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Income Tax

  • Don't add to your tax crimes by selling or hiding assets if you're declared insolvent!
  • Julius Malema's assets are being kept in storage because he doesn't have enough money to pay off his R16 million SARS' tax bill. Now there's speculation that he's been donating or hiding assets. This is the worst thing you can do if your tax affairs are under SARS' spotlight - it amounts to tax fraud. But don't panic that SARS will leave you with nothing if declared insolvent, here are four asset ... ››› more
  • [05 February 2013]
  • Three ways to ensure your charitable donations qualify for a SARS tax break
  • Three ways to ensure your charitable donations qualify for a SARS tax break
    On Wednesday, Patrice Motsepe, the fourth richest man in South Africa, joined the likes of Warren Buffett and Bill Gates in pledging to donate at least half his family's money generated by their assets to the poor. While this is a big move for an individual, it's not just individuals that should use donations to better the community. Companies should follow suit too - not just for the good feeling... ››› more
  • [01 February 2013]
  • Avoid these seven tax traps when you prepare for a tax audit
  • As FastJet airline can tell you, a tax audit is no joke. The amount of tax FastJet has to pay Tanzanian authorities almost doubled when interest and fines were added to the outstanding taxes. Here in South Africa, it's no longer a question of whether or not a business will be subject to an on-site tax audit; it's a matter of when. If your business is facing a tax audit, there are seven 'tax traps'... ››› more
  • [01 February 2013]
  • Boost the economy with Reaserch and Develpment and get every cent back from SARS!
  • Businesses are hesitant to undertake research and development (R&D) as it tends to cost a small fortune in time and money. But you should get your company involved. Especially since SARS offers you a 100% R&D deduction tax incentive. This is a much higher percentage than the tax incentive offered in America, where R&D is said to 'pave the future'. So what are you waiting for? Get involved in R&D t... ››› more
  • [31 January 2013]
  • You have less than a week to meet two SARS eFiling tax deadlines!
  • Two important tax deadlines are looming for eFilers this week. The first is for provisional tax payers using eFiling; the second is for eFiling tax payers to pay SARS any outstanding assessed tax. But what can you do if you don't have enough in the bank to pay SARS? There are five steps to follow. Two important SARS tax deadlines fall on 31 January and 28 February for eFilers.   The first deadl... ››› more
  • [28 January 2013]
  • Cut the cost of upskilling staff by offering in-house training and tax-exempt bursaries!
  • The financial services sector needs to invest in large-scale training initiatives - particularly to avoid the high failure rates experienced among brokers writing the FSB's regulatory exams. But this doesn't have to be a case of sending money down the drain. You can now offer employees a tax-exempt bursary, and if you offer them in-house training, it's tax-free. Check to see if the bursaries you o... ››› more
  • [28 January 2013]
  • Use this tip to claim a tax deduction on every day office wear and tear
  • Every time you switch on your office air conditioner or activate your security system, you're shortening its lifespan. But you could be using it to create a great tax deduction too. This is thanks to SARS' wear and tear allowance. It's time your office starts using it... As you know, your assets depreciate (lose value) over time. This means, whenever you buy an asset for your office your company a... ››› more
  • [25 January 2013]
  • Avoid criminal sanctions by ensuring your business is tax compliant!
  • The annual budget speech usually has a huge impact on tax practitioners. Even more so this year, as government has already announced a new regulatory framework will be set up for tax practitioners from July. And this year's budget speech coincides with the tax year-end, so tax practitioners will have less time to help their clients implement changes than before. There are six ways to ensure your b... ››› more
  • [25 January 2013]
  • Seven easy ways to protect your business from tax fraud!
  • White collar crimes like fraud and minor theft tend to be blown off by businesses as petty or not worth prosecuting. The general attitude is: 'Everyone does it'. But you won't get away with it - nor should your employees. Here are seven steps you can use to protect your own business from fraud... White collar crimes are committed every day, according to Lungelo Hlongwa, MD of Anderson Harryson Con... ››› more
  • [23 January 2013]
  • Join a tax professional body today to meet the TAA requirement!
  • Just when you thought you'd heard all the implications of the Tax Administration Amendment Bill (TAA), along comes another one that will affect your business. All tax practitioners now have to join a professional body. But there's hope if your business accountant also serves as your tax practitioner, as SAIPA is moving to qualify people that would otherwise not meet the full SAIPA membership requi... ››› more
  • [19 January 2013]
  • How will SARS review your surety?
  • Last week, SARS released the latest revision of its external policy on bonds. The policy document explains when SARS will ask you for surety as an excise client. It also explains when you'll be exempted from lodging surety and what to do if you disagree with SARS decision. SARS can ask you for surety to be lodged in the form, nature and amount they determine, to protect the State from any possible... ››› more
  • [18 January 2013]
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