TaxTim's Blog
10 Ways to Spend Your Tax Refund
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&
Read moreProvisional Tax FAQs
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
Read moreMedical Aid contributions paid on behalf of a dependent
DateTaxpayer's Full NameAddress(endpreview) To Whom It May Concern, Subject: medical aid contributions paid on behalf of a dependantThis letter serves
Read moreSpecial Economic Zones
Special Economic Zones (SEZ’s) are certain designated areas of a country demarcated by the government for special targeted economic activities. These are
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FAQs: Retirement funds and tax
At TaxTim, we receive many questions from taxpayers about retirement funds and tax. One of the biggest benefits of contributing towards a retirement fund&
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Covid 19: Unpacking the Tax Relief for Small Businesses
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
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FAQ’s: Medical Expenses and Taxes
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 i
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Covid 19: What to do when you have to go to a SARS branch?
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 ligh
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Budget 2020: Unexpected Relief for Taxpayers!
The Minister delivered some good news to South Africans yesterday when he announced there would be no significant tax hikes(endpreview) – in fact, there w
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Budget Prediction 2020: More dark days ahead?
All eyes will be on Finance Minister, Tito Mboweni, tomorrow when he delivers his budget speech on Wednesday, 26 February to the nation.(endpreview) Agains
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Overview on Tax Free Savings versus Retirement Annuity
By Rowan Burger from Momentum Investments The benefits of saving your money are well known and encouraged by many financial institutions(endpreview) , with ma
Read moreState of the Nation Address - SONA 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 Man
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Expat Tax
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 exemptio
Read moreTaxTim in People Magazine: Money Talks
(endpreview)
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â'Rejection of Revised ITR12' - but my return is already finalised!
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 re
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File by 4th of December to avoid penalties
The deadline for non-provisional taxpayers to file their tax return is just around the corner. Taxpayers have until 4th December to submit their retur
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Pay your taxes by 4 December or face the consequences
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
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My medical aid is paid by my former employer: How does this affect my tax?
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
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Unemployed Periods
A few years ago, SARS introduced a new section onto the Tax Return called “Unemployed Periods.” Taxpayers are required to complete this section by e
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Top Questions on Tax and Marriage
We receive many questions from taxpayers about how to declare their income in the event that they are married in Community of Property (CoP). (endpreview) Hopef
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SARS terminates Tax Clearance Certificates from October 25th
From the 25th October 2019, the printed Tax Clearance Certificate (TCC) will be substituted by the electronic Tax Compliance Status (TCS). This new digital vers
Read moreTaxTim in Fairlady Magazine
(endpreview)
Read moreVerification of Assessment - what now?
When SARS has completed their audit, they send a letter called a Verfication of Asssment/Completion Letter. This has the following wording: VERIFICATION OF ASS
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Top Questions on Provisional Tax
With the first provisional return still fresh in the minds of taxpayers, we thought it would be a good time to highlight some questions that were asked to our H
Read moreReturn Status ‘Filed through Branch’ – What Does This Mean?
We’ve recently received many questions from taxpayers asking us if we physically went into a SARS office to submit their returns manually. (endpreview) Th
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