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Income Tax

  • Don't let confusion over legal expense allowances cost you
  • You probably spend a fortune on legal fees every year. And I bet you're not deducting them. Use this checklist to make sure you're deducting all the legal fees you can, giving you more money at the end of the tax year. Let's have a look at the checklist to see if you're deducting your legal expenses. +++ How Greg got R22 400 back from SARS for his company's bad debt+++ Greg got R22 400 from S... ››› more
  • [23 April 2013]
  • Do you know whether your business is excluded from Section 23(m) of the Income Tax Act?
  • No one likes to hand more money over to SARS than they have to. That's why Section 23(m) on the Income Tax Act is such a firm favourite with companies and business owners alike. It deals with the types of business-related expenses, losses and allowances you're able to deduct to pay less tax to SARS. But here's the thing that many people don't realise, not everyone can use Section 23(m) to their ad... ››› more
  • [22 April 2013]
  • Will SARS allow me to claim home office allowances on this?
  • Our Tax Helpdesk service gets dozens of tax queries every week. Here's an interesting query we received recently, relating to home office deductions. Question: A few months ago I started a sole proprietorship paving driveways, parking bays, pavements, patio's, etc. I rent a property which serves as my home and as my business premises. I calculated that I use 28.90% of the area of the propert... ››› more
  • [06 March 2013]
  • Business profits down this year? Find out if your business qualifies for a tax loss
  • Last week, mining group Anglo American posted a pre-tax loss for 2012 of $239 million. According to the group, this tax loss is a result of all the platinum strikes South Africa mines have experienced lately. That's bad news for the company and is the reason why they're expected to cut 14 000 jobs in the next financial year. The good news, however, is that if something similar happens to your comp... ››› more
  • [25 February 2013]
  • Make sure SARS doesn't see your business transactions as tax avoidance!
  • The G20countries are clamping down on businesses that find loopholes to pay less tax. And last week's State of the Nation Address confirmed SARS is on the look-out for any form of tax avoidance to penalise you, as it's desperate to fill up its coffers. Here's how to make sure your business transactions will stand up to SARS' scrutiny as legal and not as tax avoidance... On Saturday, the G20group o... ››› more
  • [21 February 2013]
  • How to know if you must pay tax on your company's foreign income
  • Online retail group, Amazon.com is in big trouble with the taxman because of the tax it's paying on foreign income it's earning in the UK and other markets. According to reports, 'Amazon earned more than £7 billion in the UK but paid just £2.3 million in corporation tax'. The group's in similar trouble with the tax authorities in France and America. What about your company? Is it paying the righ... ››› more
  • [21 February 2013]
  • You need to consider the tax implications before you pay your employees' bonuses
  • You need to consider the tax implications before you pay your employees' bonuses
    'Maria Ramos and members of her executive will not receive bonuses this year as they take responsibility for the bank's disappointing performance,' reports the Business Day. That's a great step to take to ensure that the bank improves its performance and live up to its shareholders' expectations. But your employees might not agree - after all if they've done a good job, they deserve to be rewarded... ››› more
  • [18 February 2013]
  • Four ways to ensure your staff bursaries are tax-free
  • Four ways to ensure your staff bursaries are tax-free
    South African universities go back to work this week as the official varsity calendar gets under way. That's great news if you plan to send a staff member back to 'school' to further his degree or training. After all, doing so means better trained staff and a great tax break for your business too. Here are the SARS' requirements for company bursaries you need to know about... Employee education is... ››› more
  • [08 February 2013]
  • Negotiate a tax debt write off with SARS if you can't pay
  • Companies struggle to pay off their tax debt if interest has been added to a long overdue account. If your company is one of them, follow Edcon's example. The clothing group just avoided a tax battle with SARS by reaching atax settlement agreement. Here 's how to approach SARS for a tax debt write off or a tax compromise agreement if your company doesn't have enough funds to pay off its tax debts.... ››› more
  • [06 February 2013]
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