Budget Speech 2024 | How it affects you and your business

Finance Minister Enoch Godongwana’s 2024 Budget Speech presents a mixed bag for taxpayers and businesses alike. While there are no major new taxes nor direct increases in personal income tax rates, the absence of adjustments for inflation means taxpayers won’t receive any “bracket creep” relief either. This move places a heavier burden on taxpayers amidst […]

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MD’s Top Tax Savings Tips ahead of the Budget on 21st February 2024

With the upcoming Budget on 21st February 2024 and the end of the individual’s tax year looming on 29th February 2024, the following comprehensive year-end tax planning guidance and “tax saving tips” can help you to minimise your tax burden and protect your wealth. The incorrect timing could result in losing out on significant tax-saving […]

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Maximise Your Remuneration Planning and Save Tax | MD’s Top Tax Savings Tips ahead of the Budget on 21st February 2024

Maximise Your Remuneration Planning and Save Tax 1.  Maximise your company car or travel allowance with a detailed logbook: If you have received a travel allowance or have driven a company car during the 2024 tax year, you need to record your mileage reading as at 29th February 2024. It is compulsory for taxpayers who […]

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Maximise Your Wealth Planning and Save Tax | MD’s Top Tax Savings Tips ahead of the Budget on 21st February 2024

Maximise Your Wealth Planning and Save Tax 1.  Donations:  Donations made during your lifetime do not form part of your personal estate on death. Annual donations made by you up to R100,000 are exempt from donations tax – If you and your spouse each donate R100,000 per tax year to your Family Trust, your combined […]

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2nd 2024 Provisional Tax Information Request

We are in the process of preparing the second provisional tax returns for the 2024 tax year –  due for submission to SARS by 29 February 2024. We would therefore appreciate it if you could furnish us with either a copy of your latest payslip OR the total of your PAYE (Employees tax) paid for the tax year […]

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SARS change to Imports and new Advance Payment notification (APN) requirements from 1 December 2023

We refer to our communications sent by SARS in March 2023 relating to SARS’ move from their old customs platform to a new Registration, Licencing, and Accreditation (RLA) system on SARS efiling and updating to their Customs platforms, to help combat illicit trade and fraud associated with foreign exchange payments. Starting on 1 December 2023, […]

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SARS EMP501 Interim Submission – August 2023 period

The Bi-annual August 2023 PAYE reconciliation period is from 18 September 2023 – 31 October 2023. – All employers must prepare and submit their declaration (EMP501) and employees’ IRP5’s to SARS reconciling the PAYE/SDL/UIF paid during the period 1 March 2023 to 31 August 2023. Late submission of the EMP501 return AND submission of omitted […]

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SARS New Customs Imports and Exports registration platform – RLA – are you correctly registered?

We refer to our communications sent in March 2023 relating to SARS’ move from their old customs platform to a new Registration, Licencing, and Accreditation (RLA) system on SARS efiling. SARS required all current registered customs numbers to be moved/migrated to the RLA platform to electronically manage the updated customs registered details. Most clients have […]

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SARS EMP501 Interim Submission – August 2023 period

The Bi-annual August 2023 PAYE reconciliation period is from 18 September 2023 – 31 October 2023. – All employers must prepare and submit their declaration (EMP501) and employees’ IRP5’s to SARS reconciling the PAYE/SDL/UIF paid during the period 1 March 2023 to 31 August 2023. Late submission of the EMP501 return AND submission of omitted […]

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New Requirements for PBO Donations

Public Benefit Organisations (PBO’s) play an important role in addressing the social, economic, and financial challenges in the South African society. Section 18A of the Income Tax Act provides for a tax deduction of up to 10% of a taxpayer’s taxable income in respect of donations made to qualifying PBO’s. This includes companies and individuals. […]

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