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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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
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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.
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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
