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Donation

Five special timing rules you should know about to avoid errors when disposing of an asset
If you sell or dispose of any assets, you can't escape Capital Gains Tax (CGT). But disposing your asset at the wrong time is one sure way to trigger a SARS audit. The good news is, you can easily avoid this if you follow these five disposal timing rules...... ››› more
[27 September 2013]

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]

Revealed: 10 documents you need to calculate your provisional tax
Are you ready for your next provisional tax payment at the end of this month? If not, continue reading to make sure you have the ten essential documents that'll help you make the right payment to SARS every time.... ››› more
[11 September 2013]

How exactly does Vat work on a foreign donor funded project?
In terms of the law, a donation can either be subject to Vat at 14% or not subject to Vat at all. But if your project is funded by a foreign donor, do you know whether you should apply Vat or not?... ››› more
[09 September 2013]

Discover why a good tax record could save your company money
It's important that you comply with all the tax laws all the time. Not only is this good practice, but being on the right side of the law could save your company money too. Here's how...... ››› more
[26 August 2013]

Three individual tax-saving tips you can implement today
The tax return form and filing procedure for completing your individual income tax return may have been simplified, but the tax laws haven't! You must be even more vigilant if you want to avoid SARS penalties. Here are three tips you can use to you comply with SARS so you can save on tax.... ››› 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]

How do you value gifts-in-kind in your accounting records?
In South Africa it's estimated that income generated through donations is in excess of R11 billion per annum. But many entities don't know how to treat this income in their accounting records.... ››› more
[07 June 2013]

What to do if you disagree with a SARS assessment
If you're unhappy with SARS' assessment for your company, don't sit back and take it. SARS also makes mistakes. And the law actually allows you to contest a decision they've made. But, how does your company go about doing this? Read on to find out...... ››› more
[22 May 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]

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]

2 More ways to reorganise your business and save your company without triggering immediate capital gains tax
On the 13th of February 2013 in Tax Matters we gave you one way to reorganise your business without triggering immediate capital gains tax bill. There are another two. Let's have a look at them.... ››› more
[12 March 2013]

Business owners: Capital gains tax doesn't just apply to property!
Businesses face so many taxes, it's little wonder they try to lessen the load where possible. But one area you simply can't avoid is capital gains tax. If you've sold a property recently, you'll have to make sure you pay your capital gains tax over to SARS correctly to avoid huge fines. But it' not just property that CGT applies to...... ››› more
[08 March 2013]

Don't add to your tax crimes by selling or hiding assets if you're declared insolvent!
Julius Malema's assets are being kept in storage because he doesn't have enough money to pay off his R16 million SARS' tax bill. Now there's speculation that he's been donating or hiding assets. This is the worst thing you can do if your tax affairs are under SARS' spotlight - it amounts to tax fraud. But don't panic that SARS will leave you with nothing if declared insolvent, here are four asset types they can't seize.... ››› more
[05 February 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 can do to cut your audit fees in half
If your company's financial year ended in December, you're probably frantically preparing for your auditors to arrive. But did you know that 'your auditors spend more time preparing information and reconciling accounting records, than performing actual audit work?' So says Hayley Newton-Holroyd in the Practical Accountancy Loose Leaf. By simply preparing for an audit correctly, you'll not only save a significant amount of time, you'll also save up to 50% on your auditors' fee. All it takes is the following five things...... ››› more
[31 January 2013]

Include these six details on your donation receipts to get your cash back from SARS
There are grumbles across the world that tax goodwill writeoffs for donations are either inconsistent, based on doubtful theory or not properly explained. Luckily, the rules about getting cash back for making a donation or goodwill writeoff are clearer in South Africa. You just need to include six important details on your donation receipt for SARS to process your claim.... ››› more
[25 January 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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