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fringe benefits

Use these four steps to tax your employee's private use of the company car
If you give your employee the use of a company car, then you'd better make sure you're taxing it correctly. If you don't, you're opening the door to a potential 10% tax penalty for under-deducting your employees' tax. Don't take that risk. Follow these four steps to ensure you tax employees' private use of the company car correctly.... ››› more
[30 September 2013]

When is a company car not a fringe benefit?
A company car is a car provided by your company for the business and sometimes private use of an employee. You probably know your employee's private use of the company car is a perk (a fringe benefit). And this means you must deduct PAYE on the value of the private kilometres, which your employee travels in the company car. But did you know there are instances where a company car won't qualify as a fringe benefit? Read on to find out what they are so you can comply.... ››› more
[30 September 2013]

Are you sure your employment contracts are legally compliant?
An employment contract's only binding and enforceable when there's been an agreement. This means you've made an offer to the employee in writing, and he's accepted it in writing. To ensure SARS doesn't scrutinise your employment contracts, make sure your contracts meet these three legal tax obligations.... ››› more
[20 September 2013]

Here's what you can do if you disagree with a SARS tax assessment
Have you received a tax assessment from SARS? Do you agree with it? If you don't, and you're not sure how SARS arrived at the amount of tax assessed, you should ask SARS to provide you with an explanation of how it determined and calculated the assessed tax.... ››› more
[20 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]

Confused about when fringe benefits are taxable and when they aren't? Read this
According to a Sunday Times report, Northern Cape premier Sylvia Lucas used her official credit card to spend R53 159 on fast food during her first ten weeks in office. Now, the minister's office has reportedly defended this excessive spending of taxpayer's money, saying she was 'within her rights'. While ministers are governed by a ministerial handbook, this isn't the case in your business. That's why you need to take control of your fringe benefits. Read on to discover when fringe benefits are taxable and when they aren't to avoid penalties.... ››› more
[16 September 2013]

Are your employment contracts in line with the requirements of the Income Tax Act?
You probably know that a watertight employment contract is as good as money in the bank. But did you know the Income Tax Act requires your employment contracts to meet certain requirements? Read on to find out what these requirements are so you can comply.... ››› more
[30 July 2013]

Never run out of cash in your business! Use these three easy tools to keep cash flowing
After a really good month of sales, Mike, a business owner of a small chocolate factory, expects his bank account to show a large positive bank balance. When he checks, he sees his bank account is overdrawn.... ››› more
[22 July 2013]

Revealed: Eight employee fringe benefits that qualify for output tax
US President Barack Obama's trip to sub-Saharan Africa later this month has sparked criticism for the hefty price it carries. It's expected to cost American taxpayers as much as $100 million. Among the related costs will be fighter jets, hundreds of Secret Service agents, a Navy ship with a full trauma centre and military cargo planes to bring 56 vehicles including 14 limousines and three trucks loaded with sheets of bullet proof glass to cover the windows of the hotels where the first family will stay, Fox News reports. Obama's trip has certainly put the spotlight on employee fringe benefits in a struggling US economy. But fringe benefits don't just relate to the States. In terms of South Africa's Vat Act, there are eight employee fringe benefits you must calculate output tax on. Read on to discover what these benefits are so you can declare the fringe benefits on your Vat return and ensure your payroll is 100% Vat-compliant.... ››› more
[21 June 2013]

Revealed: Three fringe benefits that are subject to Vat
The Star reported yesterday that Limpopo Premier Cassel Mathale allegedly spent thousands of rand flying short distances in a chartered helicopter. According to the newspaper report, last month, he spent R60 000 of tax payer's money travelling a distance of 161km. In addition, Mathale also allegedly rented a helicopter for a 200km trip between Polokwane and Musina in January, costing R82 000. Hopefully the Limpopo government won't make the mistake of failing to levy Vat on the Premier's fringe benefit. Read on to find out which three fringe benefits are subject to Vat to avoid making this common mistake.... ››› more
[20 June 2013]

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