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With effect from 1 March 2013, tax exemptions on interest earned will be increased to: • R23,800 a year for investors under the age of 65 (up from R22,800 per year); and • R34,500 a year for investors 65 years Continue reading 2013/14 Budget Tax Exemptions
CGT is a tax levied on the profits made from the sale of an asset, such as property or an investment. Switching between the underlying unit trusts you are invested in will involve selling the units you wish to switch Continue reading 2013/14 Budget Impact on Capital Gains Tax (CGT)
Government proposes that the R14 million turnover threshold for small business corporations be lifted to R20 million and that the graduated tax structure also be adjusted. The proposal is that small firms classed as Small Business Corporations with a taxable Continue reading R360m in tax relief for small businesses
In terms of Section 5 of the Income Tax Act, every natural person, who receives taxable income, is obliged to pay income tax on that income. In terms of Section 66 of the same Act, every person, who is liable Continue reading Submit a return if income below threshold?
Registering For Tax And Obtaining A Tax Certificate By Luzaan Dudley Adams and Adams The obligation to register for and pay taxes is one that the majority of South Africa bears, including companies, close corporations and other taxable entities. As such, registering Continue reading Register For Tax – Tax Certificate
The South African Institute of Chartered Accountants (SAICA) has observed that there is some confusion in the market place regarding the penalties that the South African Revenue Services (SARS) can levy, specifically with respect to provisional tax.Piet Nel, SAICA’s Project Continue reading Provisional Tax Penalties
23 February 2012 Delivering his National Budget speech in Parliament in Cape Town on Wednesday, Finance Minister Pravin Gordhan announced both some tax relief for small business and a new financing agency to improve funding for the sector. The tax-free Continue reading Tax relief, funding for small business
Are you the owned of a small business? Most small businesses without a bookkeeper are quite lost on the seas of high commerce. Your bookkeeper keeps you in touch with reality, takes care of your VAT returns, annual CIPC return, annual Continue reading Good Bookkeeper for Small Business
SARS on 8 November 2012 reminded taxpayers of the looming deadline for income tax returns while also announcing that some of its branches had extended their working hours.The deadline for individual taxpayers and trusts to submit their annual income tax returns is Continue reading Tax Return Deadline – November 2012
A Tax Certificate is a document issued by SARS certifying that a) you are tax compliant, and b) that your tax affairs are in order. A Tax Clearance Certificate is valid for one year from date of issue, and it Continue reading How to apply for Tax Clearance Certificate