The Exciting World of an Accountant
If you ever wondered what an accountant goes through in a day – you may have imagined them in front of their screens engrossed with spreadsheets and numbers all day long. Yes, that is definitely part of heir job, however there is a whole lot more that goes on in the life of an accountant. In this blog we will give you a peek into the tasks, responsibilities and challenges in the accounting world.
What are IT3(d) returns and why does SARS require for this type of return to be submitted?
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.
Maintaining a Positive Work-Life Balance
In the hustle of today’s work culture, it’s easy to fall into the cycle of back-to-back meetings, late-night emails, and working through lunch breaks. While
The Tax Implications to Consider When Starting a Business
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.
Tax on Foreign Employment Income
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.
Workplace Wellbeing
Several factors contribute to stress, ranging from relationship issues and financial concerns to simply not getting a good night’s rest. However, workplace stress is often a primary source of pressure for many adults. Tight deadlines, heavy workloads, and interpersonal conflicts can all contribute to feelings of anxiety and burnout. Recognising when a colleague or employee is struggling and offering support is a critical part in helping them manage stress.
Here are a few steps to aid in this:
Why Maintaining a Positive Attitude at Work Matters
With the nature of work today where challenges flourishes with a great demand, a positive attitude is no longer just a personal characteristic but rather a key element in one’s profession. Such advantages include work engagement, personal productivity, and team collaboration that can all be attributed to a positive attitude which makes it useful for employees and even organizations.
Tax Implications of Two Pot System
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.
Business funding with Bridgement
Securing funding for your business does not have to be complicated or time-consuming. TLOK has partnered with Bridgement, who offer unsecured business funding as a straightforward alternative to traditional bank financing.
Tax-Free Investments Explained
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 Avoidance vs. Tax Evasion – the thin line between right and wrong
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.
What Are The Requirements For An Individual To Be A Provisional Taxpayer
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.