Proceeds

  Written by Evan   Posted 31 March 2017

Proceeds received for an asset is generally the amount, whether in money or some other form, that the taxpayer received, or is owed, on disposal of the asset.

Assets disposed of by donation, or in exchange for something which is not measurable in money, or to a connected person at a non-arm’s-length price, are treated as being disposed of for an amount received or accrued equal to the market value of the asset.

Spouse

  Written by Evan   Posted 31 March 2017

Generally the spouse of the taxpayer is anyone that they are in union with as recognised under South African law and religious recognition.

"spouse", in relation to any person, means a person who is the partner of such person -

1. in a marriage or customary union recognised in terms of the laws of the Republic;
2. in a union recognised as a marriage in accordance with the tenets of any religion; or
3. in a same-sex or hetero...

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Incur

  Written by Evan   Posted 31 March 2017

To incur something from a tax perspective would be to either pay for it using a form of currency or to be in the position where you will have to pay for something at some future date.

Public Benefit Organisation

  Written by Evan   Posted 31 March 2017

Generally this is an organisation that does not work for profit and does not pay tax in or out of South Africa. The organisation is most likely involved with charitable work.

1. which is -
   1. a non-profit company as defined in section 1 of the Companies Act, 2008 (Act No. 71 of 2008), or a trust or an association of persons that has been incorporated, formed or established in the Republic; or
   2. any branch within the Republic of any co...

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Disability

  Written by Evan   Posted 31 March 2017

It is a moderate to severe limitation of any person’s ability to function or perform daily activities. It is a condition that will last for longer than a year and needs to be confirmed by a medical practitioner on the ITR-DD obtainable from SARS. E.g. physical disability (such as wheelchair user, walking aids etc.), mental disability (such as clinical depression, bipolar disorder, dementia, schizophrenia and anxie...

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Connected person

  Written by Evan   Posted 31 March 2017

A Connected Person (in terms of a human being) is defined as either:

1. A relative of yours, including your -
   • Spouse (i.e a partner in a marriage or union recognised in terms of law or any religion, or in the same sex or heterosexual union which the Commissioner is satisfied is intended to be permanent)
   • Children
   • Grandchildren
   • Great-grandchildren
   • Parents
   • Grandparents
   • Great-grandparents
   • Brothers an...

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SARS eFiling

  Written by Evan   Posted 31 March 2017

SARS eFiling is an online process for submitting your tax returns to SARS and replaces physical tax return submissions done manually. This service allows individual taxpayers, tax practitioners and businesses to register and submit tax returns, make payments and perform a number of other interactions with SARS in a secure online environment. The website is accessible at www.sarsefiling.co.za.

Bond credit life cover premiums

  Written by Neo   Posted 31 March 2017

Are bond credit life cover premiums tax deductible against rental income? Credit life cover is compulsory, as per the bond approval pre-agreement.

ITA34

  Written by Evan   Posted 30 March 2017

An ITA34 is a summary of your assessment for the tax year. After submitting your tax return, SARS sends you a summary of your submission - this document is called an ITA34. You need to have a look at it and see if you agree, if not then you can dispute the assessment with SARS. If it does not say that you are audited, and you are happy with the result, then you do not need to take any further action after receiving it.

IRP6

  Written by Evan   Posted 30 March 2017

An IRP6 is a Tax Return completed by provisional taxpayers, twice or (optionally) three times during the tax year to declare their income. Click here for instructions on how to complete your IRP6.

ITR14

  Written by Evan   Posted 30 March 2017

An ITR14 or Income Tax Return is a form that SARS requires all companies registered with CIPC to complete and submit to SARS once every year. The form is used to declare your incomes and expenses/deductions so that SARS can calculate how much tax your business need to pay, or how much of a tax refund SARS needs to pay to you.

If you run a business that is not registered with CIPC, you would enter in your business-related incomes and expenses into your personal ITR12 tax return, under...

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IT3(c)

  Written by Evan   Posted 30 March 2017

An IT3c is a Tax Certificate received from an institution such as a bank or financial services institution. It is a summary of any disposals you may have made related to the holding of investments with any of these places.

