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dividends
Sole Proprietor or Company: What's Best for Tax?
Getting a new business venture off the ground is an equally exciting and stressful time. You’re enthusiastic about getting your new product or service o
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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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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
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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
Read moreWho'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
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Which dividends are exempt from Dividend Withholding Tax?
There are certain dividends, which don’t attract dividends tax, provided some conditions are met. However, lets first take a step back and clarify what di
Read more2016 Budget Speech: Welcome Back, Minister! You Couldn’t Have Returned Just for the Free Lunch?
The 24th of February 2016 was supposed to be a watershed moment for the Economy of South Africa. The old-new Minister of Finance, Pravin Gordhan, was to deliver
Read moreWhat 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
Read moreRetirement Funds Tax Laws Effective 1 March 2016 - How SARS’ New Changes Affect You!
If you’re diligently putting money away for your retirement in the form of a pension, provident fund or retirement annuity, you may be curious – per
Read moreThank 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
Read more2014 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
Read moreThe 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
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 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 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
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