Taxation Blog

Click on the image below for MD’s current Tax Card: Prior years MD Tax Cards and MD Tax Guides here  

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 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 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...

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...

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...

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...

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...

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...

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...

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 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...

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...

Click on the link or the image below: Table 3 Interest Rate on Fringe Benefit

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...

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...

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...

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...