Category Archives: Income Tax & PAYE

Tax Season 2015

Tax Season 2015

Well it is that time of year again, tax season. It is time to get all of our affairs in order and submit for refunds. By now, you should have received an IRP5 from your employer, if not, request one right away. Make sure you get a medical aid certification if you pay your own medical aid, any additional income streams, rental income accounts and tax certificates for any retirement annuities. If you do your taxes all on your own, you know how hard it…

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How to use SARS eFiling to file Income Tax Returns

How to use SARS eFiling to file Income Tax Returns

Submitting your income tax return with SARS eFiling is easy once you get used to the system. As with all your tax returns, filling out your tax return 100% correctly is of utmost importance. Step 1: Logging in Go to www.sarsefiling.co.za. On the top right-hand corner will be two buttons: Register and Log in. Click Log in and type in your username as password. Then click Login. Step 2: Generate your ITR12 tax return Make sure that your name appears at the top under Taxpayer…

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Tax Rates 2015

Tax Rates 2015

As we all know, the national budget was presented yesterday, 25 February 2014. The government made it clear that they plan to increase personal income tax from 1 March 2015 to 28 February 2016, by 1%. Some of you are most-likely worried or you didn’t event get to witness the budget.  You’re in luck because we have made notes and decided to post it here. It’s a little out of the ordinary but you need to know how much you pay before you can get…

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New income tax return for trusts

New income tax return for trusts

What is the new income tax return for trusts? SARS has improved the Income Tax Return for Trusts. The old form was redesigned and automated. The new form will be called the Income Tax Return for Trust (ITR12T). Since when is it in effect? The new form came into effect on 6 October 2014. SARS also stated that they will not accept the older forms. Manually completed IT12TRs: All IT12TRs received at a SARS branch or by post, including a SARS drop box, will not…

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How to claim your VAT Refund?

Admin Penalty on Tax Returns

An admin penalty on tax returns is incurred when you do not meet various requirements. The admin penalty is currently only collected for the late submissions of tax returns or no submissions at all.The admin penalty consists fixed amount penalties and a percentage based penalty. The penalty amount that will be charged depends on your taxable income. It can range from R250 up tp R16000 a month for each month that the non-compliance continues. What if you don’t agree with the Admin Penalty on tax…

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How to use SARS eFiling to file Income Tax Returns

Personal Income Tax Return

Who must complete and submit a personal income tax return? All taxpayers that earns any form of remuneration more than R250 000 per year from a single employer, must complete and submit a personal income tax return. If the individuals also has any other non-remuneration income, he or she must submit a return on an annual basis. Who is not required to submit a return? A taxpayer still has to register for income tax but he or she is not liable to to submit a…

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eFiling Tax Return FAQ

eFiling Tax Return FAQ

What are the benefits of eFiling? An eFiling Tax return can be done simply on-line. It is actually very convenient for small and large businesses alike. Can you use eFiling for all Income Tax/VAT returns? Yes all of your income tax and VAT returns may be done with eFiling. The due date for VAT returns for both filing and payment is the last business day of the month if the return is filed via eFiling. The payment is made either via eFiling or EFT on…

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Income and PAYE tax refunds

Income and PAYE tax refunds

Foreign citizens that wish to claim tax refunds on Income tax deductions from South African employers may have to consult with a registered tax practitioner. Registrations of tax practitioners are done by the South African Revenue Service and respected tax practitioners can be found on the South African Tax and tax practitioners website. Foreign citizens may also contact the revenue service directly and contact details can be found on the SARS website. If you are a South African citizen wishing to find out more about…

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