News

PERSONAL INCOME TAX (PIT)

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 »

How To Get a R1.8m CGT Exclusion When Selling Your Small Business

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 »

What Auto-Assessed Taxpayers Must Know as the November Deadline Looms

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 »

Emergency Tax Relief: Is Your Business Eligible and What Should You Consider?

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 »

Got Cryptocurrency? Here’s How Much SARS Wants…

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 »