After an unprecedented postponement triggered by widespread disagreements within the GNU (Government of National Unity) regarding a proposed VAT increase, Finance Minister Godongwana presented the 2025/2026 National Budget Speech on 12 March 2025. Below is a summary of the tax-related changes: - VAT (Value Added Tax) Considering the impact of a VAT adjustment, VAT [...]
South Africa’s new two-pot retirement scheme was designed to give members some financial breathing room during tough times, without requiring them to resign to access their savings. In short, although it offers short-term financial relief, this withdrawal benefit should only be considered for emergencies and not change how you think about your retirement financial [...]
If you are a business owner, a trustee, or an individual earning income from any other source other than an IRP5, you should have submitted a First Provisional return (IRP6) for 2024 by the 29 February 2024. There are 3 return submissions for Provisional Tax, namely: - The First return which covered the estimated [...]
Finance Minister Enoch Godongwana announced his budget speech on Wednesday 21st February 2024, that he hoped would alleviate immediate fiscal pressures. It was disappointing news for South Africa’s already struggling households to hear that the additional R15 billion needed to balance the budget, will come out of the pockets of individual taxpayers. To achieve [...]
With load shedding still firmly on the horizon, it was welcomed news in the recent Medium-Term Budget Policy Statement, that the government is advocating for the solar panel tax incentive to be extended to batteries and inverters. Electricity Minister, Kgosientsho Ramokgopa, wants more businesses and households to opt for rooftop solar panels, but feels [...]
Last month, the South African Revenue Service implemented a welcomed change to the foreign investment and emigration tax clearance process for individuals transferring money abroad. These changes are essentially system enhancements to align the different tax clearance processes and make compliance easier. With official emigration having been phased out in 2021, SARS new tax [...]
Finance Minister Enoch Godongwana’s 2023 budget speech welcomed some tax relief and incentives, which he believes strikes a critical balance between saving lives and livelihoods, whilst supporting the economic growth of the country. With the energy crisis being the focus this year, the news was welcomed of a tax incentive for the installation of [...]
The perception of most Business owners is that changing Accountants is as difficult and disruptive as changing banks. However, we have taken on a number of new corporate clients who are always surprised at how easy and smooth our changeover has been. So, if you feel your current accountant is not giving you the [...]
"Now is not the time to increase taxes and put the economic recovery at risk. Accordingly, we have decided to keep money in the pockets of taxpayers," said Finance Minister Enoch Godongwana in his National Budget address on 23 February 2022. He said this in the context of the continuing effects of the Covid-19 [...]
Before we get down to the questions and answers, let's just make sure we're all on the same page. When we talk about PAYE, we are talking about the Pay As You Earn system, whereby your employer withholds your income tax amount and pays it directly to SARS on your behalf, every month. PAYE [...]
Remote working and flexible employment have really taken off in the last year and a half. Perhaps we can categorise this as one of the very few 'pros' we've seen coming out of the Coronavirus pandemic. This kind of employment involves workers working part or all of their time from an at-home office. Of [...]
In January of this year, the government signed the Taxation Laws Amendment Act, doing away with the distinction between residents and non-residents for exchange control purposes. What exactly does this mean? It means that the SA Reserve Bank is doing away with financial emigration, which involves accessing your retirement annuities before they are matured [...]
