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What does the new Employee Tax Incentive Bill mean for your business?
Unemployment is a big problem in South Africa. So it's no wonder that government has finally stepped in to reverse the high levels that affect the youth. How? By making sure its new Employee Tax Incentive Bill comes into effect. And it will, the minute 2014 ushers in. Here's what you need to know [read more...]Research finds that absenteeism is the reason South Africa's losing its competitive edge
New research has found that South Africa's losing its competitive edge. And it's all thanks to absenteeism. That's just the tip of the tip of the iceberg. There are other worrying trends when it comes to sick leave abuse in the workplace. Here are the details of the study... [read more...]New B-BBEE codes unveiled! Find out what this means for your business...
Trade and Industry Minister Rob Davies has unveiled the new Broad-Based Black Economic Empowerment (B-BBEE) codes of good practice. Davies announced the new codes yesterday at the B-BBEE summit in Midrand. Reports suggest the codes will be published in the Government Gazette on October 11. Read on [read more...]| by FSP Business, 16 September 2013 |
CGT is a tax you pay on the profits you make on the disposal (sale) of your assets.
If you're a provisional taxpayer and aren't sure how CGT affects you, don't fret. The Practical Tax Loose Leaf Service has an explanation…
Are you a provisional taxpayer? Here' to deal with CGT
If you're a provisional taxpayer and you estimate your taxable income for the first, second and third provisional tax periods, you must take your capital gain for the year into account. Unless, of course, you're entitled to base your estimate on the 'basic amount' (i.e. last year's taxable income).
You must also exclude any taxable capital gain from the basic amount for an earlier year of assessment because the taxable capital gain is usually irregular.
As long as you rely on the basic amount (the amount appearing on the IRP 6 provisional return issued by SARS) appearing on the first and second provisional period returns. You won't incur any penalties and interest, provided of course you pay the amount due on time.
Remember, you can't escape CGT. In fact, if you try to escape it, SARS could easily find you guilty of tax evasion and smack you with a 200% penalty!
As a provisional taxpayer, the onus is on you to declare all your gains and losses. You need to calculate your due taxes correctly and pay SARS on time.
A labour inspector issued us with a �notice of visit�. He's requested a lot of information and I would like to know exactly what we must display and have to show him. [see the answer]
