Written by Evan
Posted 31 March 2017
Tax season is the period in which taxpayers must complete and submit their tax returns to SARS.
The South African Revenue Service begins tax season for individuals in July each year with tax season usually closing in October each year (prior to 2022, the season used to close in November).
Written by Evan
Posted 31 March 2017
Written by Evan
Posted 31 March 2017
Written by Evan
Posted 31 March 2017
A source code is a four digit identifier / number that SARS uses to capture information on the income tax return. It will usually appear alongside the amount it relates to. Source codes that might appear on your IRP5 are listed below. For business source codes please click here.
Written by Evan
Posted 31 March 2017
Base cost means the cost of an asset against which any proceeds (the price) upon disposal (sale) are compared in order to determine whether a capital gain (a profit) or loss has been realised.
Base cost includes those costs actually incurred in acquiring, enhancing or disposing of a capital asset that are not allowable as a deduction from income.
The following are included in the base cost of an asset: Acquisition cost, Incidental costs of acquisition and disposal, Capit...
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.
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 -
Written by Evan
Posted 31 March 2017
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.
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...
Written by Evan
Posted 31 March 2017
A Connected Person (in terms of a human being) is defined as either:
Written by Evan
Posted 31 March 2017
Written by Nicci
Posted 31 March 2017
Written by Evan
Posted 30 March 2017
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...
Written by Evan
Posted 30 March 2017
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.
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.
An IT3(a) is a tax certificate issued to a taxpayer at the end of the tax year, detailing income, allowances, and deductions where no employees’ tax (PAYE) was withheld. It is typically provided for payments such as contract income, allowances, or other remuneration not subject to PAYE.
This certificat...
Written by Evan
Posted 30 March 2017
Written by Nicci
Posted 30 March 2017
Written by Nicci
Posted 30 March 2017
Written by Evan
Posted 30 March 2017
Visit www.sarsefiling.co.za in a new tab / window.
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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:
Written by Evan
Posted 29 March 2017
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....
Written by Evan
Posted 28 March 2017
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