“Being tax compliant and ‘paying your fair share’ is not just good for you, but also contributes to the positive growth of our country’s economy which in turn benefits all South Africans.” (SARS) Being tax-compliant is a legal requirement for all South Africans. SARS says it will be unrelenting in driving voluntary compliance in pursuing the 2024/25 tax revenue target of R1,840.8 billion. To expand the tax base, detect dishonest… Read more
“A goal without a plan is just a wish.” (Antoine De Saint-Exupery, author of The Little Prince) Want to start a business? SARS warns you to be aware of the tax obligations of running a business, whether it’s in the form of a legal entity or in your personal capacity. Considering the tax implications before starting a business will result in substantial benefits down the line. These include better budgeting… Read more
07 January – PAYE submissions and payments. 20 January – End of Filing Season 2024 for Provisional taxpayers & Trusts. 24 January – VAT manual submissions and payments. 30 January – Excise duty payments. 31 January – VAT electronic submissions and payments, & CIT Provisional Tax payments where applicable. Disclaimer: The information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors… Read more
“If you can laugh together, you can work together” (Robert Orben) There’s no requirement or obligation for companies to host a year-end party for employees, clients or suppliers. This is true even if there’s a company tradition of an end-of-year bash, or where there may be expectations of a year-end party for clients or suppliers in certain industries. Read on for the lowdown on the pros, cons and tax implications… Read more
“The hardest thing in the world to understand is the income tax.” (Albert Einstein) With an increasing amount of business being conducted online, it’s perfectly possible to live in one country and earn an income in another. If you are conducting services for global corporations and earning foreign income in another country, you could get caught up in a world of tricky tax situations. Under these circumstances, you can find… Read more
06 December – Monthly Pay-As-You-Earn (PAYE) submissions and payments 24 December – Value-Added Tax (VAT) manual submissions and payments 30 December – Excise Duty payments 31 December – Corporate Income Tax (CIT) Provisional Tax payments 31 December – End of the 3rd fiscal quarter 31 December – Value-Added Tax (VAT) electronic submissions and payments Disclaimer: The information provided herein should not be used or relied on as professional advice. No liability… Read more
“Over the next few years, we are also implementing a global minimum corporate tax to limit the negative effects of tax competition.” (Enoch Godongwana, Minister of Finance, Budget 2024) There have been significant shifts in the corporate income tax landscape in South Africa and globally. Recent trends noted by the OECD and The Tax Foundation include: Statutory corporate income tax rate changes in 13 countries in 2023 A reversal of… Read more
07 November – Monthly PAYE submissions and payments 25 November – Value Added Tax (VAT) manual submissions and payments 28 November – Excise duty payments 29 November – VAT electronic submissions and payments, Corporate Income Tax Provisional Tax payments where applicable. Disclaimer: The information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or… Read more
“…it is vital that all stakeholders in the digital ecosystem, including the taxpayers, SARS, and the banks, work together to prevent and combat profile hijacking.” (SARS) The recent spike in the number of SARS eFiling profiles being hacked by cybercriminals should raise red flags for every taxpayer. It’s got so bad that the Minister of Finance has given the Office of the Tax Ombud (OTO) approval to conduct a review… Read more
“The interim reconciliation process has become an integral part of the employer reconciliation and assists employers…” (SARS) Employers are assisted by the interim EMP501 reconciliation, says SARS, because it makes it easier to: make more accurate annual reconciliation submissions maintain an up-to-date employee database register employees for income tax purposes Of course, there are other benefits, such as maintaining your compliant tax status, and avoiding wasting money on stiff penalties… Read more
07 October – Monthly PAYE submissions and payments 21 October – End of filing season for individual taxpayers (non-provisional) 25 October – Value Added Tax (VAT) manual submissions and payments 30 October – Excise duty payments 31 October – VAT electronic submissions and payments, Corporate Income Tax Provisional Tax payments where applicable, and Personal Income Tax Top-up Provisional Tax payments. Disclaimer: The information provided herein should not be used or relied… Read more
“The two-pot system is meant to support long-term retirement savings while offering flexibility to help fund members in financial distress.” (National Treasury) With two new pots added to what used to be the one-pot South African retirement system, fund members can now access a portion of their retirement savings before retirement, while still preserving savings for retirement. There are, however, immediate and long-term tax and other implications that should be… Read more
“A Trust is a ‘person’ for tax purposes and is therefore a taxpayer in its own right.” (SARS) With Tax Season 2024 for trusts opening on 16 September, there’s no better time to draw trustees’ attention to SARS’ continued emphasis that all trusts must register for income tax purposes, including dormant trusts. Once registered, trusts are obligated to submit income tax returns that are aligned with other trust reporting requirements… Read more
06 September – Monthly Pay-As-You-Earn (PAYE) submissions and payments 16 September – Start of Filing Season 2024: Trusts 25 September – Value Added Tax (VAT) manual submissions and payments 27 September – Excise duty payments 30 September – VAT electronic submissions and payments, Corporate Income Tax Provisional Tax payments where applicable, and Personal Income Tax Top-up Provisional Tax payments. Disclaimer: The information provided herein should not be used or relied on… Read more
“The hardest thing in the world to understand is the income tax.” (Albert Einstein) Tax rebates, deductions and incentives provide relief to taxpayers by reducing the amount of tax payable to SARS, resulting in welcome tax savings. But how do you figure out which rebates, deductions or incentives apply to you – and what’s the procedure for claiming them? This is where we come in. Chances are we’ve already applied… Read more
“We urge taxpayers to be transparent and accurate when filing their tax returns to enable a constructive relationship with SARS.” (Edward Kieswetter, SARS Commissioner) July 15 marked the start of the 2024 Filing Season for provisional and non-provisional taxpayers who were not subjected to auto-assessments, covering the tax period 1 March 2023 to 29 February 2024. As part of our quest to simplify your life, we’ve compiled a list of… Read more
07 August – Monthly Pay-As-You-Earn (PAYE) submissions and payments 23 August – Value Added Tax (VAT) manual submissions and payments 29 August – Excise duty payments 30 August – VAT electronic submissions and payments, Corporate Income Tax Provisional payments where applicable, and Personal Income Tax Provisional payments. Disclaimer: The information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors or… Read more
“The aim of a tax audit is to determine if the taxpayer has complied with the relevant legislation administered by SARS.” (SARS) During a tax audit, SARS examines financial statements, accounting records and supporting documents to check if you or your business correctly declared your tax position on a tax return. If you didn’t submit a return, an audit will investigate if your actions complied with tax law. Either way, being… Read more
05 July – Monthly Pay-As-You-Earn (PAYE) submissions and payments 25 July – Value-Added Tax (VAT) manual submissions and payments 30 July – Excise Duty payments 31 July – Corporate Income Tax (CIT) Provisional Tax payments 31 July – Value-Added Tax (VAT) electronic submissions and payments. Disclaimer: The information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor… Read more
“The employment tax incentive is aimed at encouraging employers to hire young and less experienced work seekers.” (SARS Employers ETI Guide) With Youth Day celebrations around the corner, business owners have an opportunity not only to consider unlocking the benefits of having young workers in their teams, but also to make a difference to South Africa’s dismal youth employment rate. What are the benefits of hiring young employees? More likely… Read more