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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
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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, 08 January 2014 |
As mentioned, when you're married, SARS must investigate you and your spouse when doing a Capital Reconciliation.
The good news is, even though you're being investigated you still have rights.
Capital Reconciliation: You and your spouse have the following rights during a SARS investigation
The reality is that whether married in or out of community of property, married people often share certain income, assets and liabilities.
And that's why SARS can't investigate a person without also investigating their spouse.
This can cause difficulties if SARS investigates you, because you might not have access to your spouse's financial information.
SARS may also only have information available for one spouse who for example, isn't required to submit personal statements of assets and liabilities. In this case, SARS first has to get this information from the other spouse or you have to furnish it in your defence.
That said; you have rights!
Spousal Capital Reconciliation rights#1: SARS can't disclose your information to your spouse without your consent
The Income Tax Act offers you this protection in that SARS can't disclose your information without your consent to any other party, including your spouse, says the Practical Tax Loose Leaf Service.
Because husbands and wives are separate taxpayers, SARS must treat them as such. Each spouse separately enjoys the protection under the Act.
But, SARS can disclose your information to any person if it can prove that in so doing it'll enable that person to give it information it requires.
Spousal Capital Reconciliation rights#2: If SARS investigates you, you have a right to privacy
This means it can't disclose your information without your consent unless it can prove disclosure was necessary to get information from that person.
Knowing what your rights are will help ensure you protect yourself when you and your spouse are being investigated by SARS.
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I run a medium sized advertising agency. Should I put together a succession plan for my designers, or is this just something I have to do for top management? [see the answer]
