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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Tax Recovery Post-COVID-19

2020-08-31T12:57:02+00:00August 31, 2020|General|

We’ve all probably had that parent telling us how important it is to save for a rainy day; that if you put money away in a savings account or an emergency fund, you will be able to stop adding to your debt with every financial obstacle you face. You know the kind of bump [...]

Tax Calculator – Income Tax Tables 2019

2019-03-18T19:06:58+00:00March 18, 2019|General|

All income tax calculators are based on the tax tables from SARS for the specific period of taxation and this is what is used to work out your tax liability, that is the amount of money you need to pay to SARS. The formula to calculate your base tax liability is simple: Base Tax [...]

SARS – Rates of Tax for Individuals

2018-05-27T17:59:50+00:00May 27, 2018|General|

Each year, the South African Revenue Service (SARS) releases a set of tax tables to assist you in calculating your tax liability from your taxable income. What is my taxable income? Your taxable income is not necessarily a tax you are only liable to pay on a salary or wage. You may also be [...]

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 [...]

PAYE calculator

2017-10-30T08:11:04+00:00October 30, 2017|General|

As an employer, you have a tax obligation to deduct employee’s tax in the form of PAYE (Pay as you Earn) from any remuneration paid to employees and settle this amount with SARS on a monthly basis. In this blog article, we will focus on the steps you will need to follow to calculate [...]

PAYE Tables 2017

2017-09-05T08:38:10+00:00September 5, 2017|General|

An Employee's remuneration is subject to monthly deductions in the form of PAYE. PAYE Tables for the correct tax year should be referenced to calculate an employee's monthly tax liability. Additional deductions, rebates and tax thresholds should all be considered when calculating the final PAYE amount. These are listed below for your reference and [...]

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 - [...]

Income Tax Brackets

2017-03-03T07:23:17+00:00March 3, 2017|General|

After this year's budget, most tax brackets saw their ceilings raised slightly while the most significant change was the introduction of a new tax bracket for the wealthy.     Income Tax Calculators The tax brackets below are key to calculating your taxable income and are what online tax calculators use to provide you [...]

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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 [...]