That SARS Alert Might Not Be Real
Tax season brings a predictable spike in SARS scams. When scrolling through your emails or messages, there’s a good chance a notification claiming to be from SARS is already waiting for you, whether it’s a tax refund you never filed for, or an urgent settlement demand designed to trigger panic. Four types of scams usually […]
Forming a Trust in South Africa: Which Type Suits You?
What is a trust? The answer may seem obvious, but in practice, many people get confused as to exactly what a trust is and what such a structure is meant for. In this article, we examine the various types of trust recognised under the South African common law, as well as where the Income Tax […]
Filing Season 2024: Make Sure to Check Your SARS Uploads
It seems like it was just the other day that I’d finished submitting the 2023 tax returns for of my clients—mainly because for two of them, it literally was. For the clients in question, the late submission was due to delays in obtaining IRP5 certificates from various providers. SARS has imposed the inevitable administrative penalties […]
Flying towards a tax saving: Double tax agreement, or financial emigration?
Having visited over 12 international locations in 2022, and engaging with South African expatriates, we can attest to a recent report issued by the United Nations, which found that around 900 000 South Africans are already living and working overseas – and indeed, this may well be an understatement. The common misconception amongst expatriates, however, […]
Unlocking the benefits of expert tax planning
Tax planning is the strategic organisation of financial affairs to minimise tax liability by utilising deductions, exemptions, allowances, and rebates within the confines of the law. Despite the perceived complexity, tax planning offers streamlined financial management and significant savings. For business owners, it is an ongoing commitment with substantial benefits, going beyond tax payment to […]
Render unto Caesar: Shares and the SARS slice
Whether you are a share trader or a long-term investor, when you make a profit, SARS will want its slice of the pie Ever since biblical times, there has been a tug-of-war between governments trying to extract as much as possible from their citizens in the form of taxes, and individuals trying to keep as […]
Accounting tips for small businesses
When operating a small business, there are so many important daily tasks to remember—especially if you are also the business owner. Your day is most likely jam-packed with numerous to-do lists and other miscellaneous tasks that need completing. When your day is filled up like this, sometimes the last thing you want to do is […]
Dividends in trading and investing
Dividend investing can be a solid strategy, so it’s worth knowing how dividends work. What is a dividend? A dividend is a payment made by a company to its shareholders. Dividends are usually paid at a specific frequency—quarterly, semi-annually, or yearly. The size and payment of a dividend is determined by a company’s board of […]
Ring-fencing trading losses
Top-rate taxpayers need to watch out for Section 20A Section 20 of the Income Tax Act 58 of 1962 deals with the set-off of losses from a trade against other income. In general, such set-off is allowed (see sub-paragraph (1)(b)), provided that the loss is incurred in the taxpayer’s own name (i.e. not in a […]
Vervanging van IT14SD-opgawe – Nuwe SARS-verifikasie proses
SARS het onlangs die gebruik van die IT14SD-opgawe gestaak. Hierdie opgawe is voorheen deur SARS gebruik vir verifikasie (wat ‘n hoëvlak verifiëring van die belastingbetaler se inkomstebelastingopgawe is). Die IT14SD-opgawe het vereis dat die belastingbetaler ‘n rekonsiliasie doen tussen BTW, EMP en inkomstebelasting. Die SAID het nou begin om ‘n reeks nuwe verifikasie briewe aan […]