Written by Nicci
Posted 21 April 2020
Written by Marc
Posted 20 April 2020
Written by Vee
Posted 19 April 2020
Imagine you’re an estate agent or luxury car salesman. Chances are that you don’t earn much (if anything) as a basic salary
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Written by Vee
Posted 16 April 2020
Written by Nicci
Posted 15 April 2020
Recently we have noticed emails that appear to have been sent from SARS, and that might look like legitimate SARS correspondence, but are not.
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Written by Vee
Posted 12 April 2020
Tax isn’t the easiest of subjects to navigate. Besides the long list of legalese to master, there’s the fact that tax legislation
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Written by Marc
Posted 10 April 2020
You may have seen the word PAYE on your IRP5 payslip or heard it mentioned by your employer, but have no idea of its meaning.
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Written by Nicci
Posted 10 April 2020
Written by Nicci
Posted 9 April 2020
We receive many questions to our Helpdesk from taxpayers who are faced with the following scenario:
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Written by Vee
Posted 8 April 2020
Written by Nicci
Posted 6 April 2020
Provisional tax is paid by people who earn income other than a salary / traditional remuneration paid by an employer.
How do I convert from a provisional taxpayer to a regular taxpayer? OR How do I de-register as a Provisional Taxpayer?
Your tax number stays the same, just make sure that it has not been deactivated. This has happened in some cases. You will also need to de-register as a Provisional Taxpayer (this won’t affect your tax number) You can do this on eFiling by going to the Home Tab and clicking Tax Types and de-registering there. This will mean you are only a "regular" taxpayer...
Written by Nicci
Posted 4 April 2020
Date
Taxpayer's Full Name
Address
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Written by Nicci
Posted 3 April 2020
Special Economic Zones (SEZ’s) are certain designated areas of a country demarcated by the government for special targeted economic activities. These are generally areas where business and trade laws are different from that of the rest of the country. The aim of these zones is to encourage increased foreign investment and trade, as well as job creation. This done by way of several tax incentives which are available to business which operate in SEZ’s.
They include the following:...
Written by Nicci
Posted 2 April 2020
At the start of the 2021 tax year I will be earning a monthly income from my living annuity [LA], however as I understand from the provider of the LA, that tax will be deducted by them before I receive the monthly amount. I am registered as a provisional taxpayer and will be earning additional income on top of the LA income. So, I therefore assume that I can continue being a provisional taxpayer and declare the additional income only in the IRP6, or would I have to declare both incomes and then ...
Written by Nicci
Posted 2 April 2020
At TaxTim, we receive many questions from taxpayers about retirement funds and tax.
One of the biggest benefits of contributing towards a retirement fund is the tax break.
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Written by Nicci
Posted 1 April 2020
The national lockdown due to the Covid-19 virus is undoubtedly wreaking havoc on the economy. Small businesses have been hard hit – many not knowing if they will have sufficient cash flow to resume operations when things eventually return to normal.
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Written by Nicci
Posted 31 March 2020
It’s not all doom and gloom when it comes to the rising costs of medical expenses. You can expect some tax relief if you contribute to a medical aid and if you spend a certain amount on ‘out of pocket’ expenses.
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Written by Nicci
Posted 31 March 2020
Written by Nicci
Posted 27 March 2020
Written by Nicci
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 Nicci
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 Nicci
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 Nicci
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 Nicci
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 Nicci
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.
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