TaxTim's Blog
How to request a Penalty Statement of Account
SARS have recently become a lot stricter with late filers and have changed their rules for administrative penalties. You can read more about these changes here.
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Tax on Pension Annuities
Taking a closer look at why taxpayers may be required to pay in tax on pensions or annuities on assessment and how they can avoid a repetition of this each year
Read moreHow you can avoid load-shedding while reducing your tax bill
In his Budget Speech on 22 February 2023, Minister of Finance Enoch Godongwana announced the introduction of tax incentives intended to encourage the rapid upta
Read moreNavigating Tax Consequences for Social Media Influencers
How to Change/Verify Your Bank Details at SARS
SARS has recently issued a new guide with regards to updating your banking details with them. This was done in order to reduce the risk of refunds being paid in
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Unpacking the Foreign Employment Income Exemption
This is the exemption is for employees that receives foreign employment income for services rendered outside of South Africa, provided that all the requirements
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Top Questions on Income that is not taxed
Exempt or non-taxable income refers to certain types of income, which is not subject to income tax. (endpreview) There is a section in the tax return called &ls
Read moreNavigating around your Allan Gray tax certificate (IT3c)
1. This is the proceeds i.e the value that your shares were sold for. This amount needs to be entered as proceeds in the capital gains sectio
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How home office deduction impacts Capital Gains Tax
With “flexible” employment being the new buzzword, more and more people are working part or all of the week from an office in their home.(endpreview
Read moreDo You Need to Ring-Fence Your Business or Rental Losses for Tax?
When pursuing a business activity, trade or renting out a property, you’re no doubt doing so to make some money, but the reality for self-starters(endpr
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I forgot to submit some documents to SARS - what must I do now?
If you left out some documents in your original submission to SARS, don’t panic. SARS has recently implemented a new process(endpreview) to submit docume
Read moreCapital Gains and Losses: which source codes to use?
In the Capital Gains section of the annual tax return (ITR12), SARS requires you to insert the relevant asset source code for the item you have sold. Howe
Read moreHow to add your Company Tax Number to your eFiling profile
As part of SARS’ mission to simplify the eFiling system, the Tax Type Transfer process was updated in 2020 for all Tax products in a bid to offer users co
Read moreBudget 2024: No Major Tax Hikes
South Africans were bracing themselves for bad news when Finance Minister Enoch Godongwana delivered his budget speech yesterday. However, in line with expectat
Read moreNavigating around your Medical Aid Tax Certificate
If you belong to a Medical Aid, there is important information on your medical aid tax certificate which needs to be included in your tax return. This will ensur
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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
Read moreWhat to do if your tax return was rejected by SARS
If you've received a letter from SARS saying that your tax return has been rejected and you're not sure why, there could be a few reasons why this has happened.
Read moreWhat is Beneficial Ownership?
The CIPC recently (1 April 2023) implemented a new register called the Beneficial Ownership (BO) register in an attempt to establish who owns or exercise contro
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Why does SARS require manual intervention to finalise my return?
When a Tax Return is filed usually SARS issues an immediate assessment (ITA34), however sometimes they do need to do a further manual check on their side.
Read moreTaxTim Refund Policy Explained
Each time SARS makes changes on eFiling or with their standard operating procedures, TaxTim has to adjust its systems and processes. We usually receive no warni
Read moreHow do I know if I was auto-assessed?
During the tax year, SARS issued SMS's to taxpayer whom they chose to auto-assess. Those selected individuals would typically be taxpayers earning fixed salari
Read moreIncome Tax Return Verifications and Audits
It is important to note that verifications and audits are two different processes. In a simple explanation, verification is the "straightforward" process to con
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The Deduction of Home Office Expenditure
Nowadays, work culture has evolved massively and “Flexible employment” has become the new buzzword. This is especially relevant at the moment, where
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FAQ: Home Office Expenses
Flexible employment is becoming increasingly popular, many taxpayers spend some (or all) of their time working from home. If certain conditions are met, taxpaye
Read moreHow to Submit a Request for Reduced Assessment via SARS eFiling
If your 2023 individual income tax return was auto-assessed by SARS earlier this year, and you intended to include extra income or expenses/ deductions but miss
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