Written by Neo
Posted 27 March 2020
I had rental income in the 2019 tax year, I converted part of my house into a 1 bedroom apartment as well as converting my old garage into another, so I currently have 2 flats now on the property. The apartments represent around 34% of the squares of the buildings on the property. Should I then declare 30% of the costs of the property (I.e.: Interest, Rates & Taxes etc as the costs) as the costs?
Also, where do I declare the cost I had incurred in building the units? (Does it come und...
Written by Neo
Posted 23 March 2020
Quarantine. Self-isolation. Coronavirus. These are the buzzwords for 2020, and once it is all over, words we’ll probably never want to hear again. In light of Covid-19, TaxTim offers the safest way to handle your taxes - online.
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Written by Marc
Posted 29 February 2020
Written by Neo
Posted 27 February 2020
The Minister delivered some good news to South Africans yesterday when he announced there would be no significant tax hikes
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Written by Neo
Posted 25 February 2020
All eyes will be on Finance Minister, Tito Mboweni, tomorrow when he delivers his budget speech on Wednesday, 26 February to the nation.
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Written by Neo
Posted 21 February 2020
By Rowan Burger from Momentum Investments
The benefits of saving your money are well known and encouraged by many financial institutions
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Written by Neo
Posted 21 February 2020
President Cyril Ramaphosa addressed South Africa for the fourth time on Thursday, 13 February 2020. The event commemorated the 30 year anniversary of Nelson Mandela’s release from prison. As of 1 March 2020, South Africans working abroad will have to comply with the amended laws on expat tax. Amendments to the Income Tax Act includes the exemption of taxes up to the first R1 million per annum. There seem to be many confused taxpayers who have received a letter from SARS titled ‘Rejection of Revised ITR12’ which goes on to say that their revised return cannot be finalised because their assessment has already been finalised. The recent changes to eFiling have made the registration for a SARS eFiling profile a little easier, however the verification process to allow a tax practitioner to share access to the taxpayer’s tax types has become a bit more complicated. The deadline for non-provisional taxpayers to file their tax return is just around the corner. Taxpayers have until 4th December to submit their return and avoid unwanted penalties and interest. I need some advice regarding how to structure my taxes and what ways I will be able to reduce my tax exposure through deductions, registering as a private Pty vs Sole proprietorship etc... I have a salaried job and am starting up a side business working from home as a web developer. I am also considering to start renting out our flatlet via Airbnb. The total income I am looking at includes (per month): 1) Salary: R70000 2) Airbnb: R3000 (which is a bit hard to estimate right now till we have built a track record, but this is assuming an average occupancy of 13%) 3) Web development: R5000... We often receive questions from taxpayers as to how to structure their salary most efficiently for tax purposes. Unfortunately, the reality is that the days of employees gaining a tax advantage The deadline for 2019’s tax season is 4 December, just less than a month away, so it’s time to seriously focus on your tax returns. Last week, Tito Mboweni, the finance minister confirmed during his medium-term budget announcement How one would declare Income/Loss that is derived from online forex trading. The trading account is in USD so I assume foreign income. When you retire, your soon to be ‘ex-employer’ might offer to continue to pay your medical aid. If you are one of the fortunate few to receive such a benefit, read on for some things to look out for: I have an offshore transactional bank account into which I transferred cash into. To clarify, the currency is in Australian Dollars. Also, I do not earn any income on this account nor do I earn any income from abroad. With that said, the interest rate for this account is set at zero on the deposits made. What I would like to know is, would I in this case need to pay tax on any currency movements while the cash is in the account and if that is the case, how would this work if I make payments from... A few years ago, SARS introduced a new section onto the Tax Return called “Unemployed Periods.” Taxpayers are required to complete this section by entering all the times within the tax year they were not working. We receive many questions from taxpayers about how to declare their income in the event that they are married in Community of Property (CoP). From the 25th October 2019, the printed Tax Clearance Certificate (TCC) will be substituted by the electronic Tax Compliance Status (TCS). This new digital version of the TCC allows for a more secure experience. When SARS has completed their audit, they send a letter called a Verfication of Asssment/Completion Letter. This has the following wording: VERIFICATION OF ASSESSMENT We refer to the verification of the assessment for the 20xx tax period. Please note that no adjustment has been made to this assessment. However, in terms of the Tax Administration Act the South African Revenue Service reserves the right to conduct further reviews in ...
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Expat Tax
Written by Neo
Posted 14 February 2020
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TaxTim in People Magazine: Money Talks
Written by Neo
Posted 7 January 2020
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Mid/Junior PHP developer interview
Written by Evan
Posted 19 December 2019
Answer Tim's questions above to see if you have what it takes to work with the TaxTim team!
'Rejection of Revised ITR12' - but my return is already finalised!
Written by Neo
Posted 28 November 2019
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How to add bank details when sharing your profile with TaxTim
Written by Neo
Posted 27 November 2019
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File by 4th of December to avoid penalties
Written by Nicci
Posted 22 November 2019
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Structuring tax for a side businesses
Written by Neo
Posted 13 November 2019
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Tax effects of your salary structure
Written by Neo
Posted 11 November 2019
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Pay your taxes by 4 December or face the consequences
Written by Neo
Posted 7 November 2019
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Foreign income with online forex trading
Written by Neo
Posted 24 October 2019
1. Where would one declare this income/loss with TaxTim/eFiling tax return under foreign income?
2. Is it necessary to declare if only a loss was made?
3. Can withdrawal fees/currency exchange and bank fees be deducted from overall profit.
4. What documentation would SARS require? The only documentation that can be acquired from the trading platform is trading history showing profit/loss but no tax certificates. ...
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My medical aid is paid by my former employer: How does this affect my tax?
Written by Neo
Posted 23 October 2019
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Tax on money held in offshore account?
Written by Neo
Posted 15 October 2019
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Unemployed Periods
Written by Neo
Posted 14 October 2019
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Top Questions on Tax and Marriage
Written by Neo
Posted 10 October 2019
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SARS terminates Tax Clearance Certificates from October 25th
Written by Patrick
Posted 9 October 2019
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TaxTim in Fairlady Magazine
Written by Neo
Posted 7 October 2019
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Verification of Assessment - what now?
Written by Marc
Posted 25 September 2019
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Tax on shares
Written by Neo
Posted 19 September 2019
I received a once-off payment for shares in November 2018. I then opted to pay tax on the shares before the payments was made to me. Therefore the tax was already deducted before any monies were paid to me. I am now uncertain how to enter this in my 2019 tax return. Can you please advise %u2013 do I need to submit this income in my 2019 tax return and if I must, what figures must I submit in terms of the share payment made to me in this tax year?
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