How does Pay-As-You-Earn (PAYE) work?

Posted 10 April 2020

You may have seen the word PAYE on your IRP5 payslip or heard it mentioned by your employer, but have no idea of its meaning.

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I worked for less than a year: Do I still need to submit a tax return?

Posted 10 April 2020

If you worked for less than a year, you may be confused as to whether or not you are required to submit a tax return.

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Multiple Employers, Multiple PAYE payments. Yet I still owe SARS?

Posted 9 April 2020

We receive many questions to our Helpdesk from taxpayers who are faced with the following scenario:

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10 Ways to Spend Your Tax Refund

Posted 8 April 2020

It’s tax season, and one of the most compelling reasons to file a tax return (besides the fact that it’s the law, of course) is the chance that you’ve

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Provisional Tax FAQs

Posted 6 April 2020

What is a provisional tax?
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...

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Medical Aid contributions paid on behalf of a dependent

Posted 4 April 2020

Date
Taxpayer's Full Name
Address

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Special Economic Zones

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:...

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FAQs: Retirement funds and tax

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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Covid 19: Unpacking the Tax Relief for Small Businesses

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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FAQ's: Medical Expenses and Taxes

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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Covid 19: What to do when you have to go to a SARS branch?

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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Sole Proprietor or Company: What's Best for Tax?

Posted 9 March 2020

Getting a new business venture off the ground is an equally exciting and stressful time. You’re enthusiastic about getting your new product or service out into the market, but you face quite an administrative process to get it off the ground legally.

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Why don't I get a tax deduction for Out of Pocket Medical Expenses?

Posted 29 February 2020

Tax season always throws up some interesting and confusing calculations, but for many, the most confusing of all is how medical aid contributions and Out of Pocket medical expenses are treated.

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Budget 2020: Unexpected Relief for Taxpayers!

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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Budget Prediction 2020: More dark days ahead?

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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Overview on Tax Free Savings versus Retirement Annuity

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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State of the Nation Address - SONA 2020

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.

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Expat Tax

Posted 14 February 2020

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.

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TaxTim in People Magazine: Money Talks

Posted 7 January 2020

 

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'Rejection of Revised ITR12' - but my return is already finalised!

Posted 28 November 2019

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.

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File by 4th of December to avoid penalties

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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Tax effects of your salary structure

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

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Pay your taxes by 4 December or face the consequences

Posted 7 November 2019

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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My medical aid is paid by my former employer: How does this affect my tax?

Posted 23 October 2019

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:

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Unemployed Periods

Posted 14 October 2019

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.

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