Written by John
Posted 9 February 2021
Answer Tim's questions above to see if you have what it takes to work with the TaxTim team!
Written by Nicci
Posted 9 February 2021
1. Estimate your taxable income for the whole tax year
Remember that both your first and second provisional return (IRP6) must reflect an estimate of your taxable income for the full 12 months of the tax year.
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Written by Nicci
Posted 4 February 2021
In a bid to meet its tax revenue quotas, SARS began introducing changes to the expatriate laws which took effect on 1 March 2020, which saw the launch of the Foreign Employment Unit.
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Written by Elani
Posted 28 January 2021
Net income is the actual profit after the deduction of expenses and allowable deductions.
Please refer to the "Expenses & Deductions" section of our Small Business Guide for more information regarding the expenses you may deduct.
Written by Evan
Posted 28 January 2021
In general terms, income is the money or a similar benefit you earned during the tax year.
In tax terms, income is the total gross income you earned during the tax year less "exempt income".
Written by Patrick
Posted 24 January 2021
As early as July 2017, Adobe announced that Flash Player would be discontinued by 31 December 2020 and that Flash Player would block its Flash content by 12 January 2021
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Written by Patrick
Posted 24 January 2021
As many countries around the world are already in the process of distributing the Covid-19 vaccine, the National Treasury of South Africa is proposing the possibility
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Written by Nicci
Posted 20 January 2021
As part of my package I receive the benefit of a fuel card and car allowance (but I do not do any business travel). However, on my tax return for 2020 I had to pay almost R9k because of this benefit. I had thought that our Human Resource Department would have made adjustments to my PAYE so that I would be paying 100% of the applicable tax so that I do not have anything to pay when I do my tax return once a year. Our Human Resource person said that he was not able to set the PAYE so that I could in future pay 100% of the fuel and car allowance benefit, but was limited to set it at 80%. ...
Written by Vee
Posted 18 January 2021
For those fortunate enough to receive bonus payments as part of your remuneration, you’ll understand the
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Written by Nicci
Posted 26 October 2020
It is a type of savings account offered by financial institutions that invests your money in a combination of financial products such as unit trusts, bank savings accounts, fixed deposits, bonds, etc.
The difference between this and other savings or investment accounts is that all returns, i.e. the interest, dividends or capital gains earned, will be tax-free in your hands. This means that you’re not liable to pay tax on the growth of your investment, nor if you decide to withdraw from your account....
Written by Nicci
Posted 14 October 2020
There is a new scam going around this tax season, SARS has made us aware of it and we would like to make sure you know about it too.
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Written by Nicci
Posted 7 October 2020
When you are in the process of selecting a medical aid, the question of adding gap cover to your plan is likely to come up. More than 1 million South African families understand the importance of gap cover, which is why they have opted in. But should you? First things first…
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Written by Nicci
Posted 3 October 2020
We are seeing many cases where taxpayers submit their documents to SARS, wait 21 working days (sometimes longer) only to receive a second letter on eFiling which requests the exact same documents again.
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Written by Nicci
Posted 9 August 2020
This is a "Confirmation of Diagnosis of Disability" form for an individual taxpayer. A person who has a disability, or whose spouse or child has a disability, needs to have their condition confirmed by a registered medical professional. This is done by way of the ITR-DD form which must be completed by both the individual and the medical practitioner. Once the taxpayer has the ITR-DD, they can benefit from an additional medical expenses credit when they submit their ITR12.
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Written by Elani
Posted 6 August 2020
This two digit code is to identify the reason why there was no employees tax deducted on the income. The two digit codes that might appear on your IRP5 are listed below:
Written by Nicci
Posted 5 August 2020
Written by Nicci
Posted 4 August 2020
As the tax season is approaching, many of our users are asking whether or not they will be due a tax refund.
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Written by Nicci
Posted 27 July 2020
Written by Nicci
Posted 22 July 2020
Written by Nicci
Posted 21 July 2020
I have been working abroad permanently for more than three years and I reside outside of South Africa. I have never fully understood the tax rules and see that I have some penalties (fines) for late/incomplete submissions. I do not have any way of receiving all information needed to submit old tax returns, so I want to know what will happen when I pay the penalties? Will it just start racking up again for the same infringements or will I have a clean slate to do things the right way going forwar...
Written by Nicci
Posted 20 July 2020
Written by Nicci
Posted 20 July 2020
Written by Nicci
Posted 3 July 2020
Written by Nicci
Posted 30 June 2020
On Wednesday, 24 June 2020, Minister of Finance, Tito Mboweni, addressed parliament to announce the 2020 Emergency Budget Speech.
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Written by Nicci
Posted 24 June 2020
A tax directive is super useful when you earn commission, variable income or are going to receive a large bonus or a lump sum.
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