Taxation Blog
SARS has extended the (Employee Tax Incentive) ETI scheme for another 10 years to 28 February 2029
The ETI scheme was implemented from 01 January 2014 and allows qualifying employers to deduct an incentive for each qualifying employee from the total PAYE payable for the month. A qualifying employer is an employer who is registered for PAYE and is tax compliant with...
CORPORATE INCOME TAX RETURNS – PENALTIES WILL BE IMPOSED FROM 07 DECEMBER 2018
SARS eFiling App and MobiSite are now available to help taxpayers file their returns
The SARS eFiling App and MobiSite are now available to taxpayers who would like to file their personal tax returns via their mobile devices. The mobisite is also accessible to blind and visually impaired taxpayers. The App is available for both Android and iOS mobile...
Employee’s Tax information required for 1st provisional return for 2019
We are in the process of preparing the first provisional tax returns for the 2019 tax year, due for submission to SARS by 31 August 2018. 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 to complete VAT submissions with 2018 changes
As you are aware the VAT rates were increased from 01 April 2018 from 14% to 15%. This will impact your March/April VAT submissions which would have both 14% and 15% sales and inputs. Attached please find a template which would assist you with the completion of this...
Urgent payroll matters to be actioned in April and May 2018
There are a few important payroll related matters to be actioned during April and May 2018: Increase in SARS official rate of interest – 1 April 2018 On 28 March 2018, SA Reserve bank announced the increase of the Repo rate to 6.50% p/a. With effect from 1 April 2018,...
NOTICE TO ALL EMPLOYERS – W.As8/ Return of Earnings 2017
The 2017 W.As 8 Return of Earnings for Compensation for Occupational Injuries and Diseases Act (COIDA) submission deadline is 31 May 2018. (This relates to the payroll tax year 01/03/2017 – 28/02/2018). Please note that the 2017 assessment period opened for...
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....
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...
2018 Budget Speech Summary
MD Tax Guide 2018/2019
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...
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...
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...
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...
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...
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...
Documents for Public Comments – 2017 Draft Taxation Laws Amendment Bill and Draft Tax Administration Laws Amendment Bill
National Treasury and the South African Revenue Service (SARS) published the 2017 Draft Taxation Laws Amendment Bill (TLAB) and the 2017 Draft Tax Administration Laws Amendment Bill (TALAB) for public comment on 19th July 2017. Watch this space for an update of what’s...
Employee’s Tax information required for 1st provisional return for 2018
We are in the process of preparing the first provisional tax returns for the 2018 tax year, due for submission to SARS by 31 August 2017. We would therefore, appreciate it if you could furnish us with either a copy of your latest payslip OR the total of your PAYE...
Urgent – Resubmission of 2017 Employer Annual Reconciliation Declaration (EMP 501) and Updated IRP5 Certificates
Urgent message from SARS: RE-SUBMISSION OF 2017 EMPLOYER ANNUAL RECONCILIATION DECLARATION (EMP 501) AND IRP5/IT3(a) CERTIFICATES Dear Employer We kindly request your cooperation in the matter described below. BACKGROUND With the implementation of the Retirement...