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  • SARS reveals five helpful hints for completing your ITR12T form
  • SARS reveals five helpful hints for completing your ITR12T form
    As a trustee, you have a legal duty to complete and send an Income Tax Return for your Trust to SARS every year. Failure to do so is an offence and could result in harsh penalties. The good news is, SARS is going to make your Income Tax Return for Trust (ITR12T) completion seamless. It understands that the ITR12T may be a bit tricky and it wants to help you submit an accurate return and be c... ››› more
  • [13 April 2017]
  • Four steps SARS has to take before removing money out of your bank account
  • The money in your company's bank account isn't totally under your control! SARS can demand you pay someone else's taxes. With the Tax Admin Act telling taxpayers that ignorance is no excuse, make sure you know your rights and how to prevent SARS from taking money out of your bank account. For SARS to recover any tax debt, you have to receive an assessment. And the assessment should be correct.... ››› more
  • [24 March 2017]
  • The 1 vital condition you have to meet to get a tax compromise
  • Is your company battling to get on top of tax debt? If so, then it's worth noting that you have a solution! I'm talking about a tax compromise, and you should definitely use it! You see, SARS would much rather make a compromise and get some tax out of you than risk getting nothing at all. But you need to keep in mind that SARS will only grant a tax compromise if this 1 important condit... ››› more
  • [23 March 2017]
  • Is this a valid tax invoice?
  • We all know that you can claim input tax for any amount less than R5 000, with an abbreviated, or shortened tax invoice. This means the name, address and VAT number of the buyer doesn't have to appear on the tax invoice. Essentially, it can be made out as 'cash'. Now have a look at this abbreviated tax invoice below. What do you think is glaringly wrong with it? *************Errors in your ... ››› more
  • [23 March 2017]
  • How to work out how much tax your investments attract
  • As a business owner or shareholder, a popular way to invest is to hold or trade shares. You hold shares to make money. Either you'll hang on to your shares for a while and reap the benefits in the form of capital growth and dividends. Or you'll look at selling short to take profits on the movement in share price. The tax consequences hinge on whether the gains or losses you receive are of ... ››› more
  • [10 March 2017]
  • Take advantage of these 12 assets excluded from Capital Gains Tax
  • Take advantage of these 12 assets excluded from Capital Gains Tax
    Every time your business sells, donates or scraps an asset and it makes a profit, SARS takes a big bite out of the proceeds. And it calls this bite Capital Gains Tax (CGT). SARS raised the CGT rates in the February 2017 Budget Speech. This means any asset sales you make after this date will cost you more. You can't escape CGT. In fact, if you try to escape it, SARS could easily find you gu... ››› more
  • [01 March 2017]
  • How to make sure your travel allowances stand up to SARS' scrutiny
  • Travel expense claims and deductions are one of the most common triggers for a SARS audit. Especially for travel allowances. SARS differentiates between a Travel Allowance and a Reimbursive Travel Allowance. If you don't award, tax, and record your staff's travel allowances correctly SARS will pick up the errors and audit you. You might have to pay a 10% penalty for under-deducting PAY... ››› more
  • [23 February 2017]
  • SARS Audits: Know your rights
  • Is there anything worse than the moment when you open that letter from SARS, 'kindly advising you' they're arriving next week to audit your business? Don't panic! There are set rules and procedures that the SARS auditors MUST follow, to protect your rights even while it audits your business. Here are nine things you should know and put into practice now. Statistics show: Your... ››› more
  • [22 February 2017]
  • Six Important lessons to keep you out of the SARS 'dog box'!
  • Six Important lessons to keep you out of the SARS 'dog box'!
    Don't change your game plan when you're in the losing corner against SARS, it won't get you out of trouble. Here's a case that has six important lessons all tax payers can learn from - and even though the case is from 2007/8, the lessons are still relevant today! The facts of the case   The taxpayer treated the sale of sand extract from his farm as capital in nature rather than revenue. When... ››› more
  • [15 February 2017]
  • Two businesses? And only one is making a profit? Use this escape hatch to pay less tax
  • Two businesses? And only one is making a profit? Use this escape hatch to pay less tax
    You may think your only option is to close down the company that isn't making a profit. But don't be too hasty with your decision. There's an escape hatch you can use. Let's see if you qualify for it and how you can use it to pay less tax and save this company from closing down. ************* Advertisement *************   Meet the ultimate tax-bill slasher... Over 31 different tax brea... ››› more
  • [09 February 2017]
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