Taxation Blog
The Start of 2022 Tax Season – What you need to know to save you time and costs!!
1 July 2022 is the official start of the 2022 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...
Companies: How Will the Reduced Tax Rate and Assessed Loss Rules Affect You?
What are the new assessed losses rules? Companies could previously offset the full balance of any assessed loss carried forward from a previous tax year against all its taxable income for the current year. In addition, companies could carry over any assessed loss...
Working From Home And Possible Tax Deductions – Do You Qualify?
After 2 years of Covid, how has SARS aligned the tax deductions with the “new normal” with many South Africans still working from home (permanently or temporarily) - can you claim for “home office” expenses, and how does this impact your taxes?? Currently, SARS tax...
TAX MATTERS: Ombud flags repeat taxpayer verification, dispute resolution delays and debt offsets as concerns for SARS
Post shared courtesy of: Marianne Merten | https://www.dailymaverick.co.za/ "Finalising income tax return verifications is one of three systemic concerns of the Tax Ombud, as illustrated by Fairness for All Case 13, or the taxpayer whom the tax collector verified five...
PAYE Annual Reconciliation – Tax year 1 March 2021 – 28 February 2022
The Annual Reconciliation Declaration (EMP501) submission period has opened on 1 April 2022 with the final submission deadline being 31 May 2022. Employers who comply fully, in turn, make it easier for their own employees to fulfil their individual tax obligation when...
2022/2023 MD Tax Card is now available!!!
Click on the image below for MD’s current Tax Card for your easy referral (2022/2023): Prior years MD Tax Cards and MD Tax Guides here.
NB: EXCON changes in Budget
We have highlighted important changes for your easy referral: Tax-and-Exchange-Control-Alert-17-March-2022 Post shared courtesy of: Cliffe Dekker Hofmeyr
NOTICE TO ALL EMPLOYERS – W.As8 /Return of Earnings 2021 (February 2022 period)
The 2021 Return of Earnings (ROE) for Compensation for Occupational Injuries and Diseases Act (COIDA) submission deadline has been extended to 31 May 2022 (the initial deadline was 31 March 2022). The Workmen’s Compensation website for online submission/transacting on...
SARS fixed tax rate on Retirement incomes – 2022/2023 tax year
With the change in legislation from 1 March 2022 onwards, taxpayers who have multiple sources of income and Retirement income will be contacted by the Retirement Funds. The Funds are now required to deduct a higher rate of PAYE in line with the taxpayer’s total income...
Change in foreign investment allowance
During the 2022 budget review the Minister of Finance announced that the criteria for South African resident individuals investing abroad have been expanded. In addition to the annual R10 million foreign investment allowance, tax-compliant South African resident...
MD Accountants & Auditors Inc. | Budget 2022
Budget Speech 2022 | How it affects you and your business
In his 2022 budget speech, Finance Minister Enoch Godongwana revealed a more positive picture for government’s finances. The South African Revenue Service took in R182 billion more than expected in the past year. These stronger revenues allowed the Minister to...
Deceased Employee – responsibility of the Employer
Deceased Employee - the responsibility of the Employer: The Fourth Schedule to the Income Tax Act places various obligations on an employer in respect of the withholding of employees’ tax and the administrative requirements related thereto. What obligation rests on...
MD’s Top Tax Savings Tips ahead of the Budget on 23rd February 2022
With the upcoming Budget on 23rd February 2022 and the current economic climate (SARS will try to find every possible way to increase collections!), we are expecting a tough Budget and increased taxes. The following comprehensive year-end tax planning guidance and...
MD’s Top Tax Savings Tips ahead of the Budget on 23rd February 2022 | Maximise Your Remuneration Planning and Save Tax
With the upcoming Budget on 23rd February 2022 and the current economic climate (SARS will try to find every possible way to increase collections!), we are expecting a tough Budget and increased taxes. The following comprehensive year-end tax planning guidance and...
A summary of rates/dates since 01.03.2021 to date
MD’s Top Tax Savings Tips ahead of the Budget on 23rd February 2022 | Maximise Your Wealth Planning and Save Tax
With the upcoming Budget on 23rd February 2022 and the current economic climate (SARS will try to find every possible way to increase collections!), we are expecting a tough Budget and increased taxes. The following comprehensive year-end tax planning guidance and...
2nd 2022 Provisional Tax Information Request
We are in the process of preparing the second provisional tax returns for the 2022 tax year, due for submission to SARS by 28 February 2022. We would, therefore, appreciate it if you could furnish us with either a copy of your latest payslip OR the total of your PAYE...
SARS: Public notice prescribing the particulars that a tax invoice must contain
On 10 December 2021, Government Gazette 45624, Notice 1594 provided a public notice prescribing the particulars that a tax invoice must contain if the supply by a vendor relates to any enterprise contemplated in paragraphs (b)(vi) and (b)(vii) of the definition of...
Tax Chronicles November 2021 | Misleading Advice to Expatriates
Tax Chronicles Issue 40 November 2021 Post shared courtesy of: