A South African economy under pressure forced decision-makers in the SMME market to review the total composition of their organisations. Naturally, salary bills had to be cut, to ensure the survival of the business remained top priority. Unfortunately, the financial departments were also affected and have often led to circumstances proving detrimental to the organisation. [...]
Stay financially stable and compliant during COVID-19 Lockdown South Africa also received the horrifying news of a national lockdown period like the rest of the world. It, unfortunately, is a condition found in the Macro Economy and unavoidable. It is, however, important to remain on top of your business requirements and tackle the challenges head-on. [...]
Expat tax What to know about double taxation, your tax status and SARS penalties Amendments to South Africa's tax law coming into effect from March 1, 2020, essentially mean that SA tax residents working abroad will only be exempt from paying tax on the first R1 million they earn abroad. Thereafter, they will be required [...]
SARS has recently announced that they will file your return for you! Because they have access to already provided information on their system. But with that said, there shouldn’t be any changes since your previous filed return. For example: If you started earning a rental income during the new financial year, that will not form [...]
What is 12J and how does it work? Section 12J is woven into South Africa’s Income Tax Act and enables investors to provide much-needed capital to Small-to-Medium Enterprises (SMEs). With Section 12J funds, investors have 100% of their investment value deducted from their taxable income in the year of assessment in which the investment is [...]
VAT, Transfer Duty And Fixed Property Value Added Tax is a tax on the value added by each Vendor in the production chain and is imposed each time a taxable supply of goods or services takes place. Each Vendor is required to account for the VAT on the Value Added by the Vendor. A Vendor [...]
EMPLOYMENT TAX INCENTIVE (ETI) Why is there an ETI? Millions of young South Africans are excluded from participating in economic activity, and as a result suffer disproportionately from unemployment, discouragement and economic marginalisation. High youth unemployment means young people are not gaining the skills or experience needed to drive the economy forward. This lack of [...]
Many people are asking this question around this concept, and there is an ongoing misconception that the R500k threshold means that if you earn less than R 500 000.00 per annum, there is no obligation to pay tax. This is off course NOT true. What the R500k threshold refers to is whether or not there [...]
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” [...]
