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capital gains tax

Did you know you can roll over the tax effect of a stolen or destroyed asset?
Did you know SARS allows you to transfer the tax effect of a stolen or destroyed asset to a future date? Deferring payments is a very flexible option to have because it can help you manage your company's cash flow. Read on to find out how to use this option to your company's benefit.... ››› more
[05 April 2013]

Two easy ways to ensure SARS won't label you a CGT avoider when you dispose of assets
Last year, the South African property sector was one of the best-performing global property markets, delivering a 15.2% total return. But the disposal of said property led to much confusion among business owners who still aren't sure how capital gains tax works. Here's what you'll need to do when 'disposing of' a property to stay on the right side of SARS when it comes to capital gains tax.... ››› more
[02 April 2013]

Prevent panic by planning ahead for the four-step tax audit process
Businesses in Argentina face 285,000 tax audits. And chances are high that your business will face a tax audit too, as SARS has announced it is doing all it can to step up tax compliance. But don't worry. You can plan ahead by knowing what SARS will check in its four-step audit of your tax returns, and by making sure your financial records are easily accessible.... ››› more
[28 March 2013]

Reduce your CGT obligations by reducing the base cost of your assets - it's legal!
Capital gains tax or CGT is usually a nightmare for accountants. Not only do you need to keep accurate records of each capital asset in the business, but also notes of the assets' condition, date of disposal, and any profits made when you dispose of it. Luckily, there are two perfectly legal ways to lower the amount of CGT you pay over to SARS...... ››› more
[27 March 2013]

Facing a Vat audit? Make sure you have these ten financial records at hand...
Nothing causes more panic in a business owner than receiving notice from SARS that your business faces a Vat audit. But most of the panic comes from uncertainty of what to expect. You may not even have done anything wrong, so don't worry. Your Vat audit may have been triggered simply because your accountant entered a zero in the wrong spot on your Vat return. In the mean time, here are ten financial records SARS will want to inspect during a Vat audit - make sure they're easy to access during your Vat audit.... ››› more
[26 March 2013]

Facing a tax audit from SARS? Get your capital gains tax records in order now!
'All of the taxes in the world don't mean a thing if you can't collect on them', says Forbes. And just as the US is increasing its tax collection efforts, so is SARS. That's why tax audits are on the rise, so it's the perfect time to make sure your business is paying over all its taxes correctly - especially capital gains tax. Here's what you'll need to do.... ››› more
[20 March 2013]

Don't be labelled as a tax avoider! There's an easy way to meet your capital gains tax obligations, starting today!
Sometimes seen as 'tax avoiders', smart business owners look for all the tax benefits before deciding where to base their businesses. Now non-Australian residents only have until May to benefit from a 50% discount on capital gains tax in the country. Locally, you face huge penalties from SARS for 'forgetting' to pay over capital gains tax when you sell a capital asset, even if you claim you didn't know CGT applies to it. Here's an easy way to avoid being labelled as a tax avoider...... ››› more
[18 March 2013]

Don't pay more tax! Account for your insurance payouts correctly
Jennys server slipped off a rickety desk and broke. She realised itd cost her a small fortune to repair. She claimed from insurance and but made a mistake when she recorded her claim. If you make mistakes when you account for your insurance, you'll pay extra tax at year end like Jenny did! Read on to find out what the biggest insurance accounting mistake is, and avoid it happening to you...... ››› more
[15 March 2013]

3 Vat questions to answer before you sponsor a charity event
Karl works for 'TCC' and they've been approached by the Children's Home, a non-profit company, to sponsor a hole at the golf day at the end of March. Both parties are Vat registered. Is there a Vat benefit involved for sponsoring a charity event?... ››› more
[14 March 2013]

Do this today and never fail a CGT-based tax audit again!
Capital gains tax is in the news again. Britain's customs officials are concerned that the latest figures show the number of people trying to avoid it has leapt up 43% over the last year! Locally, SARS has similar fears. And that's why it's clamping down on tax avoidance by increasing its tax audits. Lucky for you, there's a simple way to remember to pay capital gains tax to SARS each time you dispose of an asset...... ››› more
[14 March 2013]

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