Tag Archives: Taxpayer

What to expect this tax season as an individual taxpayer

The tax season is swiftly approaching. For many people, it’s a time of the year that they dread. When it comes down to it, tax can become complicated mess that involves a lot of maths and calculations that just doesn’t … Continue reading

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Government increases tax-free cap on foreign income

The concept of emigration is to be replaced by a verification process. South Africans who are working and living abroad have been given some relief with a slight increase in the tax-free cap on their foreign earnings. National Treasury introduced … Continue reading

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SARS INTEREST ON PROVISIONAL TAX

As with various other business transactions, taxes in their various forms also attract interest, either payable by the taxpayer to SARS, or due to the taxpayer from SARS. Apart from knowing which of the various SARS interest rates are applicable … Continue reading

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DIRE PROVISIONAL TAX PENALTIES ON UNDERESTIMATION OF INCOME

Provisional taxpayers are generally those taxpayers who earn income from sources other than a salary. In other words, PAYE is not deducted from these other sources of income on a monthly basis and paid over to SARS. As is the … Continue reading

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PERSONAL SERVICE COMPANIES

Natural person taxpayers who earns a salary have very few items of expenditure available to them which they may deduct for income tax purposes (section 23(m) of the Income Tax Act, 58 of 1962). Generally, the deductions which salaried individuals … Continue reading

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HOME OFFICE EXPENDITURE

With current day realities manifesting in ever increasing distances required to be travelled to get to an office, traffic congestion, etc. more and more employers are opting to give their employees the option of working from home. The proliferation of … Continue reading

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OBJECTING TO AN ASSESSMENT

One of the risks of not using a tax professional to attend to one’s tax affairs arises when SARS assesses an individual’s income tax return. Quite often, a return submitted is assessed incorrectly, or on a basis in terms of … Continue reading

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MODERN TAX PLANNING REQUIRES COMPLIANCE WITH SARS

If your tax advisors are still in the business of finding loopholes to lighten your tax load, your tax planning tactics are out of date. SARS has spent the last two decades and vast resources closing down tax schemes and … Continue reading

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