Taxation Blog

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...

SARS has recently announced new requirements for the mandatory disclosure of Section 18A certificate information to SARS. (IT3(d) certificates for all section 18A donations received). The new IT3(d) certificates come into effect on 1 March 2023 and applies to all...

South African Revenue Service (SARS) has warned taxpayers to be aware of emails or SMSs that ask for personal, tax, banking, and eFiling details indicating that taxpayers are eligible to receive tax refunds. Taxpayers may receive random emails which are made to look...

With the upcoming Budget on 22nd February 2023 and the end of the individual’s tax year looming on 28 February, the following comprehensive year-end tax planning guidance and “tax saving tips” can help you to minimise your tax burden and protect your wealth. Please...

With the upcoming Budget on 22nd February 2023 and the end of the individual’s tax year looming on 28 February, the following comprehensive year-end tax planning guidance and “tax saving tips” can help you to minimise your tax burden and protect your wealth. Please...

With the upcoming Budget on 22nd February 2023 and the end of the individual’s tax year looming on 28 February, the following comprehensive year-end tax planning guidance and “tax saving tips” can help you to minimise your tax burden and protect your wealth. Be sure...

SARS has published updated tables of interest rates. Copy of Table 3 Interest Rate on Fringe Benefit - 02.2023 These tables provide the average interest rates applicable to various tax matters, as follows: Table 1 – Interest rates on outstanding taxes and interest...

We are in the process of preparing the second provisional tax returns for the 2023 tax year, due for submission to SARS by 28 February 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...