Taxation Blog
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...
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...
