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Deductions

  • How to calculate the fringe benefits of VAT on company cars
  • One of the most common fringe benefits encountered on modern payrolls is the right to use a company car Where an employee has the right to use a company car, you must calculate the VAT on the fringe benefit as follows: Where the vehicle is a motor car (not a bus or kombi) and the input tax was specifically denied, the calculation is as follows:         0.3% x the determined va... ››› more
  • [15 February 2017]
  • Five ways to get your business travel costs back
  • As you know, travel is an integral part of business. But the costs associated with travel are high. There's the cost of flights, car rental, accommodation and meals. This is sometimes just the start of the costs. But what if I told you there was a way for you to get some of these costs back? Keep reading to find out what the five common business travel expenses are and their VAT consequences... ››› more
  • [09 February 2017]
  • How an old office printer can save you thousands
  • Dear reader, Do you have an old office printer lying around, gathering dust? I'm talking about the one that hardly switches on anymore. If you're thinking about throwing it out... DON'T. You can claim a scrapping allowance instead. This can save you thousands every year. Let's have a look at what the scrapping allowance is and how to qualify for it. ************ Just for you **... ››› more
  • [09 February 2017]
  • Use this legal loophole to claim VAT on your clients' gifts
  • You probably buy your clients gifts during the year. But just before you submit your VAT return and miss out on a potential VAT saving, you need to read this first! You're probably thinking... SARS sees gifts as entertainment and disallows input tax claims from the onset, right? Well... not quite... During the FSPBusiness VAT Masterclass, I found a secret loophole that's totally legal. And... ››› more
  • [09 February 2017]
  • 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 new ITR12T it introduced last month may be a bit tricky and it wants to help you submi... ››› more
  • [30 January 2017]
  • How to create a SARS-proof travel logbook in three simple steps
  • When it comes time to hand in your tax return, SARS wants you to prove certain details with supporting documents. A great example of this is a logbook. You'll use this to prove the deductions you want to claim for your business travel expenses. This is an important deduction for most business owners as rushing to all those client meetings can really add up. Luckily, it's easy to create an a... ››› more
  • [10 January 2017]
  • Five legal requirements you must comply with before you deduct your employee's salary
  • Does your employee owe you money? Have you tried to get him to pay you back of his own accord with no luck? Find out the five legal requirements you must comply with before you deduct the amount from his salary. In terms of the Basic Conditions of Employment Act (BCEA), there are standard deductions you're allowed to make from your employees' salary. For example, you can deduct tax from an empl... ››› more
  • [06 January 2017]
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