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Deductions

Here's a checklist of the 16 items SARS needs you to include in your employee's contract
It's your legal obligation to give your employee a written employment contract. But do you know what should be in your employee's contract? Read on to find out so you can comply with the Basic Conditions of Employment Act (BCEA) and stay on the right side of SARS.... ››› more
[09 October 2013]

Can I deduct the cost of a new laptop for my business?
There's nothing better than getting money back from SARS. And let's face it, we all want money back. The challenge is keeping track all the little unknown expenses you can legally deduct to get SARS to put more money into your bank account. For example, did you know you can claim the cost of new laptops for your business?... ››› more
[08 October 2013]

Revealed: The Vat consequences of fractional ownership
Fractional ownership allows you to own a share in a desirable vacation property together with other owners. But the Vat treatment of this type of ownership is far from simple. Make sure you avoid inviting a SARS audit by getting the Vat right. Here are the Vat consequences of a fractional ownership.... ››› more
[19 September 2013]

Can we claim medical contributions as a tax deduction?
Do you know if you can claim medical contributions as a tax deduction? If not, you're not alone. Neither did Nick, a subscriber to the Practical Tax Loose Leaf service.... ››› more
[18 September 2013]

Do you know how to tax your independent contractor?
One of the most common types of contactor your business will deal with is an independent contractor. And it's crucial that you get the tax treatment right. Read on to discover how to tax an independent contractor so you can save your business up to 200% in SARS penalties.... ››› more
[17 September 2013]

Six rules to stick to when deducting money from an employee's salary
We recently received a question on the Labour and HR Club from an employer. He wanted to know if he could deduct damages from his employee's salary for damages to a company truck he was driving. They believe he was negligent because he didn't report that the truck's clutch wasn't working and drove even though the clutch was broken. They were going to hold a disciplinary hearing and, if he's found guilty want to deduct the costs of the damages from his salary instead of dismissing him. Can they do this?... ››› more
[05 September 2013]

How to find and insure your company's keyman
A keyman is someone your business critically depends on for success. The truth is that there are always going to be those 'crucial' people your business would struggle without. Here's how to find them and how to make sure your business can survive losing them...... ››› more
[02 September 2013]

Employee travel allowances: How to award, tax and record them correctly
Travel expense claims and deductions are one of the most common triggers for a SARS audit. If your business doesn't award, tax and record employee travel allowances correctly, SARS will pick up the errors. You'll be audited and forced to pay penalties for non-compliance. That's a risk you can't afford to take. Read on to find out when to give your employee a travel allowance and how to tax it correctly so you can comply.... ››› more
[28 August 2013]

Five input tax claims you're NOT allowed to make
Input tax is the Vat you pay your suppliers in the course of your business as well as Vat paid on goods you import. SARS allows you to claim the input tax for your relevant tax period when you complete your Vat return. While this is the case, there are input tax claims you aren't allowed to make. Read on to find out what they are so you can comply with SARS and avoid penalties.... ››› more
[06 August 2013]

Do you or your employees qualify for this R30 000 tax break?
R30 000 isn't exactly pocket change, but SARS is willing to give you a tax breaks under special circumstances. Read on to see if you qualify for these tax breaks.... ››› more
[02 August 2013]

Is your company making this common travel allowance error?
Travel expense claims and deductions are one of the most common triggers for a SARS audit. If your company is making this one common travel allowance error, you can be sure SARS will pick up it. Read on to discover the one travel allowance error you must never make so your business can avoid non-compliance penalties.... ››› more
[30 July 2013]

Revealed: Five transactions that lead to unproductive interest
Assuming that interest paid on transactions is tax deductible could be a very costly error. SARS won't let you get away with deducting unproductive interest. Read on to discover the type of transactions that lead to unproductive interest so you won't make a tax deduction on them.... ››› more
[25 July 2013]

Accepting bets on what William and Kate will name their baby! Here are the Vat implications for betting companies
British bookmarkers are coining it in the wake of the birth of the royal baby. According to media reports, the gambling frenzy went into overdrive after the royal palace announced that the Duchess of Cambridge had gone into labouron Monday. She's since given birth to a baby boy. Since then, bookmakers have taken in about $1.8 million from people all over the world who are placing bets on the baby's name and his future endeavors. It's so lucrative, some betting agencies have described the royal birth as 'the biggest non-sporting betting event'. And it's certainly cast the spotlight on the Vat consequences of betting here at home. Read on to find out what they are so you can comply.... ››› more
[24 July 2013]

From medical aid deductions to medical tax credits - get 2013's new tax laws right and SARS will pay up!
Read this before you file your tax return! Every year, SARS tries to throw a wrench in the workings of personal tax season, so it doesn't have to pay up to hardworking taxpayers like you! In 2013, the big new change has been in the realm of medical aid deductions to medical tax credit. Find out how our FSP Business tax experts have decoded this mystery once and for all...... ››› more
[16 July 2013]

Are your employee's out of pocket medical expenses greater than 7.5% of their taxable income? Here's how you can help him claim this tax deduction...
SARS announced changes to the treatment of medical aid contributions on your payroll early last year. One of the changes is that your employees can deduct out of pocket medical expenses IF they're greater than 7.5% of their taxable income. Follow this method to help your employees claim this deduction...... ››› more
[16 July 2013]

Want to help your employees deduct their out-of-pocket medical expenses? Here's one way to do so...
According to FSPBusiness, early last year, SARS announced changes to the treatment of medical aid contributions on your payroll. One of the changes is that your employees can deduct out-of-pocket medical expenses that aren't refunded by their medical aid, or anyone else. Here's how you can help them do this...... ››› more
[12 July 2013]

Is your payroll in line with changes to the treatment of medical aid contributions?
Early last year, SARS announced changes to the treatment of medical aid contributions on your payroll. While these changes were made last year, some companies haven't put these changes into place. Here's how to ensure your company is in line with these changes so you can avoid penalties.... ››› more
[11 July 2013]

Three little-known company tax breaks that will help you pay less tax
With personal tax season now upon us, everyone's got numbers on the brain. And while you may be a pro at maneuvering personal tax loopholes, did you know that there are just as many sneaky tax breaks on the company side of things? It's never too early to start thinking about how you'll beat that SARS demon. You'll be surprised how much you can save just with these three useful tax tips!... ››› more
[09 July 2013]

Account for employee costs correctly or face heavy penalties
According to the Practical Accountancy Loose Leaf, the most significant group of expenses in the income statements of many companies is employee-related expenses. These include pension, provident fund contributions and personal expenses borne by the company. If you get one thing wrong when accounting for these costs, SARS will punish you severely. Ensure it doesn't. Read on to find out how to account for employee costs correctly to avoid penalties.... ››› more
[08 July 2013]

Jeremy donated his office computers to the local primary school, and SARS penalised him
Jeremy runs a successful retail shop in Melville. Business is picking up, and he's realised there's a need for him to upgrade all of his computers. He decides to give his old computers to the local primary school to teach computer literacy to the children.... ››› more
[04 July 2013]

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