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What is it? Income tax is the normal tax which is paid on your taxable income. Please note that Tax Season 2013 is now closed for all non-provisional taxpayers! To avoid penalties and interest please submit all outstanding returns. Provisional Continue reading PERSONAL INCOME TAX – 2014 Tax Season
0 – 174,550 R31,419 + 25% of taxable income above R174,550 377,451 – 528,000 R140,074 + 38% of taxable income above R528,000 Tax Thresholds: Age 75 and over:R7,110 R110,200 Principal member R257
Ensure your SARS compliance by following the guidelines below: 1. Complete an accurate reconciliation submission. Your accurate reconciliation submission must include your Employer Reconciliation Declaration (EMP501), Employee Tax Certificates [IRP5/IT3(a)], and where applicable your Tax Certificate Cancellation Declaration (EMP601).2. Ensure Continue reading SARS – Employer Interim Reconciliation Due 31 October 2013
Estimating your provisional taxRemember that different rules apply according to whether your taxable income exceeds R1m or not – Taxable income up to R1 million If your finally assessed taxable income is under R1 million, your provisional estimate on February Continue reading Provisional Tax
USE ONLY A REGISTERED TAX PRACTITIONER BECAUSE ….. By 1 July 2013, all “tax practitioners” are required by the Tax Administration Act (TAA) both to register with (or fall under the jurisdiction of) a “recognised controlling body” and to register Continue reading REGISTERED TAX PRACTITIONER
The recently published Taxation Laws Amendment Bill, 2013 (“TLAB”), shows a compromise by Government aimed on the one hand at allowing the free flow of commerce but on the other hand at blocking abuse of the VAT system. New legislation Continue reading VAT Registration
Since 2004, when it became mandatory for anyone rendering tax services to register with SARS as a tax practitioner, approximately 34 000 individuals have in essence become registered tax practitioners. However, media reports and public speeches have disclosed that almost 50% Continue reading Legitimate Requirements of Your Tax Practitioner
South African Revenue Service (SARS) has decided to withdraw the option to make direct payments to it via its eFiling Web site, without additional authorisation. SARS will, this month, phase out the payment facility via its eFiling system. The so-called Continue reading Direct Payments to SARS via EFiling Withdrawn
Registering your small business as a private company can be achieved via CIPCs (Company and Intellectual Property Commission) formal application process. This of course is one of the basic qualifying criteria for the SBC tax benefits. As a start-up you Continue reading SBC Registration
In the case of registered companies, qualifying businesses can register as small business corporations (SBCs) in order to enjoy further tax incentives, including reduced corporate tax rates. Presently, these include no tax for the first R 67 111 of annual Continue reading SBC Tax Rates