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Do you know what type of donated goods are Vat exempt?
Whenever you import goods, you have to pay Vat to Customs - sometimes this is called 'Customs Vat'. This is also applicable when you personally order something over the Internet from an overseas supplier. But, there are some exceptions. One, in particular, is the importing of donated goods, which is exempt from Vat. Read on to find out which donated goods qualify for exemption.... ››› more
[18 September 2013]

Are you aware of the nine assets that are subject to CGT?
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). You can't escape CGT. In fact, if you try to escape it, SARS could easily find you guilty of tax evasion and smack you with a 200% penalty! But your business can avoid this. Read on to discover the nine assets subject to CGT so you can calculate your due taxes correctly and pay SARS on time.... ››› more
[07 August 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]

Today is World Refugee Day and the United Nations says the number of refugees worldwide is at its highest in 18 years, at over 45 million people.. In an effort to raise awareness on the plight of refugees, the office of the United Nations' High Commissioner for Refugees (UNHCR) is urging civil society, individuals and companies to help them provide emergency kits for refugees. If your company wishes to donate to this cause, SARS will let you claim a deduction on your donation, but only if you follow these three rules...... ››› more
[20 June 2013]

Do you know whether your business is excluded from Section 23(m) of the Income Tax Act?
No one likes to hand more money over to SARS than they have to. That's why Section 23(m) on the Income Tax Act is such a firm favourite with companies and business owners alike. It deals with the types of business-related expenses, losses and allowances you're able to deduct to pay less tax to SARS. But here's the thing that many people don't realise, not everyone can use Section 23(m) to their advantage...... ››› more
[22 April 2013]

Does your company's gifts and bribes policy include these four criteria?
Do you allow your employees to accept gifts? Could these gifts be a bribe for your employees to use certain suppliers' products and services? Could your employees and your company be accused of corruption? Read on to discover why it's essential your company has a gifts and bribes policy and what you need to include in it.... ››› more
[15 April 2013]

The truth about death and taxes - CGT still applies AFTER you die!
Irish entrepreneurs are hoping their voices are heard as they ask for the capital gains tax or CGT that applies to them to be halved from 33% to 16.5%. This comes after the CGT rate was upped from 30% to 33% in the country last December. In South Africa, businesses of all sizes are also doing all they can to pay less CGT - but you're in it for the long run - you'll still effectively be paying CGT after death. Luckily, four types of capital assets aren't affected by CGT when they're donated on death...... ››› more
[11 April 2013]

Three ways to ensure your charitable donations qualify for a SARS tax break
On Wednesday, Patrice Motsepe, the fourth richest man in South Africa, joined the likes of Warren Buffett and Bill Gates in pledging to donate at least half his family's money generated by their assets to the poor. While this is a big move for an individual, it's not just individuals that should use donations to better the community. Companies should follow suit too - not just for the good feeling you'll be left with, but also to take advantage of SARS's charity deduction tax break...... ››› more
[01 February 2013]

Five things you need to understand to avoid SARS smacking you with a 200% CGT tax evasion penalty!
In last year's Budget Speech, SARS raised its Capital Gains Tax (CGT) rates. This means, every time your business sells, donates or scraps an asset and it makes a profit, SARS will now take an even bigger bite out of the proceeds. Here's what you need to do to ensure you're working out your company's CGT payments correctly...There's no escaping CGT! If you try, SARS could easily find you guilty of tax evasion and slap you a with 200% penalty.... ››› more
[16 January 2013]



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