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 [...]
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 [...]
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 [...]
You can't deny that there is a lot of hype and interest about Cryptocurrencies at the moment. One of the loudest questions being asked right now is, are Cryptocurrencies taxed? Many South Africans have made millions with Cryptocurrencies recently and everyone is asking, is there a SARS Cryptocurrency tax? The answer is, yes, there [...]
On 24 February, Finance Minister, Mr. Tito Mboweni, delivered the National Budget Speech outlining the government's priorities for 2021. Due to the COVID-19 pandemic, the government was forced to re-evaluate the economic outlook of the economy, and things have taken a challenging turn. Budget speech highlights include the expectation that the total consolidated spending [...]
The importance of businesses, both large and small, for our economy, goes without saying, especially their role as taxpayers. All businesses have tax obligations to meet, including paying Value Added Tax (VAT) to SARS, but don't fear, it's not all bad news, as there are several benefits to acquiring a VAT number. This post [...]
No one likes a surprise from the Taxman, because we know it is hardly ever good. The year we've made a profit should be one for celebrating, not for sharing with SARS. Understanding Capital Gains Tax (CGT) and how it works is key to saving pennies when you are looking to sell an asset [...]
