The South African Revenue Service (SARS) has introduced a new requirement for certain entities to
submit IT3(d) returns, aiming to boost compliance and transparency within the tax-exempt sector.
This specifically applies to Section 18A approved Non-Profit Organisations (NPOs) and Non-Profit
Companies (NPCs) that issue tax-deductible donation certificates.
When you’re running a business, whether as a legal entity or a sole propritor , there are tax implications to keep in mind. If you’re aware of the tax implications before you kick things off, it can really help with your cash flow planning. Plus, handling the administration and compliance of your company will be a lot smoother down the road.
The Tax Implications to Consider When Starting a Business Read More »
As a South African tax resident working abroad, you may be eligible for a tax exemption on your foreign employment income, provided certain conditions are met.
This exemption can offer significant relief, as it allows for up to R1.25 million of foreign income to be excluded from tax.
Tax on Foreign Employment Income Read More »
On the 1st of September, the two-pot retirement system was implemented in South Africa by the National Treasury.
The main aim for the implementation of the two-pot system is to allow citizens of the republic partial withdrawal from their retirement fund for any emergencies that may occur, while still preserving a portion of the fund for life after retirement.
Tax Implications of Two Pot System Read More »
Tax-free savings are designed to reduce South Africans’ tax liability while allowing them to save for their non-retirement goals.
It also provides flexibility as you do not have to commit to making future contributions and you can withdraw funds anytime you choose, but it’s not advisable to do so as this will have an impact on your lifetime tax-free savings limit.
Once an amount is withdrawn, that amount will be deducted from your lifetime contribution limit.
Tax-Free Investments Explained Read More »
Defined in layman’s terms tax avoidance is defined as any legal methods used by a taxpayer to reduce their tax liability.
While on the other hand tax evasion is an illegal practice a taxpayer does to intentionally reduce their tax liability.
Tax Avoidance vs. Tax Evasion – the thin line between right and wrong Read More »
Any person who receives taxable income of more than R30 000 other than salary/remuneration (such as investment income, business profits, rental profit, etc.), would be considered as a provisional taxpayer.
What Are The Requirements For An Individual To Be A Provisional Taxpayer Read More »
Accounting software is most certainly a vital tool for proficient, precise, and effective Financial Management. Sage Accounting Software is widely recognised, of the many options available, for its accurate and comprehensive Financial Management Solutions. Sage is popular choice which meets the demands of both small startups and larges businesses.
SAGE Accounting Software Read More »
If you have been considering installing solar panels for your home or business, there has never been a better time than right now.
Investing in solar energy is an option that will offer long-term benefits, not only will you save money & reduce your carbon footprint but it comes with new tax incentives too.
As a tax resident, you are required to submit tax returns to SARS annually and declare your worldwide income (local and foreign).
Non-residents will be taxed only on income that is earned in South Africa.
You Need To Inform SARS If You Cease To Be A Tax Resident In South Africa Read More »
