“Non-Taxable Income” is term that is most commonly used, but the more correct term is “Exempt Income”. This is income which you receive which you are allowed to exclude from your Gross income and in so doing you do not get taxed on it. Examples include: Dividends received from a South African source South African…
Category: Tax Tips & Advice For You & Your Business
SARS New Disclosure Rules To Prevent Global Tax Evasion
Last February 2013, the National Treasury and SARS started negotiating with the United States Department of the Treasury to introduce an inter-governmental agreement (IGA) with regard to the Foreign Account Tax Compliance Act (FATCA). Wording of a draft IGA has been agreed upon, and will be signed at government level soon. This will open up…
The Launch of The Tax Ombud
Minister of Finance Pravin Gordhan formally launched the Tax Ombud during the South African budget speech this 7th of April 2014. The aim of the Tax Ombud is to create an avenue where taxpayer’s legitimate complaints, about SARS service and procedure or admin issues, are addressed. “The Tax Ombud is an additional and free avenue…
Businesses That Turnover More Than R30m Per Annum
If your business turnover exceeds R30 million per annum, or is reasonably expected to exceed R30m then you need to submit monthly VAT returns to avoid penalties from SARS. As per Category C, VAT vendors with a turnover of more than R30 million per annum must submit their returns monthly, submitting 12 VAT returns per…
Credit Amnesty – Started 1 April 2014
The updated Credit Amnesty allows consumers who are listed on the credit bureaus with relevant negative information to have this information removed from the records of the credit bureaus, as from the 1st of April 2014 and completely removed by the 1st June 2014, in accordance with Regulation 2 (b). Regulation 2 (b): A registered…
Preparing for the Financial Year-End
Financial year-end can often be a stressful and is a very busy time for companies, as each department gathers their reports and statements, in order to complete the financial year-end successfully. In order for a smooth process you need to start early and check that your company has records, reports and statements for the following:…
Financial Year-End Tax Deductions
The following types of businesses are liable to submit a return under the Income Tax Act, 1962 for the payment of tax on all income received by or accrued to them within a financial year: Listed Public Companies Unlisted Public Companies Private Companies Close Corporations Co-operatives Collective Investment Schemes Small Business Corporation (s12E) Body Corporates Share…
Employment Tax Incentive
There are many unskilled and inexperienced youth in South Africa and it is difficult for them to start contributing to the economy without experience. Many employees have been reluctant to hire inexperienced unskilled youth, and contributing to this fear has been the restrictiveness of the labour regulations. Last year, SARS implemented a new incentive scheme…
Tax Season for 2013 Is Now Closed For Non-Provisional Taxpayers
However if you’re a provisional taxpayer the deadline was 22 Nov 2013 and if you are submitting it via eFiling the deadline was extended to 31st of January 2014 – provided all your tax affairs are in order. You need to submit if you are: Younger than 65 years old and earned R63 556 income…
1 July 2013 was the start of 2013 Personal Income Tax Filing Season
What info do you need and how can PATC help? You might be cringing at the thought of submitting your tax returns but it need not be that difficult, let us help you tick off the check list and get all your tax documents in order and we will submit your tax return for you….
