finally, construction and renovations are complete! And, just when you thought the worry was over, you realise that the differences between the building allowance and renovations aren’t clear to you. “Aren’t they all the same?” is the question lingering in your head. Don't fret, below is a breakdown of the exact clarity you’re looking for. ...
Written by Nicci
Updated 8 June 2022
Our Helpdesk receives lots of questions from home sellers who rented out their primary residence for some of the
Read more →
Written by Evan
Updated 7 June 2022
For an individual, the tax year runs from 1 March until 28/29 February of the following year.
For a company, the tax year can run for any 12 month period. A company's tax year will be the same as its financial year. The company's financial year end will be reflected in its CIPC registration documents.
The tax year is different from a normal calendar year, which always runs from 1 January to end December.
The tax year is named by the year in which it ends e.g. the...
Written by Evan
Posted 1 June 2022
