Written by Marc
Posted 16 March 2022
In order to upgrade between the LITE, SMART and ULTRA packages please follow these simple steps:
Written by Marc
Posted 16 March 2022
In order to add a section when completing your chat with Tim please follow these simple steps:
You will now be able to go back to your chat with Tim and complete your return for TaxTim to submit to SARS.
Written by Nicci
Posted 16 March 2022
Written by Nicci
Posted 16 March 2022
Written by Nicci
Posted 16 March 2022
Written by Nicci
Posted 16 March 2022
Written by Nicci
Posted 16 March 2022
Written by Marc
Posted 15 March 2022
If you wish to make changes to the information on your TaxTim return then simply follow these easy steps:
Written by Nicci
Posted 15 March 2022
Written by Nicci
Posted 15 March 2022
Written by Nicci
Posted 15 March 2022
Written by Marc
Posted 15 March 2022
Question: What do I click if a TaxTim question isn't relevent or does not apply to me?
Answer: There should be an option to click "doesn't apply", by clicking this it will automatically mark the question as R0 and show SARS that this isn't relevent to you.
Written by Evan
Posted 15 March 2022
1. Login to your TaxTim profile.
2. Click on My Profile in the top menu bar.
3. Update your old email address to the new one you wish for us to contact you on.
4. Click the Update button.
All correspondence from TaxTim will now be sent to this new email address.
Your details at SARS will NOT be updated by this action.
Should you wish to do this too, you can call the SARS call centre at 0800 007 277 or you can log in...
Written by Nicci
Posted 13 March 2022
When less than 100% of your property is being rented out, then you may only deduct a portion of your rental related expenses. This portion (i.e. percentage) is calculated by dividing the floor area of the space being rented, by the total floor area of the property (including garages and out buildings).
Here’s an example:
You have a 500 square metre, three-bedroom...
Written by Nicci
Posted 10 March 2022
Hi Tax Tim,
I am a Personal Service Provider (PSP). My client withholds PAYE at 28% in the name of the PSP i.e in my company's name and not me personally, as an individual taxpayer. This concerns me because the PAYE tax credits sit in my company's name, but from an individual perspective I have not paid any tax on the salary I withdraw from my company.
The PAYE refund, if any, will be paid into my company. How do I show the tax on my salary in my individual tax return? If I...
Written by Neo
Posted 7 March 2022
When planning your wedding, it’s highly unlikely that anything related to tax features on your agenda. However, when saying “I do” it’s very important to understand the tax laws associated with marriage because SARS treats income differently according to the type of marriage contract that binds you and your spouse.
Marriage in Community of Property
If you marry without an antenuptial contract, you’ll by default be married in community of property...
Written by Patrick
Posted 3 March 2022
Written by Patrick
Posted 3 March 2022
Written by Patrick
Posted 3 March 2022
Written by Patrick
Posted 24 February 2022
Finance Minister, Enoch Godongwana, delivered his maiden budget speech on 23 February.
The speech started by indicating that there are still high risks to the economy, which is slowly recovering from the Covid-19 pandemic. The budget reasserts the commitment made in the 2021 MTBPS to set the economy’s course towards growth and fiscal sustainability.
It was announced that employment support will also be extended to the most vulnerable, service delivery shortcomings would ...
Written by Nicci
Posted 23 February 2022
All eyes were on Finance Minister, Enoch Godongwana, when he delivered his maiden budget speech to South Africans yesterday. Taxpayers breathed a sigh of relief when he announced that there would be no major tax hikes. This was welcome news for South Africans who are dealing with the effects of Covid-19, rising inflation, interest rate hikes and significant fuel price increases. 'Now is not the time to increase taxes' - thank you Mr Minister, we couldn't agree with you more!
The minister announced that SARS had brought in R182 billion more in taxes than had been predicted last year in February...
Written by Patrick
Posted 23 February 2022
In 2020, about 2.2 million jobs were lost in South Africa and in 2021, that number is expected to double as a result of Covid-19. With that, we have found that there are many questions surrounding the subject of taxes and severance packages. Here’s everything you need to know.
The Basic Conditions of Employment Act states that your severance pay should include at least one week’s worth of remuneration for every full year of work. Your severance package may consist of your ...
Written by Patrick
Posted 14 February 2022
Have you found yourself with a huge tax bill at the end of the tax year, and no money to pay it? SARS is making your life easier by changing the way it does tax deductions on your retirement fund from 1 March 2022.
You may receive several annuities or pensions from your previous employer or pension fund. In the past, your fund used to look at each income source separately when working out your tax.
The separate amounts you received probably fell bel...
Written by Patrick
Posted 10 February 2022
President Cyril Ramaphosa made the following key announcements in the State of the Nation Address (SoNA) he delivered on 10 February 2022.
Economic issues were high on the Agenda. There is recognition that unemployment, poverty, and inequality need to be addressed to create conditions for long-term stability and development. New energy generation projects were once again promised.
Progress is being made with Covid-19 vaccinations. Thirty million doses have been administered, w...
Written by Elani
Posted 9 February 2022
A Balance Sheets is a schedule or record of the business's financial balances which includes assets, equity and liabilities.
For more details, please refer here.
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