IT3(b)

  Written by Evan   Posted 30 March 2017

An IT3(b) is a Tax Certificate received from an institution such as a bank or financial services offerer which will be a summary of any interest and dividends both local and foreign that you would have earned by having money invested with one or more of these places.

IT3(a)

  Written by Evan   Posted 30 March 2017

An IT3a is the same as an IRP5, except that it shows employee earnings from which tax has NOT been deducted.

IRP5

  Written by Evan   Posted 30 March 2017

An IRP5 is the employee's tax certificate that is issued to him/her at the end of each tax year detailing all employer/employee related incomes, deductions and related taxes. It is used by the employee specifically to complete his/her income tax return for a specific year.

Need help finding tax values on your IRP5? Read our help guide

Can expenses incurred from other income be deducted?

  Written by Neo   Posted 30 March 2017

If I'm a full time employee plus I do something outside of work that generates income and expenses, can these expenses be deducted?

Tax Season Submission

  Written by Neo   Posted 30 March 2017

I recently just registered on your website. I wanted to ask, for the year
2017 personal submissions, do I have to wait for the 1st of July for my
submissions?

How to Authorize TaxTim for Submissions

  Written by Evan   Posted 30 March 2017

IMPORTANT :
These instructions assume that you are using the TaxTim service.
This authorization is a ONCE-OFF process, next year you won't have to do it.

Average time to finish: 3 minutes

STEP 1: Log into your SARS eFiling profile

Visit www.sarsefiling.co.za in a new tab / window.
Click the LOGIN button
...

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How to submit an empty / nil return to SARS

  Written by Evan   Posted 30 March 2017

In some cases where a taxpayer was previously employed and receiving IRP5's, or has since moved overseas and no longer lives within South Africa, it may be assumed that there is no need to submit a tax return to SARS. Essentially the return would have no information on it, it would be empty, so why bother?

Completing and submitting your tax return every year is actually an essential task, and here's why:

1. By submitting your tax return...

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How to use SARS eFiling to File Income Tax Returns

  Written by Evan   Posted 29 March 2017

WARNING:

Filling out your tax return 100% correctly is of utmost importance.

We advise using a professional service like TaxTim for completing your tax return as it is essentially a legal document. Not using professional help may lead to an audit from SARS, harsh penalties, a reduced tax refund or worse.

Do it Right the Easy way by letting TaxTim fill in your Tax Return Instantly....

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ITR12

  Written by Evan   Posted 28 March 2017

An ITR12 or Income Tax Return is a form that SARS requires all individuals (including provisional taxpayers) to complete and submit to SARS once every year. The form is used to declare your incomes and expenses so that SARS can calculate how much tax you need to pay, or how much of a tax refund SARS needs to pay you.

Taxpayers only need to complete one ITR12 each year, even if they have several incomes from different employers or different income sources. That is because the ITR12 fo...

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How to submit your return to SARS

  Written by Evan   Posted 28 March 2017

Once you have a SARS issued tax reference number you can get started using TaxTim:

1. Visit www.taxtim.com/za and register.
2. Answer TaxTim's easy to understand questions about your tax year.
3. TaxTim fills in your tax return for you instantly. Get started now! →

Now that you have your completed tax return, there are three ways to submit it to SARS:

...

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Tax on a deceased's Retirement Annuity

  Written by Neo   Posted 28 March 2017

I received money from my late dad's Retirement Annuity and I was taxed on this. Does that
matter at all?

Is a golf membership tax deductible?

  Written by Neo   Posted 28 March 2017

Can I claim tax back on my golf membership fees? I play golf with clients there, have meetings and network new clients. I own a lighting and electrical importing and wholesaling company

Paypal and tax submissions

  Written by Neo   Posted 28 March 2017

I'm permanently employed and I plan on making extra money through surveys and Paypal. How would I submit this to SARS? I've not done anything like this before and I wouldn't like to make an error with my tax return. And, would I have to declare the money if I don't actually take it from my Paypal account?
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