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. 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 sharing of the taxpayer’s profile to the Tax Practitioner should work easily if the tax number is linked and if you have a banking details setup to make a payment to SARS. If you receive an error relating to your bank ... 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... 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
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Expat Tax
Written by Nicci
Posted 14 February 2020
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TaxTim in People Magazine: Money Talks
Written by Nicci
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 Nicci
Posted 28 November 2019
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How to add bank details when sharing your profile with TaxTim
Written by Nicci
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 Nicci
Posted 13 November 2019
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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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Do Your Tax Return Easily