Monthly Archives: April 2016

Tax free saving accounts (TFSA) are working – are you taking advantage of them?

In the 2015 Budget, Finance Minister Nene introduced a tax free savings incentive. It allowed R30,000 per person per annum to be invested in a variety of funds including unit trusts, exchange tracker funds (ETFs), savings accounts and insurance products. … Continue reading

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Prepare now for leasing changes that will impact your business.

If your accountant uses IFRS (“International Financial Reporting Standards”) in compiling your financial statements, and if you lease assets, then changes are coming that you need to start preparing for. The International Accounting Standards Board has mandated new accounting treatment … Continue reading

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Relief in sight for workers losing their jobs

The parliamentary Portfolio Committee on Labour has recommended amendments to the Unemployment Insurance Act (UIF). As this received support from all parties, it is almost certain to be promulgated into law in the next few months. In view of the … Continue reading

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Taxpayer beware:  SARS can now unilaterally extend “prescription of assessment” periods

Until the recent change in our tax laws, prescription of assessments (the expiry date of when SARS could still reassess a return submitted) in practically all cases took effect: After SARS issued an assessment – 3 years after the date … Continue reading

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How many days will you be working for the taxman this year?

A local think tank measures the amount of time it takes for taxpayers to pay their income taxes. In 2016, it will take until 25 May (“Tax Freedom Day”) before taxpayers can earn for themselves – in other words from … Continue reading

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