We would like to bring to your attention the following important notice issued by SARS. THE NEW PENALTY RULE FOR NON-COMPLIANT TAXPAYERS In line with the South African Revenue Service’s (SARS) strategic objective of making non-compliance hard and costly, it is imperative that SARS enhances its ability to impose administrative penalties in a more responsive […]
PERSONAL INCOME TAX (PIT) Read More »
Since 2001, taxpayers in South Africa have been liable for Capital Gains Tax (CGT) on profits (capital gains) arising from the disposal of assets – at a hefty 18% for individuals. There is a less well-known specific exclusion to the CGT payable on the disposal of a small business or its active business assets that
How To Get a R1.8m CGT Exclusion When Selling Your Small Business Read More »
For taxpayers who have been auto-assessed by SARS, the 23 November deadline to accept or edit the return/auto-assessment result is less than three short weeks away. Failing to accept or edit the return by the deadline; or simply accepting the result of an auto-assessment on the assumption that SARS must be correct; or submitting an
What Auto-Assessed Taxpayers Must Know as the November Deadline Looms Read More »
‘Working from home’ again became a government directive at the end of June, as the third wave of Covid-19 swept across the country and an adjusted Alert Level 4 lockdown was imposed on South Africans. It again brings to the fore the question of how to deal with the expenses of setting up and maintaining
Home Office Expenses: To Claim or Not to Claim? Read More »
For many, having their own business is a dream. It seems to hold out the offer of independence and the opportunity to do things your own way and ‘be my own boss’. However, for many this dream turns out to one of hard work, loneliness, long hours and the need to be effective in many
Business Combinations: A Path to Exponential Growth and Profitability? Read More »
In just a few days, on 7 September, employees’ taxes for August 2021 are due for payment to SARS. This is the first opportunity for companies to claim the emergency tax relief measures recently introduced by National Treasury to assist businesses with their cash flow and rebuilding over the next few months. While for many
Emergency Tax Relief: Is Your Business Eligible and What Should You Consider? Read More »
Introduction The Occupational Health and Safety Act, 1993, requires the employer to bring about and maintain, as far as reasonably practicable, a work environment that is safe and without risk to the health of the workers. This means that the employer must ensure that the workplace is free of hazardous substances/ articles or equipment that may
Is your office Health and Safety compliant? Read More »
The clock is ticking, and by 1 July 2021 you need to be fully compliant with POPIA (the Protection of Personal Information Act). Don’t fall into the trap of thinking “I can ignore this for now, I have until the end of June to do something about it”. Your business will benefit if you take
POPIA and Your Business: A Practical 5-Step Action Plan to Implement Now Read More »
By midnight on 30 June 2021 you must be fully compliant with the Protection of Personal Information Act (POPIA) if you in any way process any personal information relating to a “data subject”. Very few businesses and organisations will fall outside that net, and even fewer will fall into any of the exemptions. The risks
11 POPIA Questions to Ask Yourself Before 30 June 2021 Read More »
Cryptocurrencies are not new, but recent developments, including the massive gains they experienced since last year, have placed them under the spotlight. South Africans’ notable interest in them, and SARS’ renewed focus on the wealthy’s undeclared assets, together with its improved capabilities to track taxpayers’ transactions, suggest SARS is intentional about tracking these activities and
Got Cryptocurrency? Here’s How Much SARS Wants… Read More »
