People are subject to scams every day and they are becoming increasingly difficult to spot the difference between a scam and a legitimate email so you need to remain vigilant when working online. As a result of this increase in scams and phishing attacks SARS has created a section of the website where they will…
Get it wrong and you could face massive penalties! …of up to 200%. By LAW, taxpayers (Companies and Individuals) are required to keep certain tax records for 5 years, however SARS urges us – as consultants, to keep records for 7 years. If you don’t know which documents and records SARS requires you to keep,…
Small businesses that wish to register their business will benefit hugely from business tax services, which assist in all areas of business tax, including registration of Small Business Corporation. Your accountant or business tax services consultant will be able to register on your behalf, and assist with all requirements that may be needed. Companies that…
Income tax is the tax levied on income and profit received by a taxpayer (which includes individuals, companies and trusts). It is the national government’s main source of income and is imposed by the Income Tax Act No. 58 of 1962. The form of tax that people generally associate with the concept of income tax…
It is a legal requirement to submit tax returns to the South African Revenue Services. This includes Income Tax returns and VAT returns. Upon submission of these returns SARS will do an assessment to determine how much is payable to SARS or how much is refundable to the taxpayer. The SARS assessment is often accurate…
A fringe benefit is the cash equivalent of taxable benefits that are given to employees by their employer. Fringe benefits are taxable, and can be challenging to calculate without the help of an accountant or tax expert. Types of Fringe Benefits Fringe benefits are calculated by professional accountants, and can be offered through a number…
One of the many benefits that PATC offer taxpayers is assistance with donations tax. Donations tax is payable at a rate of 20% on the value of any property disposed of by a South African resident (natural person, corporate entity or trust), according to the following terms: Excluding donations exempt from the tax (see exclusions…
When it comes to determining Capital Gains Tax on land that you plan to dispose, PATC will be able to assist you throughout every step of the process. Capital Gains Tax (CGT) is a tax that is given on any capital gain, when certain assets such as investments or property are sold, destroyed or disposed…
For homeowners concerned about their liability of Capital Gains Tax (CGT), PATC offers professional accountant services to assist with all aspects of this real estate tax. Capital Gains Tax is payable on the sale of real estate in South Africa. This tax is therefore something that affects every South African who is planning to sell…
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…
