The purpose that your shares serve will determine whether your shares will be charged for Income Tax or Capital Gains Tax, and your professional accountant is the best person to give advice on whether you are liable for CGT on your shares. If your shares are intended as trading stock used to resell, any gain…
Author: Gavin Bacon
Capital Gains Tax on Trusts
When it comes to Capital Gains Tax (CGT), PATC are able to assist with all areas including taxation on investment assets such as trusts. Capital Gains Tax is applied differently to every asset, which means that what may apply for certain assets may not always apply to other assets. When it comes to trusts, you…
Retirement Annuities and Tax Savings
Investing in an RA provides a disciplined way of saving and RA’s are tax-deductible up to a certain maximum and can provide great tax savings. The end of the tax year is a good time to maximise the tax breaks SARS allows on retirement annuities (RAs) by topping up with additional contributions, perhaps that year-end…
Retirement Annuity Tax
One of the many services offered by PATC is assistance with Retirement Annuity Tax. While planning for retirement is something that every South African should be considering, the shocking reality is that only nine in every 100 South Africans have made adequate provisions for retirement. When the time comes for you to retire, how well…
Tax Awareness
60 Seconds is not enough to cover the finer details of tax awareness. As a professional, it is good to educate clients and the general public on accounting & tax issues, not everyone gets the opportunity to master every field of business. It is important to use the resources and expertise around you. A tax…
Tax Allowances and How They Work
Business tax services includes a number of areas that business owners need to consider, including tax allowances for employees, and exactly how these allowances work. Employers are obligated to pay certain allowances for employees, particularly in the case of travel, vehicle and other taxable allowances according to the Income Tax Act No. 58 of 1962,…
What Is Taxable Income?
Income tax is levied on all income and profit that is received by the business owner, companies and organisations. This tax type is also the national government’s main source of income and is set by the Income Tax Act No. 58 of 1962. A number of taxes also fall within the income tax category, including…
What Are Income Tax Deductions?
Business tax services are about so much more than simply registering for income tax, these services also cover aspects such as income tax returns. To be able to complete your tax returns efficiently and correctly, you will first need to have a clear understanding on tax deductions to ensure that you do not either claim…
SARS eFiling: Should I eFile my Tax Return?
A brief story of why you should not file a tax return the old off-line way Well to be frank – SARS are forcing your hand. The only way to avoid eFiling now is to go to SARS or one of their “pilot” offices. This entails biting, kicking and fighting for a parking, then waiting…
What is SARS eFiling?
eFiling is a simple and secure online process for the submission of returns and declarations and other related services. This service allows taxpayers, tax practitioners and businesses to register and submit returns and declarations make payments in respect of taxes, duties, levies and contributions and perform a number of other interactions with SARS in a…
