Taxation Blog
ASAP: Taxation Laws Amendment Act including Retirement Reform
Please click here to read the full article – Courtesy of Momentum
New retirement reform gazetted
Press Release: Implementation of Tax Harmonisation of Retirement Fund Contributions and Benefits
Government adjusts the tax incentive for energy efficiency
Government adjusts the tax incentive for energy efficiency With the rise of energy efficiency programmes, Government introduced Section 12L to the Income Tax Act, No 58 of 1962. The outline of Section 12L of the Act is that a taxpayer will have access to an allowance...
Employment Tax Incentive: excellent summary
Why is there an Employment Tax Incentive? Millions of young South Africans are currently unable to participate in economic activity, and as a result suffer disproportionately from unemployment, discouragement and economic marginalisation. High youth unemployment means...
2016/2017: Important dates for every business to note
Important dates for every business to note: Please click on the images below to view all details: Timetable for the 2016/2017 tax year:
New retirement reform gazetted
Press Release: Implementation of Tax Harmonisation of Retirement Fund Contributions and Benefits
Government adjusts the tax incentive for energy efficiency
Government adjusts the tax incentive for energy efficiency With the rise of energy efficiency programmes, Government introduced Section 12L to the Income Tax Act, No 58 of 1962. The outline of Section 12L of the Act is that a taxpayer will have access to an allowance...
SARS no longer accepting ANY payments at their branch offices
With effect from 1 April 2016, SARS will cease to accept cheque payments made at the SARS branches (cash payments at SARS offices fell away in 2014). The following methods of payments will be the ONLY SARS payment options available to you: Bank deposit at any Bank...
SAICA Notice: Retirement Reform – Latest Proposal Changes
Mid-Year Reconciliation – August 2015 due to SARS by 31 October 2015
The Bi-annual August 2015 PAYE reconciliation period is from 1 September 2015 - 31 October 2015. - 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 2015 to 31...
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...
Taxation of trusts revisited
The Davis Tax Committee's First Interim Report on Estate Duty (“DTC Report”) was released for public comment on 13 July 2015. In essence, the DTC Report proposes that “a highly progressive tax that patches loopholes, helps provide equality of opportunity and reduces...
Are you required to submit a tax return for SARS?
Taxpayers seem to be unsure as to whether they are required to actually submit an actual income tax return to SARS or not. You do not have to submit a tax return if your total Gross remuneration (ie salary, bonuses etc) for the year is below R350 000 AND you meet the...
5 Reasons you Still Need to File your Tax Return in 2015
SARS has recently communicated that if you earn less than R350,000 in a year, and fulfil a series of complicated criteria, you may not have to file a tax return in 2015. However, we advise you to take GREAT CARE here, and understand your duties properly, because if...
Start of the 2015 Tax Season
1 July 2015 officially starts the 2015 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!!! SARS is advising taxpayers to use their updated “Help-You-eFile”...