Subsistence Allowance – Local A subsistence allowance is paid by the employer whenever the employee travels for business purposes and need to spend at least one night away from his/her usual place of residence. This allowance is given to cover meals, accommodation or incidentals costs. This allowance is given to you for the trip and [...]
PRETORIA, Monday 1 July 2019 – Deputy Finance Minister, Dr. David Masondo, and the Commissioner for the South African Revenue Service (SARS), Mr. Edward Kieswetter, have launched Tax Season 2019 for taxpayers who use the updated digital channels, eFiling, and the SARS MobiApp. Additional enhancements and changes for Tax Season 2019 In a major departure [...]
Special rules apply with regard to the VAT treatment of rental pool schemes. For convenience and simplicity, in this Chapter – the words “owner” or “owners” are used to see owners and shareholders in sectional title schemes, time-sharing schemes and share block companies which participate in a rental pool scheme; the words “unit” or “units” [...]
The most common Tax deductions that are overlooked or missed by most individuals: Donations If you are donating to a registered PBO (Public Benefit Organisation) you can deduct 10% of your taxable income for these donations. If you exceed the 10% deduction for the year, the balance can be carried over to utilize in the [...]
A dividend is a payment made by a corporation to its shareholders, usually as a distribution of profits. When a corporation earns a profit or surplus, the corporation can re-invest the profit in the business (called retained earnings) and pay a proportion of the profit as a dividend to shareholders. The obligation rests with the [...]
Commission Earners Did you know that you are able to claim expenses incurred in the production of your income? Should your commission income exceed 50% of your total earnings, you will be allowed to deduct the following expenses: Home Office Expenses Allowed if: Employer doesn’t provide office space to work from & the room should [...]
On 20 February 2019, the South African Minister of Finance Tito Titus Mboweni delivered the South African budget speech for the 2019/2020 year. This is the first speech delivered by the Finance Minister Tito Titus Mboweni, and he is also the fourth finance minister of South Africa in three years, which all contributed to slow [...]
If business was easy everyone would do it. Every business has key performance indicators that need to be carefully controlled and managed. Let us look at some of them. Turnover, profit and cash flow…. There is a saying that Turnover is vanity, Profit is Sanity and Cash flow is reality…. Why would this be the [...]
Every business owner should understand the industry they are in and the benchmarks such industry brings. There are so many factors affecting Gross Profit margins and it is one of the critical success factor areas that deserves a lot of attention! Every business has a model that has been developed over the years and evolved [...]
During pressing economic times, more and more businesses struggle to meet their statutory obligations as far as PAYE and VAT is concerned. SARS however increased the pressure from their collections department and business remains under severe cash flow pressure. As agents of SARS we as business owners remain responsible for these payments and need to [...]
