Working From Home And Possible Tax Deductions – Do You Qualify?

After 2 years of Covid, how has SARS aligned the tax deductions with the “new normal” with many South Africans still working from home (permanently or temporarily) – can you claim for “home office” expenses, and how does this impact your taxes?? Currently, SARS tax laws still only allow the following taxpayers to claim these […]

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TAX MATTERS: Ombud flags repeat taxpayer verification, dispute resolution delays and debt offsets as concerns for SARS

Post shared courtesy of: Marianne Merten | https://www.dailymaverick.co.za/ “Finalising income tax return verifications is one of three systemic concerns of the Tax Ombud, as illustrated by Fairness for All Case 13, or the taxpayer whom the tax collector verified five times in one year on the same 2021 tax return. A tax refund of R4,940.29 […]

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PAYE Annual Reconciliation – Tax year 1 March 2021 – 28 February 2022

The Annual Reconciliation Declaration (EMP501) submission period has opened on 1 April 2022 with the final submission deadline being 31 May 2022. Employers who comply fully, in turn, make it easier for their own employees to fulfil their individual tax obligation when the Filing Season 2022 commences later in the year. The employee data that […]

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2022/2023 MD Tax Card is now available!!!

Click on the image below for MD’s current Tax Card for your easy referral (2022/2023):   Prior years MD Tax Cards and MD Tax Guides here.  

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NB: EXCON changes in Budget

We have highlighted important changes for your easy referral: Tax-and-Exchange-Control-Alert-17-March-2022 Post shared courtesy of: Cliffe Dekker Hofmeyr

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NOTICE TO ALL EMPLOYERS – W.As8 /Return of Earnings 2021 (February 2022 period)

The 2021 Return of Earnings (ROE) for Compensation for Occupational Injuries and Diseases Act (COIDA) submission deadline has been extended to 31 May 2022 (the initial deadline was 31 March 2022). The Workmen’s Compensation website for online submission/transacting on the ROE website will only open on 01 April 2022. This return relates to the payroll […]

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SARS fixed tax rate on Retirement incomes – 2022/2023 tax year

With the change in legislation from 1 March 2022 onwards, taxpayers who have multiple sources of income and Retirement income will be contacted by the Retirement Funds. The Funds are now required to deduct a higher rate of PAYE in line with the taxpayer’s total income from all sources. As a taxpayer, you have two […]

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Change in foreign investment allowance

During the 2022 budget review the Minister of Finance announced that the criteria for South African resident individuals investing abroad have been expanded. In addition to the annual R10 million foreign investment allowance, tax-compliant South African resident individuals may now also invest in different asset classes offshore. The Financial Surveillance Department at the South African Reserve […]

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MD Accountants & Auditors Inc. | Budget 2022

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Budget Speech 2022 | How it affects you and your business

In his 2022 budget speech, Finance Minister Enoch Godongwana revealed a more positive picture for government’s finances. The South African Revenue Service took in R182 billion more than expected in the past year. These stronger revenues allowed the Minister to announce a number of tax relief measures. “Now is not the time to increase taxes […]

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