Tag Archives: Tax

TAX SEASON 2018 FOR INDIVIDUALS

The 2018 Tax Season for Individuals opens on 1 July 2018 for e-Filers What are the deadlines? The deadline for non-provisional taxpayers has been brought forward to allow more time for finalising audits before the year ends: Type of Taxpayer … Continue reading

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TAX DEDUCTIONS AGAINST SALARY EARNINGS

Our clients who earn only a salary will know that very few tax deductions are available against salary income for income tax purposes and whereby they may reduce the taxable income derived ultimately from such remunerations. Section 23(m) of the … Continue reading

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HOW TO PREPARE AND SUBMIT YOUR VAT201 FROM 1 APRIL 2018

The Minister of Finance announced a VAT rate increase from 14% to 15% effective 1 April 2018 in the 2018 Budget Speech. To assist you in preparing your VAT return (VAT201) submission, the South African Revenue Service (SARS) would like … Continue reading

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HOW WILL THE 2018/2019 AFFECT YOU, THE INDIVIDUAL?

The 2018 Budget was sure to be a delicate balancing act between the much needed tax hikes (whatever the reasons that got us onto this precarious economic precipice, the fact is that the situation is what it is) and adequate … Continue reading

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IMPORTANT SARS DATES

There appears to be an increased focus recently by SARS in relation to tax compliance. We therefore want to highlight the below important dates again to our clients to ensure that they are always fully tax compliant. Non-compliance may lead … Continue reading

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7 PITFALLS TO AVOID WHEN SETTING UP A CASH FLOW FORECAST

Sometimes small businesses think proper financial management is better left for the Fat Cats and industry giants. No matter the size or age of your business, cash flow forecasting and budgeting is key to its success. Here are seven don’ts for setting up your business … Continue reading

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PROVISIONAL TAX RULES

Since the provisional tax season has arrived, it is important to remember the rules regarding your estimates. The provisional tax payment must be received by SARS on or before the due date, 28 February 2018. Failure to do so could result … Continue reading

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THE VAT COMPLIANCE LANDSCAPE

VAT use to be a simple tax for taxpayers to comply with. Returns would go in regularly with very little hassle and SARS’ audits or verifications seldom resulted in an assessment. Not anymore.  With VAT fraud being more prevalent now … Continue reading

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EXEMPTION FOR FOREIGN SALARY EARNERS

South African tax resident individuals are liable to income tax on their worldwide income. In other words, where a South African tax resident individual were to earn a salary for employment which may from time-to-time be exercised outside of the … Continue reading

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BEWARE OF CAPITAL GAINS TAX WHEN YOU EMIGRATE

While many people immigrate to South Africa, we also see many of our clients emigrating from South Africa. And while formal migration-status is not necessarily linked to tax residency, the time of tax migration often coincides with formal emigration linked … Continue reading

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