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 Nicci
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.
Avoiding Tax DebtYou 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.
Written by Elani
Posted 9 February 2022
The Income Statement is a schedule or record of your business' income and expenses for the tax year. It also shows whether the business is making a profit or loss for the applicable tax year.
For more details, please refer here.
Written by Alicia
Posted 4 February 2022
Some users have asked for a way to register more than one tax number / SARS tax profile using the same email address. Our website does not allow for multiple tax profiles to be stored under one email login currently, but we can suggest two potential workarounds:
1) Register on the TaxTim website again, but use a different email address that you have access to, perhaps a work email address or your spouse's email address. You will then...
Written by Nicci
Posted 31 January 2022
1. SARS eFiling connection issue: Resolved
Problem description
When TaxTim tries to connect to individual taxpayers' profiles, eFiling is returning an 'unexpected system error'. This is affecting all Tax Practitioners.
How taxpayers are affected
TaxTim cannot connect to the taxpayer's eF...
Written by Nicci
Posted 24 January 2022
If you’re a provisional taxpayer, make sure you file your tax return before or on the deadline of 31 January 2022. You can check here to see if you are a provisional taxpayer.
SARS is warning that those who fail to submit on time, will face penalties. Legislation has changed and you will have to pay penalties come February 2022 if you have not submitted one or more...
Written by Patrick
Posted 20 January 2022
Does SARS regard cryptocurrency as a real currency?
No - SARS does not regard cryptocurrency as a currency, but rather as an intangible asset. In fact, the annual tax return (ITR12) refers to 'Crypto Assets' and not Cryptocurrency. As there are currently no laws or regulations governing the use of cryptocurrency in South Africa, crypto traders or users have limited legal protection according to the general common law. In other words, if you choose to use or trade cryptocurrency you do so at your own risk.
...
Written by Alicia
Posted 19 January 2022
Who was alive during any portion of the year of assessment, and who on the last day of the year of assessment:
Was unmarried ...
Written by Nicci
Posted 12 January 2022
Perhaps you just tried to submit your tax return and you instantly got an error relating to 3696 and 3699. As frustrating as it could be, don’t worry the error can be fixed. Maybe, you might have just simply left an amount out. Let’s have a look at what you should do, in order to crack these codes correctly – in that way making filing much more easier for you.
You’ll need to check your IRP5 to make sure you answered TaxTim's questions for these amounts correctly. Your IRP5 can show one or more amounts with source codes describing the income you received from your employer that year. ...
Written by Evan
Posted 28 December 2021
SARS charges interest on late payments made toward provisional tax deadlines.
To calculate this late payment penalty, use the formula below:
Provisional tax amount x Loading...% x (days after deadline / 365)
Use the calculator below:
Written by Vee
Posted 16 November 2021
Hundreds of thousands of South Africans are filing their annual tax returns and everyday people ask us “when will I get my refund from SARS?”.
Read more →
Written by Patrick
Posted 12 November 2021
If you’re an individual non-provisional taxpayer, make sure you file your tax return before or on the deadline of 2 December 2021.
SARS is warning that those who fail to submit on time, will face penalties. Legislation has changed and you will have to pay penalties in January 2022 if you have not submitted one or more of your returns. This means that if you file your 2021 return after the deadline, SARS will levy an admin penalty.
Before, you only paid penalties when two...
Written by Patrick
Posted 20 October 2021
Identity fraud happens when someone uses your personal information, such as your name and identity number, without your permission.
Criminals steal your identifying information from your home, car or wallet and even your rubbish bins and use your details to commit crime. Con artists can also get your personal and confidential information from the internet, social networking sites, emails, spoofed websites, Short Message Services (SMS) and unsolicited telephone calls.
It’...
Written by Patrick
Posted 20 September 2021
Earlier this year, SARS reached out to cryptocurrency platforms to access their lists of clients and information in its bid to clamp down on the wealthy.
Many South Africans have been misinformed and are under the impression that crypto-activity is under the radar. Some believe it is untraceable or that it only needs to be declared to SARS when it is traded. This is incorrect as all individuals who have bought and held crypto assets during the tax year must disclose these holdings to ...
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