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.
Read more →
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.
Read more →
Written by Vee
Posted 23 June 2020
Our helpdesk receives hundreds of questions related to tax where commission is involved. A misconception that comes up time
Read more →
Written by Nicci
Posted 22 June 2020
Written by Nicci
Posted 18 June 2020
In January 2018 I stopped working as a full time employee and for the 2018/2019 tax year I did various things (including foreign travel and work) and earned different kinds of incomes. I did not register as a provisional taxpayer as at that stage I really did not know how the year was going to pan out and if I was going back into full time employment again. I would like to settle any tax I may owe for the 2018/2019 year, however with my different incomes, working out the country for more than 18...
Written by Nicci
Posted 18 June 2020
Written by Nicci
Posted 15 June 2020
Thousands of people have lost their jobs as a result of the Covid-19 pandemic and the nationwide lockdown to slow the spread of the disease.
Read more →
Written by Nicci
Posted 28 May 2020
Written by Nicci
Posted 28 May 2020
I have a Pty Ltd that was registered in February, the Provisional Tax payments must be made in April and October. SARS says I must make tax payments from the 2021 period. The date of liability for provisional tax: 2020/05. When, according to that, is the first time I have to submit tax reports, was it this past April 2020 already? Also, when is the "major" tax submission due, not the provisional one, but the annual one? I would like to do it with TaxTim as my company is small.
I was...
Written by Nicci
Posted 28 May 2020
Written by Nicci
Posted 28 May 2020
Written by Nicci
Posted 22 May 2020
Written by Nicci
Posted 22 May 2020
Written by Nicci
Posted 22 May 2020
Written by Nicci
Posted 19 May 2020
The 1st provisional payment must be based on 15% of the total estimated tax liability.
The 2nd provisional payment must be based on 65% of the total estimated tax liability. Remember to deduct the 1st payment that you made.
No, my business does not qualify for this tax relief measure
Unfortunately, your business does not meet the criteria to qualify for the provisional t...
Written by Alicia
Posted 15 May 2020
If you have shares (financial instruments) , there is important information on your IT3C tax certificate which needs to be included in your tax return.
This will ensure your taxable income is calculated accurately with the correct capital gain or loss included.
Do you have shares at any of the following institutions?...
Written by Nicci
Posted 13 May 2020
There is a section in the tax return called ‘Other Deductions’ which often causes confusion for taxpayers
Read more →
Written by Nicci
Posted 12 May 2020
1. This is the proceeds i.e the value that your shares were sold for. This amount needs to be entered as proceeds in the capital gains section of your tax return.
2. This is the base cost i.e the costs attached to the sale of your shares. This amount needs to be entered as the base cost in the capital gains section of your tax return....
Written by Nicci
Posted 12 May 2020
1. Opbrengs/Proceeds i.e the value that your shares were sold for. This amount needs to be entered as proceeds in the capital gains section of your tax return.
2. Basiskoste/Base Cost i.e the costs attached to the sale of your shares. This amount needs to be entered as the base cost in the capital gains section of your tax return.
...
Written by Nicci
Posted 8 May 2020
On Tuesday evening, the SARS commissioner, Edward Kieswetter, held a media briefing to talk about the challenges that SARS is facing due to Covid-19.
Read more →
Written by Nicci
Posted 7 May 2020
Do Your Tax Return Easily