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 [...]
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 [...]
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 [...]
