Taxation Blog
1st 2025 Provisional Tax Information Request
We are in the process of preparing the first provisional tax returns for the 2024 tax year, due for submission to SARS by 30 August 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...
🍲 How much that two-pot withdrawal will really cost you
Post shared courtesy of: Neesa Moodley (Personal finance editor) Business Maverick | Daily Maverick Money Cents webinar: 2-pot retirement reform Monday, 8 July 2024 🍲 💸 How much will your two-pot withdrawal really cost you? After hosting a...
SARS email scams phishing for personal data or claiming taxes are owed
South African Revenue Service (SARS) has warned taxpayers to be aware of emails or SMS’s that ask for personal, tax, banking, and eFiling details indicating that taxpayers are eligible to receive tax refunds OR even where SARS is “owed” monies. Taxpayers may receive...
The Start of 2024 Individual Tax Season – What you need to know to save you time and costs!!
15 July 2024 is the official start of the 2024 Tax filing season – SARS is encouraging all taxpayers to use SARS e-filing channels to file their tax returns with amended deadline dates: Type of Taxpayer Channel Due Date Non-provisional and provisional taxpayers...
Happy Tax Freedom Day!
PAYE Annual Reconciliation – Tax year 1 March 2023 – 29 February 2024
The Annual Reconciliation Declaration (EMP501) submission period has opened on 1 April 2024 with final submission deadline being 31 May 2024. The employee data that must be submitted by 31 May 2024 should cover the transaction period 1 March 2023 to 28 February 2024,...
NOTICE TO ALL EMPLOYERS – W.As8 /Return of Earnings 2023 (February 2024 period)
The 2023 Return of Earnings (ROE) for Compensation for Occupational Injuries and Diseases Act (COIDA) submission deadline has been extended to 31 May 2024 (the initial deadline was 31 March 2024). The Workmen’s Compensation website for online submission/transacting on...
PAYE Annual Reconciliation – Tax year 1 March 2023 – 29 February 2024
The Annual Reconciliation Declaration (EMP501) submission period has opened on 1 April 2024 with the final submission deadline being 31 May 2024. The employee data that must be submitted by 31 May 2024 should cover the transaction period 1 March 2023 to 28 February...
NOTICE TO ALL EMPLOYERS – W.As8 /Return of Earnings 2023 (February 2024 period)
The 2023 Return of Earnings (ROE) for Compensation for Occupational Injuries and Diseases Act (COIDA) submission deadline has been extended to 31 May 2024 (the initial deadline was 31 March 2024). The Workmen’s Compensation website for online submission/transacting on...
Our new electronic 2024/2025 tax guide
2024/2025 Tax Guide We are excited to launch our new electronic 2024/2025 tax guide to assist you with the tax legislation. Please contact us should you like a complimentary printed version and we will arrange for it to be available for you when we next see you. To...
2024/2025 MD Tax Card
Click on the image below for MD’s current Tax Card: Prior years MD Tax Cards and MD Tax Guides here
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...
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....
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...
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...
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...
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...
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...
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...
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...
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...
1st 2024 Provisional Tax Information Request
We are in the process of preparing the first provisional tax returns for the 2024 tax year, due for submission to SARS by 31 August 2023. We would therefore, appreciate it if you could furnish us with either a copy of your latest payslip OR the total of your PAYE...
AWARENESS CAMPAIGN – REGISTRATION OF TRUSTS FOR TAX PURPOSES
AWARENESS CAMPAIGN - REGISTRATION OF TRUSTS FOR TAX PURPOSES SARS has issued a Notice clarifying that all resident Trusts and Qualifying non-resident Trusts are required to register for tax purposes and prepare annual financial statements With reference to the...
The Start of 2023 Individual Tax Season – What you need to know to save you time and costs!!
7 July 2023 is the official start of the 2023 Tax filing season – SARS is encouraging all taxpayers to use SARS e-filing channels to file their tax returns with amended deadline dates: Type of Taxpayer Channel Due Date Non-provisional and provisional taxpayers...
Interest Rate Changes | June 2023
Click on the link or the image below: Table 3 Interest Rate on Fringe Benefit
Interest Rate Changes | May 2023
Table 3 Interest Rate on Fringe Benefit | download here Income Tax Act, 1962: Table of Interest Rates Table 1: Interest rates on outstanding taxes and interest rates payable on certain refunds of tax (click to see): Interest rates charged on outstanding taxes, duties...
NOTICE TO ALL EMPLOYERS – W.As8 /Return of Earnings 2022 (February 2023 period)
The 2022 Return of Earnings (ROE) for Compensation for Occupational Injuries and Diseases Act (COIDA) submission deadline has been extended to 31 May 2023 (the initial deadline was 31 March 2023). The Workmen’s Compensation website for online submission/transacting on...
Section18A update – 01 March 2023
PAYE Annual Reconciliation – Tax year 1 March 2022 – 28 February 2023
The Annual Reconciliation Declaration (EMP501) submission period has opened on 1 April 2023 with the final submission deadline being 31 May 2023. The employee data that must be submitted by 31 May 2023 should cover the transaction period 1 March 2022 to 28 February...
Big changes to South Africa’s tax laws
New rules governing objections and appeals under the Tax Administration Act (TAA) were promulgated by the Minister of Finance on 10 March 2023. The new rules came into effect on the date of publication and, therefore, replace the ‘old rules’ promulgated in 2014 with...
