Written by Nicci
Posted 22 November 2019
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.
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Written by Nicci
Posted 13 November 2019
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...
Written by Nicci
Posted 11 November 2019
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 ... With the first provisional return still fresh in the minds of taxpayers, we thought it would be a good time to highlight some questions that were asked to our Helpdesk last month. We’ve recently received many questions from taxpayers asking us if we physically went into a SARS office to submit their returns manually. You have filed all your outstanding tax returns with SARS and when receiving your ITA34 assessment/ Statement of Account/ Penalty statement you notice that you owe SARS some tax. There are three main options available to you, if you want to make a payment to SARS. On 20 June 2019, President Cyril Ramaphosa delivered his first State of the Nation Address (SONA) of the sixth parliament, and for the first time in years, we witnessed an uninterrupted SONA. And that is not the only first. For the first time, the SONA cost almost R2m, a staggering 47% lower than the cost of SONA 2018 and the lowest in five years. You may have heard the recent announcement from SARS that certain taxpayers who earn less than R500 000 per year don’t need to submit a tax return. However, this only applies under very specific conditions so it is extremely important to understand these fully if you think you may be affected. You can read all about this rule here. This year SARS are taking things one step further. They ...
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Pay your taxes by 4 December or face the consequences
Written by Nicci
Posted 7 November 2019
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Foreign income with online forex trading
Written by Nicci
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 Nicci
Posted 23 October 2019
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Tax on money held in offshore account?
Written by Nicci
Posted 15 October 2019
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Unemployed Periods
Written by Nicci
Posted 14 October 2019
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Top Questions on Tax and Marriage
Written by Nicci
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 Nicci
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 Nicci
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?
Old Tax Returns
Written by Nicci
Posted 13 September 2019
SARS owes me money from a tax return which I recently submitted with the help of TaxTim. They have come back to say that I need to file my old tax returns from the year 2016 and 2017, but I was not working during those two years and I also never filed any tax returns during those two years. I am not so sure about what should I do now regarding this matter?
Top Questions on Provisional Tax
Written by Nicci
Posted 13 September 2019
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Return Status ‘Filed through Branch’ " What Does This Mean?
Written by Nicci
Posted 13 September 2019
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Corrected IRP5
Written by Nicci
Posted 11 September 2019
My employer had to fix the tax period on my IRP5 and it has now been resubmitted to SARS. I would like to know if I am able to get TaxTim to reload this new IRP5 document for me? Also, please note that there are some amount changes as well which were made and this needs to reflect before I can agree to submit the final details. Is there perhaps a process whereby TaxTim can import the IRP5 before commencing to the submission state?
Tax on living annuity
Written by Nicci
Posted 5 September 2019
What type of a taxpayer am I if I receive a living annuity and I am 42 years old? My monthly living annuity income is just over R10000, I also receive money from my children's investments which ranges between R1000 and R8000.
Making payments to SARS
Written by Nicci
Posted 5 September 2019
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Tax helpdesk assistant interview
Written by Evan
Posted 2 September 2019
Answer Tim's questions above to see if you have what it takes to work with the TaxTim team!
IT3(f)
Written by Nicci
Posted 29 August 2019
An IT3(f) is a Tax Certificate received from a financial services institution. It is a summary of the details of your contribution to a Retirement Annuity Fund made for the year. Note, this is not the same as a Pension or Provident Fund. It is specifically for a Retirement Annuity Fund only.
REIT
Written by Nicci
Posted 29 August 2019
A REIT stands for Real Estate Investment Trust. This is a listed property investment vehicle. Distributions from REITs must be included in the taxpayer's taxable income and will be taxed per their marginal tax rate.
Claiming retirement
Written by Nicci
Posted 25 July 2019
I am confused and I need some clarity regarding money I am contributing into a pension fund. I am making monthly contributions into someone else%u2019s pension fund. I was wondering whether I can deduct my contributions from my income for tax purposes. Can I claim these contributions back? I am not certain whether this is doable and would appreciate your help.
SONA 2019 - A Short Summary
Written by Patrick
Posted 23 July 2019
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SARS has done a ‘simulated calculation’ for me " what does this mean?
Written by Nicci
Posted 19 July 2019
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