In 2020, about 2.2 million jobs were lost in South Africa and in 2021, that number is expected to double as a result of Covid-19. With that, we have found that there are many questions surrounding the subject of taxes and severance packages. Here’s everything you need to know.
The Basic Conditions of Employment Act states that your severance pay should include at least one week’s worth of remuneration for every full year of work. Your severance package may consist of your ...
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Hundreds of thousands of South Africans are filing their annual tax returns and everyday people ask us “when will I get my refund from SARS?”.
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If you’re an individual non-provisional taxpayer, make sure you file your tax return before or on the deadline of 2 December 2021.
SARS is warning that those who fail to submit on time, will face penalties. Legislation has changed and you will have to pay penalties in January 2022 if you have not submitted one or more of your returns. This means that if you file your 2021 return after the deadline, SARS will levy an admin penalty.
Before, you only paid penalties when two...
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Identity fraud happens when someone uses your personal information, such as your name and identity number, without your permission.
Criminals steal your identifying information from your home, car or wallet and even your rubbish bins and use your details to commit crime. Con artists can also get your personal and confidential information from the internet, social networking sites, emails, spoofed websites, Short Message Services (SMS) and unsolicited telephone calls.
It’...
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In the past SARS needed to prove that a taxpayer had committed a tax crime “willfully and without just cause” but the legislation has just been changed. The court can now find you guilty of a tax crime even in cases of negligence or even in a case where the taxpayer may have made a mistake.
The amended law separates non-compliance into two groups: the first is where the taxpayer’s intention is not considered, and the other group is where the taxpayer’s intentio...
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If SARS have issued you an Auto Assessment, you will need to follow these steps to reject it so that we can help you to complete and submit your return to SARS.
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We are seeing many cases where taxpayers submit their documents to SARS, wait 21 working days (sometimes longer) only to receive a second letter on eFiling which requests the exact same documents again.
The letter we are referring to here is the generic SARS document request which looks like the below:
The South African Revenue Service (SARS) thanks you for submitting the revised income tax return for the 2018 tax period.
The revised information still does not match the information in the possession of the SARS and/or the income tax return has been identified for verification in terms of the Tax Administration Act....
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As early as July 2017, Adobe announced that Flash Player would be discontinued by 31 December 2020 and that Flash Player would block its Flash content by 12 January 2021
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1. Keep an accurate record of revenue and expenses
You can draw up these records by way of a simple spreadsheet based on your invoices and then confirm these amounts by cross-checking them against your bank statement.
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There is a new scam going around this tax season, SARS has made us aware of it and we would like to make sure you know about it too.
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On Tuesday evening, the SARS commissioner, Edward Kieswetter, held a media briefing to talk about the challenges that SARS is facing due to Covid-19.
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Why must I pay tax, I don’t earn enough! Will I get a penalty if I don’t disclose all my income to SARS?
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Imagine you’re an estate agent or luxury car salesman. Chances are that you don’t earn much (if anything) as a basic salary
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Recently we have noticed emails that appear to have been sent from SARS, and that might look like legitimate SARS correspondence, but are not.
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Tax isn’t the easiest of subjects to navigate. Besides the long list of legalese to master, there’s the fact that tax legislation
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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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We receive many questions to our Helpdesk from taxpayers who are faced with the following scenario:
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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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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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From the 25th October 2019, the printed Tax Clearance Certificate (TCC) will be substituted by the electronic Tax Compliance Status (TCS). This new digital version of the TCC allows for a more secure experience.
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