TaxTim's Blog

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

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"Emergency Notification System" - it's a scam!

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.(endpreview) Please be caref

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What is Gap Insurance & why is it so valuable to have?

When you are in the process of selecting a medical aid, the question of adding gap cover to your plan is likely to come up. More than 1 million South African fa

SARS asked for my documents again. Why?

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 whic

FAQs: Tax Refunds

As the tax season is approaching, many of our users are asking whether or not they will be due a tax refund.(endpreview) If you have all of your tax certificate

2020 Supplementary Budget Speech

On Wednesday, 24 June 2020, Minister of Finance, Tito Mboweni, addressed parliament to announce the 2020 Emergency Budget Speech.(endpreview) While he starts of

FAQs: Tax Directives

A tax directive is super useful when you earn commission, variable income or are going to receive a large bonus or a lump sum. (endpreview) The tax directive is

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

FAQs: Tax Clearance or Tax Compliance Status (TSC)

1. I need an actual tax clearance certificate, but each time I apply I am sent a PIN. Can you help me print the certificate?(endpreview) SARS is no longer issu

FAQs: Retrenchment

Thousands of people have lost their jobs as a result of the Covid-19 pandemic and the nationwide lockdown to slow the spread of the disease.(endpreview) It&rsq

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Navigating around your Capital gains tax certificate (IT3C)

If you have shares (financial instruments) , there is important information on your IT3C tax certificate which needs to be included in your tax return

FAQs: ‘Other Deductions’ that you may be able to claim in your tax return

There is a section in the tax return called ‘Other Deductions’ which often causes confusion for taxpayers(endpreview). Expenses in this section incl

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Navigating around your Investec investment 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 section

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Navigating around your Momentum tax certificate (IT3c)

1. Opbrengs/Proceeds i.e the value that your shares were sold for. This amount needs to be entered as proceeds in the capital gains section of your

News Alert: Tax Season 2020

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.(endpreview

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

Tax Breaks For All

What?1. Rebates Who? EverybodyPrimary, secondary, and tertiary rebates – depending on your age.(endpreview) A rebate is a set amount that SARS whacks off y

The Tax Refund Myth: Why aren’t I getting anything back?

Every year there arises a misconception amongst taxpayers that a tax refund or 'tax rebate', as it is incorrectly known to many,(endpreview) is due to them by d

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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

Promised a Guaranteed Tax Refund? Be Afraid - Be Very Afraid

Guarantees are pretty powerful – they’re used by leading manufacturers and retailers to gain our confidence and trust.(endpreview) We’ve all c

How to know if an email from SARS is safe or scam

Recently we have noticed emails that appear to have been sent from SARS, and that might look like legitimate SARS correspondence, but are not.(endpreview) These

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Who's (Legally) Allowed to File Your Tax Return?

Tax isn’t the easiest of subjects to navigate. Besides the long list of legalese to master, there’s the fact that tax legislation(endpreview) evol

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

I worked for less than a year: Do I still need to submit a tax return?

If you worked for less than a year, you may be confused as to whether or not you are required to submit a tax return.(endpreview) It seems like a tedious task f

Multiple Employers, Multiple PAYE payments. Yet I still owe SARS?

We receive many questions to our Helpdesk from taxpayers who are faced with the following scenario:(endpreview) They work for two employers during the year, pe

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