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TAX & Accounting Newsletters

Gavin's Desk

Dear All
 
Herewith our MAY newsletter for your information.

Taxation

Please note we have recently launched a new service of Tax Dispute Management. There is a large demand from clients to have their tax affairs resolved,...


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REGISTER FOR VAT

Tax Tracey

What's New?12 October 2015 - From 12 October 2015 SARS implemented system changes which now cater for the proper processing of Collective Investment Scheme (CIS) registrations and VAT Voluntary registrations which made provision for the registration of vendors who have not yet...


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Tax Tracey Says - JUNE Taxation & Accounting Updates

Tax Tracey

Taxation - R & D Allowance: See our attached article on Research & Development allowance- we are finding, as we perform independent reviews and audits, that some clients are not aware of this allowance. It’s one of the few times that SARS gives you something extra....


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Tax Tracey Says

Tax Tracey

A provisional taxpayer includes:

  • Any company (and close corporation)
  • Any person notified by SARS
  • Any person who derives non-remuneration income.

Non remuneration excludes salary...


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Tax Tracey Says

Tax Tracey

Tax Tracey Says.


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Tax Tracey Says

Tax Tracey

2015 Budget and Tax Update:The 2015 Budget Speech is more keenly anticipated than ever as we wait for the revelation of Government's plans on how we will navigate through the economic and fiscal challenges facing South Africa. Indications are that this Budget will include...


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Tax Tracey Says

Tax Tracey

Provisional Tax:Now that we all recently went through the urgency of August’s provisional tax deadline, as per download link is a paper on this installment system to provide you with some insight on the workings and penalties involved if you get the estimates incorrect....


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Provisional Tax Returns and Payment due by Friday 29 th August

Provisional tax payments are pre-payments of income tax for a specific tax year.There are three provisional tax deadlines:

  • Submission of the first provisional tax return (IRP6) is compulsory for provisional taxpayers even if no provisional tax is payable. Submission of the first IRP6...

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Quick Guide to Business Valuation Methods

Biz Facility

Let’s face it, the goal of many business owners is to build a company which can ultimately be sold for alarge profit. While this may be the end goal, how to go about doing this can be quite difficult.This is why an entire industry has...


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TaxBox-Forms print error

Our TaxBox-Forms (QFormsDB) software started giving an "Exceptions" error, but it is due to the latest version of Adobe Reader. (ver. 11.0.07).

We are working on sorting this error.

You can do the following:

...


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South African tax for investors

South Africa has a well-developed and regulated taxation regime. While the laws are constantly being revised and amended to keep them up to date and in line with international best practice, here are the tax basics for foreigners investing or working in South Africa.
Key starting...


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Lodging an Appeal

As a taxpayer you have the right to lodge an appeal where your objection has been disallowed in full or in part.

  • A valid reason need to accompany the appeal submission when it is outside the stipulated timeframe.
  • An appeal must always be accompanied by...

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Tax and Disability

What are the criteria for being considered a person with a disability?

First, ITR-DD must be completed by you (part A) and a...


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PAYE tax brackets

Extratcted from the Budget Pocket Guide Taxable Income(R)                              Rate of Tax (R)0 – 165 600...


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Good news for Taxpayers

We have summarised what we think are the important and beneficial points from Finance Minister, Pravin Gordhan mid-term budget review.

 

  • He clamped down hard on his own government spending from the presidency, government...

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Sars collects R813.8 billion in revenue

The SA Revenue Service (SARS) collected R813.8 billion in revenue last year.

According to the 2013 Tax Statistics publication, tabled by...


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Appointment of Tax Ombudsman in South Africa.

The Tax Administration Act became effective on the 1st of October 2012.
Included in this Act is the appointment of a “Tax Ombudsman”.

What is the purpose of the Tax Ombudsman?
The Tax Ombudsman is appointed to protect taxpayer's rights by reviewing and...


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Amendment of CoR15.1 form series (CoR15.1A,B,C,D and E)

The Companies Regulations, 2011 as relating to the CoR15.1 form series (CoR15.1A to CoR15.1E) has been amended by way of publication in the Gov Gazette no 36759 of 20 Aug 2013. 
The relevant forms on the CIPC website has been replaced.

It should be noted that the amendments are...


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Should you do your own taxes?

Some people can do it themselves, others need professional help. And with SARS’s continuing amendments, you should probably do the latter.

The issue isn’t what you know, but rather what you don't know. If you have a simple return to submit, you can use e-filing, but what you need to...


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Debit pull transaction to be discontinued by SARS.

Currently taxpayers can authorise SARS to withdraw any funds from their account that is owed to SARS. It is claimed by SARS that there are known problems using this method.  A person can authorise SARS to do a debit pull from an account, but...


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Do I still pay tax for working only part of the year?

Employee tax

Employee tax falls under withholding tax and gets deducted from the employee’s remuneration by the employer. The employer works according to a table provided by SARS to determine the amount to be deducted as tax on the remuneration cycle of the employee....


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How do you capture local dividends in Taxplanner 2013 and 2014?

With the new change in local dividends the gross amount is taxed at 15%, which is deducted at source as withholding tax. (eg. R1 500 of R10 000 is paid to SARS)

Therefore the...


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Right of use of vehicle (Company car)

Monthly Fringe Benefit

Usage of a Company motor vehicle by an employee is subject to tax. It will be added as a monthly fringe benefit of 3.5% of the determined value of the vehicle.
When the vehicle is covered by a maintenance plan, the monthly fringe benefit will...


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Tax email scams and “Phishing”, be aware.

Have you ever received an email stating that SARS paid a certain amount of money in your bank account? Or that you are eligible for a tax return? To confirm your Tax Return Payments?  SARS have issued an awareness warning for email scams, so they created a section of...


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Medical Scheme Fees Tax Credit for the 2013 Tax Year

TAXPAYERS BELOW THE AGE OF 65 WITH NO DISABILITY

  • Qualifies for a Tax Credit as follows:
    • R230 per month for contributions made by the taxpayer and R230 for the first dependant; plus R154 per month in respect of each additional dependant.
  • A...

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When is an individual liable for income tax?

Individuals who receive taxable income in excess of a specific mount (known as the “tax threshold” amount) in a year of assessment (tax year) are liable for income tax. The tax threshold amount for the 2013 year of assessment is R67 111 for individuals below the age of 65, R104 611 for...


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When will SARS Audit you?

SARS will conduct an audit depending on a number of possible situations and conditions, below we have tried to explain in bullet form what might trigger their interest based on the information they provide on their website:

  • Verification of a taxpayers information is done by an...

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