Category Archives: Tax

Tax Freedom Day: How Many Days Did You Work for The Taxman in 2020?

“Tax Freedom Day” is a concept telling us taxpayers just how long we have to work every year to pay the Taxman his share before we start earning for ourselves.  Normally our “Freedom Day” gets later and later every year in … Continue reading

Posted in Tax | Tagged , , | Comments Off on Tax Freedom Day: How Many Days Did You Work for The Taxman in 2020?

Life Made Easier (and Safer) For Non-eFilers

When SARS have requested documentation from taxpayers who do not use eFiling, the taxpayers have had to take these documents into a SARS Branch. Now SARS have launched on online form that taxpayers can complete and upload with the documentation requested by SARS.  The online form … Continue reading

Posted in Tax | Tagged , , | Comments Off on Life Made Easier (and Safer) For Non-eFilers

Be Ready for a SARS Lifestyle Audit 

Being suddenly subjected to a SARS “Lifestyle Audit” is a nerve wracking business with the risk of penalties of up to 200%, backdated interest, and criminal prosecution.   What external sources of information does SARS have access to? How does SARS … Continue reading

Posted in Tax | Tagged , , | Comments Off on Be Ready for a SARS Lifestyle Audit 

On a Lighter Note – Some Entertaining Tax Stories

UK Revenue officials recently released some entertaining excuses from taxpayers: One taxpayer claimed their mother-in law was a witch and had cursed them. Some said that hamsters and dogs had eaten the post. A taxpayer was up a mountain and … Continue reading

Posted in Tax | Tagged , , | Comments Off on On a Lighter Note – Some Entertaining Tax Stories

Budget 2020: Tips for Tito – Make Your Voice Count!

Every year the Minister of Finance asks us what we would like to see in the budget and a “Budget Tips” portal on the National Treasury website is open. This year he asks in particular for our views on “What … Continue reading

Posted in Tax | Tagged , , , | Comments Off on Budget 2020: Tips for Tito – Make Your Voice Count!

Take Advantage of the Venture Capital Company Allowance While You Can

Here’s some good news in the form of a way to save tax (a lot of tax), make a good investment, and directly boost both our economy and our SMEs – all in one go. That’s where the VCC (Venture … Continue reading

Posted in Tax | Tagged , , | Comments Off on Take Advantage of the Venture Capital Company Allowance While You Can

Your Tax Returns Are Due: Make Sure You Fill In Your Return Correctly

The last thing you need is to have the Taxman after you with his armoury of penalties and threats of criminal prosecution; and the likelihood of that happening if you put a foot wrong is higher than ever now with … Continue reading

Posted in SARS, Tax | Tagged , , | Comments Off on Your Tax Returns Are Due: Make Sure You Fill In Your Return Correctly

Youth Employment Tax Incentive Extended for Ten Years

There is chronic unemployment in the country and it is especially felt by the youth where up to 50% cannot find a job. The Employment Tax Incentive (ETI) is designed to encourage companies to employ “youths” (between the ages of … Continue reading

Posted in Tax | Tagged , , | Comments Off on Youth Employment Tax Incentive Extended for Ten Years

How Many Days Did You Work For The Taxman In 2019?

“Tax Freedom Day is calculated by dividing general government revenue by GDP at market prices, then multiplying the result by the number of days in a year, and finally adding a day” (Free Market Foundation) In the current year it … Continue reading

Posted in Tax | Tagged , , | Comments Off on How Many Days Did You Work For The Taxman In 2019?