"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 [...]
They say change is as good as a holiday. Well, it seems that the new bills being proposed by the South African Revenue Services in its draft Tax Law Amendment Bill (TLAB) and draft Tax Administration Laws Amendment Bill (TALAB) may not be changes worth celebrating. The changes include a three-year lock-in period for [...]
For small businesses starting up or wanting to expand, the most effective help they can receive is funding. Without funding small businesses fail or just can’t move forward. This is where the section 12J Venture Capital Companies (VCC) tax incentive has been so helpful for SMMEs. The focus of the tax incentive is to [...]
Every year we summarise some of the important tax deadlines that affect you as an individual or employer. Tax season deadlines for individuals In each tax season, you are required to submit your income tax return (ITR12). This document assists SARS in calculating the tax payable on your income as well as the tax [...]
On the 26th of February 2014, Finance Minister Pravin Gordhan delivered a conservative budget. Whilst giving what may be his last budget speech, he highlighted the need for increasing economic growth to attain the National Development Plan’s goal of between 5% and 6% economic growth. How the 2014 Budget affects you? There were a [...]
What is Capital Gains Tax? For the average taxpayer, Capital Gains Tax may be an unknown entity but it is likely to affect you at some point in your life. You may even be surprised to know that it is not a standalone tax and actually forms part of income tax. After successfully being [...]
Answering the question - "What is an accountant?" By definition, an accountant is a person involved in the financial side of a business and whose job it is to accurately maintain or inspect financial records. However they also play a key role in business, providing advice on the strategic direction of a company and [...]
While tax calculators can give an estimate of the tax you are liable to pay, they are not always 100% accurate, especially for business owners and self employed individuals. Tax calculators for employees If you are an employee, SARS provides an easy to use tax calculator that will work out your PAYE, taxable income [...]
Important: As of 1st April 2018, VAT is now at 15% Following up from our blog on “who needs to register for tax?”, a similar frequently asked question we receive is “who needs to and when do you need to register for VAT?”. We will answer these and more questions in this article. Who [...]
SARS register for tax A common question we are asked is "How much do I have to earn to pay tax?" Each year SARS provides slightly different tax scales that are used to calculate income tax. In this article we will look at how much you will need to earn in order to be legally [...]
Selecting a business structure First of all, Happy New Year! I hope your 2012 is a prosperous one. If you are starting a business in 2012 or looking to register a formal business structure, then this blog article is for you. We will briefly look at a few of the business structures you can [...]
