Taxation Blog
Do you need to submit an income tax return to SARS?
The new Tax Season starts on 1 July and taxpayers can submit their 2016 annual Income Tax Return (ITR12) to the South African Revenue Service (SARS). There is certain criteria which needs to be met before you are required to submit an income tax return – to make sure...
Employee Tax Incentive Scheme – Are you taking advantage of this tax break?
We have recently identified that a large number of our clients and companies closely associated with them, have not been calculating and claiming their ETI. In some cases, this has resulted in a significant loss of tax free income and an overpayment of PAYE. What is...
Zuma signs law to appease provident fund members
Zuma signs law to appease provident fund members May 24 2016 10:26 Matthew le Cordeur Article courtesy of Matthew le Cordeur/Fin24
New SARS Tax Compliance System – made simpler and easier
SARS has now improved compliance by introducing the enhanced Tax Compliance Status System, making it even easier for taxpayers to manage their tax affairs. On the 18th of this month, SARS rolled out their final phase of TCS. Taxpayers are now able to log onto eFiling,...
SARS payments – no longer accepted at SARS offices from 01 May 2016 onwards
With effect from 01 May 2016, SARS branch offices will no longer accept any form of tax payments – ALL payments are to be done via electronic methods (Electronic Funds Transfer (EFT) or SARS E-filing payment methods), or via a physical bank deposit at an approved...
Get ahead of the rush – Annual EMP501 February 2016 reconciliation opens 18 April 2016 – deadline is 31 May 2016!
All employers must prepare and submit their Annual EMP501 declaration (EMP501) and employees’ IRP5’s to SARS reconciling the PAYE/SDL/UIF paid during the tax year 01 March 2015 to 29 February 2016 before 31 May 2016. Late submission of the EMP501 return AND...
MD Tax Card 2016/2017
MD Tax Guide 2016/2017
NOTICE TO ALL EMPLOYERS – W.As8/Return of Earnings 2015
The 2015 W.As 8 Return of Earnings for Compensation for Occupational Injuries and Diseases Act (COIDA) submission deadline is 31 May 2016. (This relates to the payroll tax year 01/03/2015 – 29/02/2016). Please note that the 2015 assessment period will only be opened...
Employee Tax Incentive Scheme – Are you taking advantage of this tax break?
We have recently identified that a large number of our clients and companies closely associated with them, have not been calculating and claiming their ETI. In some cases, this has resulted in a significant loss of tax free income and an overpayment of PAYE. Below...
2016/2017 Tax Guide
We are excited to launch our new electronic tax guide to assist you with the tax legislation. Click below to access the guide:
RSA – COIDA Threshold Increase 2016/2017
The Hon. Minister of Labour, NM Oliphant announced on 12 February 2016 in a Government Gazette (39683) that she intends to increase the amount of earnings under Section 83 (8) of the Compensation for Occupational Injuries and Diseases Act, 1993 (Act No. 130 of 1993)....
SARS and SARB Special VDP in respect of offshore assets and income
BREAKING NEWS: Budget amendments affecting you and your Trust by 29th February 2016
Currently trusts are used as an important vehicle for estate planning, asset protection and tax structuring. Typically, assets are sold (at market value) to a trust and the purchase price is left outstanding as an interest free loan. In addition, no donations tax is...
BREAKING NEWS: Budget amendments directly affecting you by 29th February 2016
Yesterday’ s Budget Speech included an increase in Capital Gain’s Tax rates for individuals from 33.3% to 40% and companies (years of assessment commencing 1 March 2016) and trusts from 66.6% to 80%, meaning that from 1 March 2016 an individual’s effective CGT payable...
Budget Speech 2016
The tax related budget proposals were announced by Pravin Gordhan, the Minister of Finance, on 24 February 2016. Click here to view the summary. Look out for our electronic 2016/2017 tax guides and our handy pocket booklets being released shortly.
Retirement reform deferral
Retirement reform deferral It is with great concern that SAICA notes that the Minister of Finance has proposed a two year deferral of part of the retirement reform. Further clarity will be sought as we are especially concerned about the interim proposals including...
Critical Value Add Service for all Businesses
We have seen a significant increase in South African Revenue Service’s (SARS’) performance of audits as provided for in the Tax Administration Act of 2011 and other tax legislation. According to the 2013/2014 SARS Annual Report, SARS conducted in excess of 1.8 million...
Tax Free Savings Accounts
Background You will be aware from our recent articles and extensive coverage in the press that the recent budget finalized the enabling legislation for Tax Free Savings Accounts. We believe that this presents a great wealth planning opportunity for many of our...
Easy steps to save tax before 29 February 2016
Did you know that the donations you make during your lifetime do not form part of your personal estate on death? And donations made by you up to R100,000 annually are exempt from donations tax? Therefore, you and your spouse should each be donating R100,000 per tax...