Tag Archives: Tax

SARS SCAMS

Education and awareness around identity theft, phishing and other frauds have become part of life globally. If nothing else, scamsters are innovative and keep trying new avenues of defrauding businesses and individuals. In South Africa, this is no exception, and … Continue reading

Posted in Finance, Safety, Tax | Tagged , , , , , | Comments Off on SARS SCAMS

HERE’S WHO IS PAYING SOUTH AFRICA’S TAX

National Treasury and the South African Revenue Service (SARS) have published tax statistics showing that for the first time since the 2008 global financial crisis, tax revenue growth did not exceed GDP growth. Despite tough economic conditions in which real … Continue reading

Posted in Tax | Tagged , , , , , | Comments Off on HERE’S WHO IS PAYING SOUTH AFRICA’S TAX

FORM REQUIREMENTS FOR OBJECTIONS

Dispute resolution with the South African Revenue Service (SARS) generally has a two-pronged approach. Firstly, taxpayers must present their case on the merits – this will include the factual basis and background that has led to the dispute. Secondly, and … Continue reading

Posted in Tax | Tagged , , , , , , | Comments Off on FORM REQUIREMENTS FOR OBJECTIONS

WHAT SOUTH AFRICANS NEED TO KNOW ABOUT TAX AND THEIR FINANCES BEFORE EMIGRATING

While South African citizens temporarily working overseas are still subject to South African tax laws, individuals who wish to permanently emigrate to a new country need to ensure that they follow the correct steps to enable them to take their … Continue reading

Posted in Tax | Tagged , , , , | Comments Off on WHAT SOUTH AFRICANS NEED TO KNOW ABOUT TAX AND THEIR FINANCES BEFORE EMIGRATING

ADMIN PENALTIES FOR OUTSTANDING CORPORATE INCOME TAX RETURNS

In general, all registered companies must submit corporate income tax (“CIT”) returns within 12 months of the end of the company’s financial year-end. This is applicable to all companies that are resident in South Africa, that receive source income in … Continue reading

Posted in Tax | Tagged , , | Comments Off on ADMIN PENALTIES FOR OUTSTANDING CORPORATE INCOME TAX RETURNS

NON-COMPLIANT COMPANIES WILL FEEL THE PAIN FROM SARS FROM DECEMBER

The South African Revenue Service (SARS) will be using information supplied by the Companies and Intellectual Property Commission (CIPC) to determine which companies are not tax compliant and impose penalties accordingly, from 7 December 2018. ?bacho12345 123rf.com The national revenue collector … Continue reading

Posted in Tax | Tagged , , | Comments Off on NON-COMPLIANT COMPANIES WILL FEEL THE PAIN FROM SARS FROM DECEMBER

TAX ON RETIREMENT LUMP SUMS

Determining the tax consequences in respect of any lump sum benefits from retirement funds can be complex and various legislative changes have been incorporated over the last few years, to regulate and align the tax treatment of these benefits. Lump … Continue reading

Posted in Tax | Tagged , , | Comments Off on TAX ON RETIREMENT LUMP SUMS

ADMINISTRATIVE PENALTIES FOR CORPORATE INCOME TAX (CIT) TO BE IMPOSED

Dear Taxpayer SARS will be imposing administrative penalties from December 2018 for outstanding Corporate Income Tax (CIT) returns. Administrative penalties will be imposed on companies that receive a final demand to submit a return. In terms of Section 210 of … Continue reading

Posted in Tax | Tagged , , | Comments Off on ADMINISTRATIVE PENALTIES FOR CORPORATE INCOME TAX (CIT) TO BE IMPOSED

CAPITAL GAINS TAX AND THE ANNUAL EXCLUSION

With the 2018 tax-filing season for individuals in full swing, it is worthwhile looking at a common misconception regarding the determination of capital gains tax for individual taxpayers, specifically the role of the ‘annual exclusion’. Ensuring that the annual exclusion … Continue reading

Posted in Tax | Tagged , , | Comments Off on CAPITAL GAINS TAX AND THE ANNUAL EXCLUSION

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

Posted in Tax | Tagged , , | Comments Off on TAX SEASON 2018 FOR INDIVIDUALS