Accounting and tax club
Latest news

What does the new Employee Tax Incentive Bill mean for your business?

Unemployment is a big problem in South Africa. So it's no wonder that government has finally stepped in to reverse the high levels that affect the youth. How? By making sure its new Employee Tax Incentive Bill comes into effect. And it will, the minute 2014 ushers in. Here's what you need to know [read more...]

Research finds that absenteeism is the reason South Africa's losing its competitive edge

New research has found that South Africa's losing its competitive edge. And it's all thanks to absenteeism. That's just the tip of the tip of the iceberg. There are other worrying trends when it comes to sick leave abuse in the workplace. Here are the details of the study... [read more...]

New B-BBEE codes unveiled! Find out what this means for your business...

Trade and Industry Minister Rob Davies has unveiled the new Broad-Based Black Economic Empowerment (B-BBEE) codes of good practice. Davies announced the new codes yesterday at the B-BBEE summit in Midrand. Reports suggest the codes will be published in the Government Gazette on October 11. Read on [read more...]

Income Tax

  • The correct way to allocate travel expenses when you charge clients
  • If you spend any money travelling to clients, you'll know that the expenses quickly rack up. Most companies charge their clients for these travel related costs. But do you know how to account for these in the best way, so you don't have to pay any additional charges on the amount? Have a look at this question we got on the Accounting and Tax club and the answer from our expert Alan Lewis, Tax Advocate.... ››› more
  • [29 November 2013]
  • Assessments: Here's what you NEED to know about the Tax Board
  • The Tax Board is a formal tribunal, established by Section 83A of the Income Tax Act. Tax matters go to the Tax Board if the Alternative Dispute Resolution (ADR) has been unsuccessful, or if the ADR process has been bypassed altogether. Here's what you NEED to know about the Tax Board so you can protect your rights.... ››› more
  • [13 November 2013]
  • Why Prince Charles is happy the taxman isn't looking at his bank account...
  • If the UK's Parliament's Public Accounts Committee has its way, Prince Charles may see his multimillion pound income under the tax microscope. He earns a vast income from the Duchy of Cornwall estate, which he uses to pay for his private and public activities. But the estate pays no corporation tax and no CGT either. And lawmakers in Britain think it should. Locally, SARS has made it clear it already targets the high-rollers, the tax evaders and the big fish who have the means to evade taxes they should be paying.... ››› more
  • [07 November 2013]
  • Have you included the following in your employee's fixed-term contract?
  • If you think you have fewer legal obligations when it comes to temporary or fixed-term employees, you're mistaken. Make sure have a contract with them and that it's clear so you have a water-tight agreement. Here's what to include...... ››› more
  • [04 November 2013]
  • Insurance and tax: What if you didn't take out insurance to cover your company's losses?
  • Ever wondered what will happen if your company doesn't have an insurance policy to cover losses you suffer due to theft or damage? Can you claim a tax deduction for these losses? Read on to find out what your options are...... ››› more
  • [04 November 2013]
  • Do you make the grade? You'll only be an SBC if you meet the following requirements...
  • If you want your business to have the same tax benefits that Small Business Corporations (SBCs) enjoy, there's a catch. Your company must meet certain requirements to qualify as an SBC...... ››› more
  • [01 November 2013]
  • What is turnover tax?
  • If your company makes less than R1 million each year, all you have to pay is turnover tax. But what exactly is turnover tax? And how can you register for it? Read on to find out...... ››› more
  • [01 November 2013]
  • What does 'ring-fencing of assessed losses' mean and how does it affect you?
  • Do you have a side business that you declare and claim losses for on your tax return? If so, beware! You may be caught out under the ring-fencing rules of Section 20A of the Income Tax Act (ITA). But what does ring-fencing of assessed losses actually mean? Read on to find out...... ››› more
  • [18 October 2013]
  • How to 'audit-proof' your employee's relocation costs
  • Watching your business grow is exciting. As it expands and you open additional offices, you may need to transfer an employee from one branch to another. While you're prepared to pick up the costs related to such a transfer, you don't want these costs to trigger a SARS audit. Read on to discover how to get the treatment of relocation costs right.... ››› more
  • [18 October 2013]
  • Watch out! Section 31 of the ITA affects transfer pricing in two key ways...
  • In 2011, SARS amended Section 31 of the Income Tax Act (ITA).While this change happened over 18 months ago, not many people are aware that Section 31 significantly changes the approach to transfer pricing. Read on to discover how Section 31 of the Income Tax Act affects transfer pricing so you can comply.... ››› more
  • [16 October 2013]
  • Haven't filed your 2013 tax return yet? Use SARS' new eFiling App to meet the November deadline
  • The deadline for individual tax payers to file their 2013 tax return is approaching - FAST! If you haven't submitted your tax return, why not use SARS' new eFiling app? Read on to find out more about how the App can help you meet the November deadline.... ››› more
  • [16 October 2013]
  • Five rules to avoid mistakes when dealing with international tax
  • Fact: You must pay tax on income you make in another country. One wrong move could land you in serious trouble with SARS. To make this process hassle free, be sure to follow these five rules when handling international tax.... ››› more
  • [14 October 2013]
  • Employee certificates: Include this mandatory info to make sure SARS doesn't reject your tax certificates
  • You must issue correct tax certificates to your employees. Get these wrong and you'll be liable for administrative penalties and possibly trigger an audit of your business. Don't suffer tax penalties just because of a silly error. Here's what to include on your tax certificates so SARS doesn't reject them.... ››› more
  • [14 October 2013]




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