Written by Alicia
Updated 24 May 2023
Step 1
Login to your SARS efiling profile
Step 2
At the top of the page, you will see that you have an Organisation Profile. Please select the 3 dots to the left of "Organisation" to select the "Portfolio Management" option on the dropdown.
Written by Nicci
Updated 22 May 2023
SARS has given you just 40 working days to submit your tax return. If you received your auto-assessment at the beginning of July, your time to submit has already expired. Auto-assessments issued on 4 July 2022, expired on 30 August 2022. Count your work days carefully. SARS is applying this rule very strictly. If you do nothing, your auto-assessment will very soon become FINAL.
For more on auto-assessments and their deadlines, please read
Written by Elani
Posted 17 May 2023
A Small Business Corporation (SBC) is a private company that complies with various requirements per the Tax Act. If it meets the definition of a SBC, it can take advantage of progressive tax tables (as opposed to the fixed standard corporate tax rate) and also accelerated depreciation for certain assets. The latter means that less tax may be paid in the early years when the assets are purchased.
Written by Elani
Posted 16 May 2023
Doubtful debts are accounts receivables (monies owed to the company) that will most likely not be repaid.
A Provision for Doubtful Debts is made for the portion of money due by your company's debtors that you expect won't be paid
Written by Elani
Posted 16 May 2023
Capital and Reserves is a line item under the Equity section of the Balance Sheet.
Capital is the initial investment made by the shareholders of the company by means of cash, equipment or property.
Reserves, also known as accumulated profits or retained earnings, is the profit left over after all expenses and taxes have been paid and dividends have been distributed to the shareholders.
In summary, it is the accumulated profits that the company has 'saved' each year, wh...
Written by Alicia
Updated 15 May 2023
The helpdesk has been inundated with questions asking why TaxTim is unable to import IRP5 details from eFiling and why taxpayers have to manually enter all the data that had usually been imported in previous tax years.
Here's a few reasons, why you may be experiencing this issue:
Written by Elani
Posted 10 May 2023
The Voluntary Disclosure Programme (VDP) is a voluntary opportunity for individuals, companies and trusts who have previously defaulted on their tax affairs, to come forward and disclose their non-compliance to SARS in order to work with SARS to regularise their tax affairs.
There are specific requirements that must be fulfilled to qualify for this relief.
Written by Nicci
Updated 10 May 2023
An IT14SD is required for companies only. It is a schedule which reconciles the business's VAT, PAYE, Income Tax and Customs declarations from the ITR14 to the information submitted to SARS during the year. SARS may request the IT14SD after submission of the ITR14. If it is required, SARS will make it available to the taxpayer via a link in SARS eFiling.
This form was discontinued in September 2022 and is no longer a SARS requirement.
Written by Elani
Posted 9 May 2023
A dormant company is a company that is registered with the CIPC (The Companies and Intellectual Property Commission) but is not actively trading.
Even if the company is not trading, tax returns must be submitted to SARS to avoid unnecessary penalties and interests.
Click here for more information.
Written by Alicia
Posted 26 April 2023
Are you confused about whether your company should file a dormant return or a normal ITR14 for companies? It's understandable - dormancy can be a tricky concept to navigate. It's important to understand that the type of tax return you need to file depends on when your company became dormant. But don't worry, we're here to help you figure it out!
First things first, what is a dormant company?
A dormant company is a company which is registered with the ...
Written by Patrick
Posted 26 April 2023
If you've registered a company with CIPC some time ago and forgot about it, that company could land you in hot water with SARS. Even if the company is not actively trading and has no assets or liabilities, you still have a duty to submit its tax returns to SARS. Failure to do so can result in administrative penalties that ...
Written by Nicci
Updated 14 April 2023
Imagine you’re an estate agent or luxury car salesman. Chances are that you don’t earn much (if anything) as a basic salary and you rely on a few big deals and commission payments to keep you afloat during quieter months.
Read more →
Written by Patrick
Posted 10 March 2023
The South African government introduced tax-free savings back in 2015 to encourage household savings. As the name suggests, all of the proceeds from tax-free savings accounts (TFSAs), including interest, capital gains and dividends are exempt from tax. This makes these types of investments extremely attractive for South African taxpayers.
How tax-free savings workTax-free savings are an investment vehicle created to help South Africans reduce their tax liab...
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 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.
What is a retirement annuity?
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.
Do Your Tax Return Easily