New PBO disclosure requirements for donation certificates
SARS has recently announced new requirements for the mandatory disclosure of Section 18A certificate information to SARS. (IT3(d) certificates for all section 18A donations received). The new IT3(d) certificates come into effect on 1 March 2023 and applies to all...
SARS email scams phishing for personal data
South African Revenue Service (SARS) has warned taxpayers to be aware of emails or SMSs that ask for personal, tax, banking, and eFiling details indicating that taxpayers are eligible to receive tax refunds. Taxpayers may receive random emails which are made to look...
Budget Speech 2023 | How it affects you and your business – Budget Speech and Tax Guide
Budget Speech 2023 | How it affects you and your business
Click on the image below for further information:
MD’s Top Tax Savings Tips ahead of the Budget on 22nd February 2023
With the upcoming Budget on 22nd February 2023 and the end of the individual’s tax year looming on 28 February, the following comprehensive year-end tax planning guidance and “tax saving tips” can help you to minimise your tax burden and protect your wealth. Please...
MD’s Top Tax Savings Tips ahead of the Budget on 22nd February 2023 – Maximise Your Remuneration Planning and Save Tax
With the upcoming Budget on 22nd February 2023 and the end of the individual’s tax year looming on 28 February, the following comprehensive year-end tax planning guidance and “tax saving tips” can help you to minimise your tax burden and protect your wealth. Please...
MD’s Top Tax Savings Tips ahead of the Budget on 22nd February 2023 – Maximise Your Wealth Planning and Save Tax
With the upcoming Budget on 22nd February 2023 and the end of the individual’s tax year looming on 28 February, the following comprehensive year-end tax planning guidance and “tax saving tips” can help you to minimise your tax burden and protect your wealth. Be sure...
Updated Interest Rate Tables for January
SARS has published updated tables of interest rates. Copy of Table 3 Interest Rate on Fringe Benefit - 02.2023 These tables provide the average interest rates applicable to various tax matters, as follows: Table 1 – Interest rates on outstanding taxes and interest...
2nd 2023 Provisional Tax Information Request
We are in the process of preparing the second provisional tax returns for the 2023 tax year, due for submission to SARS by 28 February 2023. We would therefore appreciate it if you could furnish us with either a copy of your latest payslip OR the total of your PAYE...
SARS has made a big change to help taxpayers
https://businesstech.co.za/news/business/647621/sars-has-made-a-big-change-to-help-taxpayers-what-you-need-to-know/
Public benefit organisations: Proposed new requirements for section 18A receipts
"In a world buffeted by extreme weather events and social upheaval, assessing the performance of corporates has undergone a paradigm shift. No longer are financial ratios the only measure of success, as both customers and investors test companies’ impact on...
SARS Interest Rates – Table 3 (“official rate of interest”)
interest_table3
National Treasury and SARS refine “two pot” retirement proposals in response to feedback
After wide consultation, National Treasury and SARS have made some changes and clarifications to the original proposals on introducing a “two pot” retirement system. On 29 July 2022, the 2022 Draft Revenue Laws Amendment Bill was released for public comment, setting...
SARS Publishes Tax Guide for Small Businesses
SARS has published a tax guide for small businesses. The guide contains information about the tax laws and some other statutory obligations applying to small businesses. It describes some of the forms of business entities in South Africa, namely sole proprietorships,...
Personal Income Tax: Auto Registration will be initiated from October 2022
As the South African Revenue Service (SARS) has announced that automatic registration will be initiated for Personal Income Tax for an individual that is not registered for tax, but SARS detects 3rd party data that indicates economic activity. The person is...
SOUTH AFRICA | System update: SARS no longer utilising IT14SD forms for corporate income tax verifications
"The South African Revenue Service’s (SARS) core function is the efficient and effective administration of tax Acts." Click on the image below to read further: Post shared courtesy of: Cliffe Dekker Hofmeyr Written by: Tsanga Mukumba
SARS Guide on Taxation in South Africa 2022
SARS has published a Guide on Taxation in South Africa in 2022. It is a general guide providing an overview of the most significant tax legislation administered in South Africa by the Commissioner for SARS, including the: Customs and Excise Act; Disaster Management...
SARS EMP501 Interim Submission – August 2022 period
The Bi-annual August 2022 PAYE reconciliation period is from 19 September 2022 - 31 October 2022. 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 2022 to 31...
SARS email scams phishing for personal data
South African Revenue Service (SARS) has warned taxpayers to be aware of emails or SMSs that ask for personal, tax, banking, and eFiling details. Taxpayers may receive random emails which are made to look as if they were sent from SARS but which are fraudulent emails...
Beware of SARS Auto Assessments
We refer to our recent email to you on 22 June 2022 - The Start of 2022 Tax Season - What you need to know to save you time and costs!! As discussed, SARS will again be issuing ‘estimated’ assessments automatically to some taxpayers without the submission of a tax...
The Start of 2022 Tax Season – What you need to know to save you time and costs!!
1 July 2022 is the official start of the 2022 Tax filing season – SARS is encouraging all taxpayers to use SARS e-filing channels to file their tax returns with amended deadline dates: Type of Taxpayer Channel Due Date Non-provisional and provisional taxpayers...
Companies: How Will the Reduced Tax Rate and Assessed Loss Rules Affect You?
What are the new assessed losses rules? Companies could previously offset the full balance of any assessed loss carried forward from a previous tax year against all its taxable income for the current year. In addition, companies could carry over any assessed loss...
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...
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...
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...
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.
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
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...
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...
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...