Category Archives: Tax

Budget 2021: Your Tax Tables and Tax Calculator

Individuals and Special Trusts will see some relief from the Budget 2021 proposals, and to help you quantify that, and as a convenient reminder of the various other taxes that remain unchanged, we share both the official SARS Tax Tables … Continue reading

Posted in Budget, Tax | Tagged , , | Comments Off on Budget 2021: Your Tax Tables and Tax Calculator

Provisional Income Tax Due 26 February: Do’s and Don’ts for Companies

By the end of this month, the second provisional income tax payments for companies are due for a financial year that certainly ranks among the most difficult in recent memory – a year in which many business owners realised, as … Continue reading

Posted in SARS, Tax | Tagged , , | Comments Off on Provisional Income Tax Due 26 February: Do’s and Don’ts for Companies

Companies: How to Manage Your Greater Tax Risk in 2021

South African companies are exposed to a significant tax risk. Companies are liable for a range of direct taxes, indirect taxes and employees’ taxes that are continuously subject to legislative changes and administrative improvements by SARS and National Treasury. This … Continue reading

Posted in SARS, Tax | Tagged , , | Comments Off on Companies: How to Manage Your Greater Tax Risk in 2021

A Remote Working Danger: Independent Contractor or Employee?

The move to a much greater level of remote working this year has reinforced the need for small businesses to ensure that they classify the people that work for them correctly. One of the biggest challenges for small businesses is … Continue reading

Posted in Employment, Law, Tax | Tagged , , | Comments Off on A Remote Working Danger: Independent Contractor or Employee?

6 Tips for Getting the Most from Your Tax-Free Savings Account

Tax-free savings accounts (TFSAs) have been around for just over five years, and yet many people still do not know about them, are unfamiliar with the benefits or don’t know how to take maximum advantage of this unique investment opportunity. … Continue reading

Posted in Budget, Tax | Tagged , , | Comments Off on 6 Tips for Getting the Most from Your Tax-Free Savings Account

Employees Working Abroad: How to Avoid Double Tax

Due to travel bans and restrictions imposed as a result of the COVID-19 pandemic, many employees working on foreign assignments or abroad may not qualify for the foreign remuneration exemption for the 1 March 2020 to 28 February 2021 assessment … Continue reading

Posted in Employment, Tax | Tagged , , | Comments Off on Employees Working Abroad: How to Avoid Double Tax

The Five Most Common Tax Pitfalls That Small Business Owners Should Avoid

At a time of deep economic recession, small businesses must manage their accounting and tax functions efficiently and smoothly to avoid any unnecessary costs like SARS penalties. Making elementary mistakes with a small company’s tax affairs can have disastrous and … Continue reading

Posted in SARS, Tax | Tagged , , | Comments Off on The Five Most Common Tax Pitfalls That Small Business Owners Should Avoid

Tax Incentives to Invest in Small Business: The Clock is Ticking

National Treasury is reviewing all of its business tax incentives to determine to what extent they are contributing to policy objectives. One such incentive under review is the “Section 12J” incentive, which allows an investor a deduction of the full amount invested in a … Continue reading

Posted in Tax | Tagged , , | Comments Off on Tax Incentives to Invest in Small Business: The Clock is Ticking

Employees Working from Home: What Tax Deductions Can You Claim?   

Working from home is part of our “new normal” and home offices are predicted to remain a permanent feature of many employment relationships in the future.  Both employees and their employers should be familiar with the tax angles, in particular the opportunity to claim tax … Continue reading

Posted in Tax | Tagged , , | Comments Off on Employees Working from Home: What Tax Deductions Can You Claim?   

Tax Season 2020 will be Easier Thanks to SARS’ New Approach!

SARS has announced changes to this year’s tax filing season, driven partly by its ongoing innovation program and partly by the Covid-19 pandemic. Whilst as author Margaret Mitchell pointed out there never is a convenient time for “death, taxes and childbirth”, SARS’ new changes offer time-saving … Continue reading

Posted in Tax | Tagged , , | Comments Off on Tax Season 2020 will be Easier Thanks to SARS’ New Approach!