Written by Nicci
Posted 27 November 2017
1. Name of Medical Scheme
2. Medical Scheme Membership number
3. Number of members/dependents per month
4. Total contributions
5. Claims you paid personally that were not covered by the Medical Aid
Written by Vee
Posted 13 November 2017
Have you ever started one of those ‘oh, this’ll be easy’ Do-It-Yourself jobs, only to find yourself utterly frustrated half-way through wondering - what was I thinking? Pieces of wood cut just a few millimetres short of what they should’ve been. Holes drilled in the wrong places. Screwdrivers in every size except the one you need, missing bolts or the wrong colour paint! These DIY disasters can land up costing you much more time and money to salvage (or in the w...
Written by Neo
Posted 13 November 2017
If you've ever found yourself confused as to why SARS has recalled your refund, even after they confirmed that you'd be recieving it, on a certain date. Below we've highlighted three reasons why this could be happening.
• The auditing department might want to check your return again
Usually SARS' system automatically restarts a verification process on your tax return if one or more of your claims weren't explained in detail. This means, a whole new verification case will be created and SARS will ask you for the same documents you'd sent them before and you might have to wait another 60 days to get your refund. ...
Written by Nicci
Posted 2 November 2017
Consult the image above to find all the tax-related information on your IRP5 that you will need when completing your annual tax return.
Written by Nicci
Posted 2 November 2017
Consult the image above to find all the tax-related information on your IRP5 that you will need when completing your annual tax return.
Written by Nicci
Posted 2 November 2017
Consult the image above to find all the tax-related information on your IRP5 that you will need when completing your annual tax return.
Written by Nicci
Posted 2 November 2017
Consult the image above to find all the tax-related information on your IRP5 that you will need when completing your annual tax return.
Written by Neo
Posted 4 October 2017
SARS has recently announced that it will be clamping down on taxpayers who miss the deadline to submit their tax return. Besides stating that they will carry out monthly fines for each tax return that is filed late, they have even gone so far as threatening criminal prosecution and time behind bars for unpaid tax debt.
This message, from SARS, comes in the wake of reports that it missed its first quarter tax collection target by R13.1 billion and if the trend continues, it will miss its overall revenue collection target by about R50 billion for 2017. ...
Written by Nicci
Posted 13 September 2017
After you have submitted the Company tax return (ITR14), SARS may request you to complete an IT14SD.
The purpose of the IT14SD is to reconcile the information on the ITR14 to the VAT and PAYE submissions made during the year. The VAT information is made bi-monthly on the VAT 201 and the PAYE submission is made every month on the EMP201.
Below are some reasons why there may be reconciling differences between the ITR14 and the PAYE and VAT submissions. Remember, you only need to...
Written by Neo
Posted 28 August 2017
The Tax Indaba is the largest annual gathering of tax practitioners, in-house tax staff members, government tax officials and tax academics. The Tax Indaba aims to involve all tax professional bodies in South Africa in order to add new variety and talent to benefit tax professionals who are seeking to refresh their knowledge and to learn about new tax-related developments.
To ensure continued relevance, the event is put together with the assistance of the whole tax community. The fiv...
Written by Neo
Posted 22 August 2017
One of the most often-misunderstood things is how tax on part-time and casual workers actually gets calculated. A topic often sparking a lot of debate, causing confusion too. A lot of people are taking on more than one job- if that isn’t already their only job- others opting for the part-time or casual work positions. Initially, whether you’re working as a full or part time employee you’re inclined to pay tax, SARS has noted out points which one should follow ...
Written by Neo
Posted 22 August 2017
So, you’ve recently submitted your tax return, received your assessment and were probably breathing a sigh of relief to be finished with the tax filing process for this year… then suddenly out of the blue you receive a confusing letter (**see bottom of page) referring to a “retirement contribution carry over balance”. You probably don’t even contribute to a retirement fund (i.e Pension, Provident or Retirement Annuity) which ends up making this letter seem even more confusing....
Written by Neo
Posted 27 July 2017
It seems like the tax season, this year, has brought about more changes and proposals than we could’ve ever imagined. In July 2017, the National Treasury announced further proposals to the Foreign Employment Exemption changes already announced in the February budget (see foreign employment blog). There has been a huge amount of confusion amongst taxpayers in South Africa and mainly those expats working out of South Africa....
Written by Neo
Posted 20 July 2017
Written by Neo
Posted 20 July 2017
Written by Neo
Posted 19 July 2017
As you may be aware, SARS has implemented a few changes to the format of the tax return this year. One such change is the requirement for taxpayers to enter more details relating to their policies in the Medical and Retirement section. The source codes used for 2017 have also had their fair share of changes too.
With that said, SARS recently highlighted some issues and technical hiccups on the new tax return relating to these updates. Below is a 'step-by-step' guide on how SARS would want you to handle these updates:
1...
Written by Neo
Posted 19 July 2017
Written by Neo
Posted 19 July 2017
I earned interest on a Peer 2 Peer investment in the UK, at https://www. Ratesetter. Com/. As this is a non-SA entity they do not provide IT3(b) statements. It is also not a bank/ institution but independent loans. As such, I am not clear if or were to add this amount in TaxTim. I did get a statement with the amount received of 110. 25GBP. Do I enter this amount at the point of "Did you earn any interest from a foreign bank / institution? On your IT3(b) you will see an amount under foreign interest. " ?...
Written by Neo
Posted 18 July 2017
Written by Neo
Posted 18 July 2017
Written by Neo
Posted 18 July 2017
Written by Neo
Posted 18 July 2017
Written by Neo
Posted 18 July 2017
Written by Neo
Posted 18 July 2017
Kindly advice me on tax deductions regarding RAF maximum amount that ca be
deducted.
If a person is on Salary range of 280 000 to 300 000 p.a.
The employer and contribute each 7.5 % of the basic salary p.a to pension
The employee currently contribute R405 per month towards retirement
annuity fund per month
The question is how much can be deducted or get refunded from SARS annual
or how much can contributed to RAF to ensure that he/ she is not paying too...
Written by Neo
Posted 17 July 2017
SARS say they upgraded their system and have now seen i did not file a tax return in 2009,2010 and have fined me for each year. Both years i was under the threshold but they are insisting i file these returns. I do not have the IRP5 anymore and the company no longer exists. They advised that I open the return on efiling and can then submit as it should have all the info, I have done this but there is no earning/medical aid information etc.
How do i resolve this now as both returns are now sitting open on efiling and i am getting fined R250 per month now that i do not resubmit....
