Top questions on Commission Earners

Our helpdesk receives hundreds of questions from commission earners about how their tax is calculated. Many are also confused about which expenses they can clai

What Medical Expenses Can You Claim Back from Tax

Medical expenses are nothing to sneeze at. Private medical treatment is increasingly pushing the limits of medical aid scheme(endpreview) benefits and our walle

Top Tips for Sole Props

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 a

11 Types of Tax Directives

10 Tips to Pay Less Tax

These tips are part of TaxTim's personalised recommendation tool called the Tax Health Score. Once you file your tax return with TaxTim,(endpreview) we analyze

IRP5 FAQs

What is an IRP5? 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,

Tax on Bonus Payments: How Does it Work?

For those fortunate enough to receive bonus payments as part of your remuneration, you’ll understand the(endpreview) frustration of seeing one amount on y

How is Commission Taxed? 3 Ways Your Company Taxes Commission

Our helpdesk receives hundreds of questions related to tax where commission is involved. A misconception that comes up time(endpreview) and time again is that p

Do I earn enough to have to pay tax?

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?(endpreview) These questions are common and

7 Types of Tax Directives

Imagine you’re an estate agent or luxury car salesman. Chances are that you don’t earn much (if anything) as a basic salary(endpreview) and you rely

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

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.(endpreview) All it really mea

Contract Workers FAQs

Contracting Benefits vs Salary? You will still be able to claim deductions for medical, travel and RA directly regardless of how you are earning income. Contract

What You Need to Know About Changes to the Tax Clearance System

Tax compliance makes its way into many aspects of life and business. Perhaps you’re considering applying for a tender, or for a foreign investment allowan

Thank you Minister – we expected worse! 2015 Budget

New Finance Minister Nene delivers his first budget with some “better than expected” tax increases. The fight against corruption was highlighted wit

2014 Budget – A move to economic transformation

In delivering what could possibly be his last annual budget and perhaps in an election year a very pragmatic one, Minister Pravin Gordhan painted a rather posit

SARS Tax Tables for 2014

Tax rates for Individuals and Trusts Income tax rates: Natural persons (that's you) and special trusts. 2013 tax year: 1 March 2013 - 28 Feb 2014. Individuals

The effect of the 2013/14 annual budget speech on the average South African taxpayer

It was with great enthusiasm that we at TaxTim awaited delivery by the Minister of Finance of his annual budget speech this afternoon, especially after some of

SARS Tax Tables for 2013

Tax rates for Individuals and Trusts Income tax rates: Natural persons (that's you) and special trusts. 2013 tax year: 1 March 2012 - 28 Feb 2013. Taxable

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,

SARS 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

How 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

New 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

Taxable 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