SARS payment deadline – 29 March 2018

The deadline for outstanding tax returns and payments due by end March, is Thursday 29 March 2018 (the last working day before the Easter weekend). Due to the long weekend, SARS is requesting that taxpayers please pay by 12-midday to avoid penalties and interest. Being late could cost you! These payments include Corporate income tax, Dividends […]

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Use Your Tax Cashflow to Build Your Wealth

With current marginal tax rates of 45% for an individual and a trust, we urge you, in addition to ensuring that you maximise your Retirement Annuity Contributions, to consider the highly tax efficient Section 12J (S12J) investments, particularly if you are selling a business or assets that have resulted in Capital Gains in the 2018 […]

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2018 Budget Speech Summary

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MD Tax Guide 2018/2019

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SECTION 7C – IS YOUR TRUST AFFECTED BY THE NEW TAX LEGISLATION?

We have identified a risk that relates to any loan, advance or credit made to a trust, by a natural person or a company that is a connected person to the trust where interest is not charged, or interest is charged at a lower rate than the official rate (currently 7.75% based on the repo […]

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SARS to collect for Sugar Tax (SBL) from 1 APRIL 2018

PRETORIA, Friday, 15 December 2017 — The South African Revenue Service (SARS) will collect the Sugary Beverages Levy (SBL) as from 1 April 2018. The levy falls under the Rates and Monetary Amounts and Revenue Laws Amendment Bill, 2017, as passed in Parliament on 5 December 2017. Part 7A of Schedule No.1 to the Customs and […]

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SARS to Clamp Down on Outstanding Tax Returns and Debt

“Pretoria, Thursday, 28 September 2017 – SARS reminds all taxpayers that in accordance with the Tax Administration Act No. 28 of 2011 (TAA) and specifically Section 234 (d), it is a criminal offence not to submit a tax return for any of the tax types they are registered. The tax types are: Personal Income Tax (PIT) […]

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Mid-year recon – August 2017 due to SARS by 31 October 2017

The Bi-annual August 2017 PAYE reconciliation period is from 15 September 2017 – 31 October 2017. – 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 2017 to 31 August 2017. Late submission of the EMP501 return AND submission of omitted […]

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Start of 2017 Tax Season – what you need to know to save you time and costs!

1 July was the official start of the 2017 tax season and SARS is encouraging all taxpayers to use SARS e-filing channels to file their tax returns and avoid those never-ending queues at the SARS offices!!! Deadline Dates: Manual 2017 tax return submission (by post/drop off in a SARS drop box) is 22 September 2017; […]

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Last chance to get up to date with your SA Reserve Bank and SARS declarations – are you compliant?

Have you disclosed all your offshore assets to the South African Reserve Bank (SARB)? (disclosing foreign assets on your annual tax return does not mean they have been disclosed to SARB!) The need for this disclosure is required regardless of how you have accumulated the foreign assets and includes the following people: Immigrants or expat […]

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