Your Retirement Savings Pot Explained

2024-09-29T04:41:01+00:00September 29, 2024|Accounting, Advice, News, Retirement, Retirement Withdrawal, SARS, Savings Pot, Taxes|

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 [...]

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Understanding Provisional Tax

2024-06-05T15:42:59+00:00June 5, 2024|Accounting, Advice, IRP6, Provisional Tax, SARS, Taxes|

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 [...]

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2024 Budget Speech Highlights

2024-02-22T16:06:19+00:00February 22, 2024|Accounting, Advice, Budget, News, SARS, Taxes|

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 [...]

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Shining the Light on SARS Solar Panel Tax Incentive

2023-11-22T16:18:39+00:00November 22, 2023|Accounting, Advice, News, SARS, Taxes, Tips|

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 [...]

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SARS Changes to Foreign Investment & Emigration Explained

2023-05-23T04:22:01+00:00May 22, 2023|Accounting, Advice, General, News, Taxes|

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 [...]

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Budget 2018 – Highlights

2018-02-21T22:37:24+00:00February 21, 2018|Advice, General|

Finance Minister Malusi Gigaba delivered the budget speech today that has been described as responsible and balanced under the current circumstances and likely to put South Africa in a healthier fiscal position. Ratings agencies are also looking at it favorably however the budget isn’t without its surprises, namely the hike in VAT for the [...]

What is VAT?

2017-08-30T08:21:59+00:00August 30, 2017|Advice|

Important: As of 1st April 2018, VAT is now at 15% Most of us know that VAT stands for Value Added Tax and is currently levied at the standard rate of 14% in South Africa, but what exactly is this system and why is it in place? These are some of the questions we [...]

Tax considerations on retirement

2017-07-29T07:27:22+00:00July 29, 2017|Advice, General|

In our previous blog article titled ‘Retirement funds and tax’, we looked at tax implications while saving for retirement and the recent changes in legislation that allow you to save up to 27.5% of your taxable income when making retirement contributions. Retirement structure is based on three legs, namely exempt, exempt, and taxed. While [...]

Retirement Funds and Tax

2017-06-30T08:02:29+00:00June 30, 2017|Advice, General|

Retirement planning is a long term commitment and for most of us, it entails a consistent monthly payment until you reach retirement age. Whether you are self-employed and contribute directly, or your employer is submitting payments on your behalf, these payments become part of life - or perceived as another expense at month-end - [...]

Working overseas? Proposed legislature changes may affect you

2017-05-26T19:53:56+00:00May 26, 2017|Advice, News|

Thousands of South Africans leave the country each year to earn a better wage, enticed by the favorable remuneration packages being offered. Low tax rates or tax-free jurisdictions such as Dubai in the Middle East are strong magnets for South Africans where despite harsh conditions, long working hours and separation from their families, they [...]

Budget 2017

2017-02-22T22:06:29+00:00February 22, 2017|Advice, General|

With South Africa experiencing low economic growth, high unemployment, slow progress in education and uneven income growth, it was only expected that our finance minister Pravin Gordhan would need to make tough decisions in his 2017 budget. While many of these tougher measures span the full scope of the budget, we will be purely [...]