Everyone owning a business weighs up the scales of risk and reward on a daily basis. The only way to be successful is to ensure that you take calculated risks. Unfortunately from time to time, unforeseen circumstances do happen and could place your business and inherently y our own future at stake.
3 Easy Steps To Ensure The Survival Of Your Business Read More »
Minister Pravin Gordhan recently held the new National Budget Speech for 2013. This is a quick summary of changes to the new 2013/14 tax rates as well as other items affecting the every man on the street.
Budget Speech 2013 – How it affects you Read More »
Compensation Fund admits system is shambolic By Wiseman Khuzwayo Despite a promise last year by Labour Minister Mildred Oliphant that the implementation of the Compensation Fund turnaround strategy to improve and fast-track service delivery was at an advanced stage, the fund admitted yesterday that it was still in a lamentable state. The fund is managed
Compensation Fund admits system is shambolic Read More »
When submitting your VAT return, according to certain parameters, SARS now has the discretion to audit the calculation of the return, whereby the vendor is required to submit to the receiver proof of the turnover declared as well as the expenses claimed.
We recently experienced that the input tax of a large number of VAT vendors were disallowed.
5 Reasons Why You Could Fail A SARS VAT Audit Read More »
Public Benefit Organisations (PBO’s) are established to conduct activities which benefit the general public. Due to the nature of their work, the Income Tax Act allows PBO’s to carry on certain activities on a tax-free basis.
Organisations wanting to benefit from the tax exemptions granted by the Income Tax Act need to obtain approval from the Receiver of Revenue (SARS).
Income Tax Act Benefiting Public Benefit Organisations (PBO’s) Read More »
Discover the benefits and pitfalls of turnover tax in South Africa. Learn how to navigate the system, avoid common mistakes, and ensure compliance with SARS.
Avoiding the Pitfalls of Turnover Tax: A Comprehensive Guide for South African SMEs Read More »
You need to submit your tax return and don’t know which expenses you are allowed to deduct! Help!
Maximizing Tax Deductions for Individual Taxpayers Read More »
A very common question was raised in the boardroom last week during a consultation – how far back can I claim expenses before I actually started doing business? Let’s quickly recap what SARS allows on this topic. Pre-trade expenses The general deduction rule stipulates that you can only deduct expenses incurred in the production
How far back can I claim pre-trade expenses? Read More »
When a business acts as an employer, there are certain statutory requirements that the business will have to adhere to.
Some of these requirements include compulsory registrations with certain governmental departments.
Beware These Four Statutory Deduction Pitfalls On Your Payroll Read More »
In our previous article, we covered some of the key deductions, including: Pension Fund contributions, Retirement Annuity contributions, Income Replacement Policy contributions, and Donations. Today, we’ll explore the remaining expenses you can claim when submitting your personal tax return to SARS. Let’s break it down step by step. Travel Expenses: What You Need To Know Travel
Individual Taxpayers! Expenses you are allowed to deduct. (Part 2) Read More »
