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Author: Dr Beric Croome A taxpayer who receives an assessment from the Commissioner: South African Revenue Service with which they do not agree, is entitled to lodge an objection against that assessment and Chapter 9 of the Tax Administration Act, No. Continue reading How to Appeal Tax Assessment
Prescription was introduced as means of protecting South African consumers from unscrupulous credit providers, who are accountable for recklessly lending credit and have contributed to the detrimental debt crisis South Africa currently faces. Prescription in South Africa can be better understood by reading Continue reading In DEBT? WHAT IS PRESCRIPTION?
Announced by the minister of finance Business tax will only be imposed on a turnover threshold of R335 000 or more. This means that smaller companies with turnover of R335 000 or less will no longer be required to pay company income tax. Continue reading Small Business Tax 2015
Only once your business sales/turnover (not salary) in any 12 month period is expected to exceed R1 million does it become compulsory to register for VAT. Alternatively, if your business needs a VAT registration number for tender or other Continue reading When does a business need to register for VAT
New factors when considering the suspension of tax payments during objections/appeals Section 164 of the Tax Administration Act provides that an aggrieved taxpayer, who has lodged an objection or an appeal against an assessment or “decision” by SARS, has the Continue reading Suspension of tax payments during objections/appeals
Get back 25% of the bad debts you’ve incurred in the last year, thanks to this SARS tax allowance by FSP Business, 05 November 2013 As the end of the year approaches, small businesses are going to great lengths to chase Continue reading SARS Bad Debt Allowance
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