TaxTim's Blog
How to manage your tax affairs running a business in your own name as a sole-proprietor
South Africa is brimming with entrepreneurs and small business owners who keep the economy running. These people may or may not be earning a regular salary too,
Read moreWhy do I need to submit an Income Tax Return if my employer pays my Tax?
A question often asked is, “If my boss pays over my tax then why do I have to do anything?” If you earn below R160 000 per year, SARS does not require that you
Read moreWhat to do if your second ITA34 assessment says you now owe SARS money
If you have ever survived a SARS audit, you may have been issued with a “revised assessment” or second ITA34 that doesn't make much sense. It probably says that
Read moreSARS is asking for more documents. Are they auditing me?
For most people upon submission of their year-end income tax return, either nothing much will happen or a refund will be due, this being paid back within a matt
Read moreI’m retired at 65 years and older – what income tax benefits do I qualify for in retirement?
It would seem that SARS often prioritises younger taxpayers who are still working and receive a constant flow of income. However for many older South African ta
Read moreHow do I calculate my earnings after tax? Try our income tax calculator
Most employees negotiate their salary based on the gross amount (or cost to company) - the whole amount paid by their employer. Since income tax is deducted fro
Read moreHow to become tax compliant in South Africa
Have you registered as a taxpayer? Did you know that it is your duty by law to register with SARS (the South African Revenue Service) as a taxpayer if you ea
Read moreDo I qualify to pay Dividends Tax?
Taxpayers will no doubt notice a number of emails and letters from banks / financial advisors asking them to submit a form related to dividends tax. What is thi
Read moreSouth African budget 2012/2013 – “Tax by stealth”
Eagerly anticipating the budget this year and forever the optimist, Finance Minister Pravin Gordhan started off well: R9.5bn of individual tax savings and reven
Read moreNew tax credit to replace medical aid deductions in post 2012 Tax Year
The 2012 tax year has almost come and gone, and being annual budget time, anxious taxpayers are unsure what to expect. Is there any room to be taxed further? Al
Read more“Claim it back from Tax” The Fact behind the Fiction
There is this misconception that if one has an expense or makes a donation then “it can be claimed back from tax” While to the non-tax literate this
Read moreTaxable vs Accounting: Setting the record straight
There is a widely believed myth that all expenses and incomes of a business can lower taxes. The Taxable vs Accounting deductibility argument is one which will
Read moreWhat is the benefit of actually spending time looking at your tax return?
You always hear of people saying they are terrified of Tax and they just hand it over to some accountant who does it for them and they never actually see it unt
Read moreNew Year's Tax News
Well 2011 has come and gone and we look forward to the 2012 Tax Season ending for individuals on 29 February 2012 (SARS is giving us an extra day this year). Fi
Read moreTax Season 2011
So Tax Season has come and gone this November and yet Tim thinks some of you may have not submitted your returns yet. Although filing season is over, you can s
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