Dividends tax is a withholding tax that came into effect on the 01st of April 2012 and replaces Secondary Tax on Companies (STC). Dividends tax is levied on the beneficial owner at 15 per cent. The beneficial owner need not be a registered owner of the share. A registered owner could be for an example…
Author: Gavin Bacon
What Is Donation’s Tax?
When a taxpayer disposes of property by way of a donation, a donations tax will be levied on the value of property disposed. This donations tax is levied at a rate of 20% on the value of the property donated and payable to the Commissioner within three months or a period that the SARS Commissioner…
Medical Tax Credits
Medical tax credits came into effect on the 1st of March 2012 and replace the medical scheme contribution deduction. This was introduced to achieve great equality in the treatment of medical expenses across income groups in taxpayers below the age of 65. The difference is that the medical tax credit will not be allowed as…
Taxpayers Married in Community of Property
One of the many reasons that people may need an accountant is to assist with ante nuptial contracts and community of property negotiations. The ‘half is yours, half is mine’ form of marriage is a popular approach to nuptials; however both parties should always ensure that they understand the advantages and disadvantages of choosing this…
How to Make the Most of Your Travel Claim
One of the many business tax services offered by PATC (Professional Accountants and Tax Consultants) is assistance with travel claims. Travel allowances and the claiming of travel deductions under the present tax system will ultimately be phased out. Every year we see SARS shutting the door a little tighter on the popular benefit. If you…
Business Mileage
Most of us use our personal vehicle for business purposes, it is therefore important to log the total distances travelled for all for business trips in order to claim back these expenses. What can you claim? The income tax system allows taxpayers who receive a travel allowance to claim a deduction for the use of…
What Is A Travel Allowance?
A travel allowance is an allowance or advancement given by your employer for business travel required by the employee for employment purpose of using your motor vehicle. The vehicle does not have to be in the name of the employee It can be your wife’s vehicle, cousin, any person, provided that person is not going…
How Can A Trust Help Protect Against CGT (Capital Gains Tax)?
Professional Accountant, Gavin Bacon discusses the benefits – and shortfalls – of having your assets in a Trust in terms of Capital Gains Tax. Well to be honest it can’t really – especially if you want to put your residential property into a trust. The main reason for setting up a trust is to protect…
How Do I Get A Tax Refund?
Firstly, you have to be paying tax to get a tax refund. So if your taxable income (for the 1.3.2012 to 28.2.2013) is below R63 556, if you are under the age of 65 or below R120 000 if you are over 65, then you are below the tax threshold. If so, you do not…
How to Select a Professional Accountant
Every business or company has different financial requirements and it is important to select an accounting service based on these criteria. A new or small business entity may need some financial planning advice as well as bookkeeping and tax returns filed. An established business may be looking to grow their business and therefore wanting a…
