Category Archives: Tax

Trustees: The new tax return – take advice now!

Towards the end of 2015, SARS introduced a new IT12T tax return form for trusts. For the 2015 tax year these need to be completed in full. The return needs be lodged on or by 29 January 2016.Trustees be aware … Continue reading

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Employer Annual Reconciliation Declaration (EMP501)

The 2015 Employer Annual Reconciliation Declaration (EMP501), Employees Tax Certificates [IRP5/IT3(a)s], and where applicable, Tax Certificate Cancellation Declaration (EMP601) for the period 1 March 2014 to 28 February 2015 must be submitted to SARS between 1 April and 29 May … Continue reading

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Good news: Employment Tax Incentive Act refunds now claimable

An amendment to the Employment Tax Incentive Act (ETI) brings good news to those employers who have made use of this incentive. If you were unable to offset the full amount of ETI due to you against employees’ tax, SARS … Continue reading

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Budget 2015 and YOU

This budget has attracted more attention than is usual due to it being Minister Nene’s first budget. It will also give a good indication as to just how serious the government is about reining in debt. Ratings agencies have indicated … Continue reading

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Treasury tax free savings accounts launching 1 March 2015

The Treasury department has been encouraging individuals to save more for several years and is following up on this by launching tax free savings accounts (TFSAs) on 1 March this year. How will it work? It is for individuals and … Continue reading

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Investors: Be careful when buying into a business with an assessed loss

The economic difficulties seen over the past couple of years will certainly have led to many businesses incurring losses. This creates an opportunity for investors to acquire either the whole or part of the equity of a business at a … Continue reading

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Taxation of Income Protection Insurance Policies

Employees earning a salary are limited in terms of the tax deductions available to them. One of the few deductions still available is for premiums paid on income protection insurance policies. However, that’s all about to change! Up until now, … Continue reading

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Public benefit organisations: Crossing the T’s and dotting the I’s

As noted in the previous month’s article, only public benefit organisations (PBO’S) approved by the Commissioner in terms of section 30 of the Income Tax Act (“the Act”) qualify for tax relief. It is therefore important that organisations are aware … Continue reading

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Public benefit organisations: Profit from tax benefits

Organisations with philanthropic missions serving the general public may enjoy the benefit of SARS’ generosity if they have all their ducks in a row. There are, however, quite a number of requirements and stipulations which must be adhered to in … Continue reading

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How does dividends tax affect my company?

The distribution of dividends from South African companies to its shareholders has tax consequences and various resolutions and forms need to be completed in order to ensure that you do not fall short of the obligations of the Companies Act … Continue reading

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