A donation is property (including cash and shares) transferred to the recipient at no cost.
Read all about tax effects in the hands of the donor vs the hands of the recipient
Donations Tax Consequences for Individuals Read More »
What is provisional tax and who are provisional taxpayers?
Provisional tax is an estimate of the taxpayer’s tax liability at the end of the year of assessment.
This estimated tax liability is paid twice during each year of assessment, with the first payment made at the end of month 6 from the start of the year of assessment and the second one at the end of the year of assessment.
As a businessman and entrepreneur, one needs to understand the importance of preparing annual financial statements.
Occasionally confusion exists about whether companies should produce audited, independently reviewed, or compiled financial statements.
That’s why it is important to learn how each financial statement can be classified.
The Importance of Preparing Financial Statements Read More »
SARS defines a VAT audit as: An examination of the financial and accounting records and/or the supporting documents that you have submitted to determine whether you have correctly declared or claimed your VAT to or from SARS. SARS can randomly select any VAT Vendor for an audit, which is like a spot check to ensure
Why Does SARS Perform VAT Audits & How to Respond to SARS Read More »
It has become common for employers to require or permit employees to work from home & taxpayers who work from home can qualify to claim home office expenses if they meet specific requirements.
Deduction of Home Office Expenses Read More »
The criteria involved in filing a tax return revolves around what your gross income consists of.
Factors such as remuneration, interest, dividends, tax-free investments etc. can all impact whether you need to file a tax return or not.
Do I Need to Submit a Tax Return? Read More »
This will not only affect individuals but also businesses, as the system will be used to ensure business are compliant with all tax types.
The CIPC link means that SARS can easily start linking the owners to companies and should one get flagged, the system will also start digging into the other to check for any other red flags.
Machine Learning to Expose Tax Dodgers Read More »
VAT Invoices SARS is clamping down on non-compliant tax invoices and the onus is on the VAT vendor to ensure that all tax invoices meet the requirements of a full tax invoice in terms of Section 20(4) of the VAT Act before submitting a VAT return. Failure to do so will result in harsh penalties
What are the Criteria for Full & Abridged Tax Invoices? Read More »
If there is any advice we can give to you, this is it:
To get all your tax returns submitted with ease we urge that you start preparing your tax documents so that we can get cracking on your tax returns!! You may delay the preparation of your income tax returns but time will not stop and before we know it September will be upon us!
Are you aware of the tax benefits that come along with taking out a retirement annuity and medical aid?
