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Income Tax

  • 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 ITR12T may be a bit tricky and it wants to help you submit an accurate return and be c... ››› more
  • [13 April 2017]
  • Six Important lessons to keep you out of the SARS 'dog box'!
  • Don't change your game plan when you're in the losing corner against SARS, it won't get you out of trouble. Here's a case that has six important lessons all tax payers can learn from - and even though the case is from 2007/8, the lessons are still relevant today! The facts of the case   The taxpayer treated the sale of sand extract from his farm as capital in nature rather than revenue. When... ››› more
  • [15 February 2017]
  • 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... If you're not sure what 'ring-fencing of assessed losses' means, don't fret. The Practical Tax Loose Leaf Service has... ››› more
  • [20 January 2017]
  • Don't let SARS disallow your deduction like they did to Moolah (Pty) Ltd
  • Moolah (Pty) Ltd had a fantastic year. They made R10 million profit at the end of February 2014. So, on 2 March the shareholders gave the directors a bonus of R5 million. As it was already March, they accrued for the R5 million bonuses in February 2014 and paid the necessary PAYE. They then actually paid the R5 million in March. When Moolah submitted their tax return and showed the R5 mill... ››› more
  • [15 November 2016]
  • How to prepare for a SARS audit: Six steps to review your income taxes
  • If there's one thing I know about SARS auditors it's this: The longer they take to search for what they need, the longer they'll be at your office, and the more likely it is that they'll uncover more than what they were looking for (and the higher your penalties will be). Here are six things the SARS auditor will review in your income taxes. Step #1: Tax returns: What the auditor will look for ... ››› more
  • [04 November 2015]
  • Is paying less tax a priority to your business? If so, I'll show you how.
  • Nothing is more painful than paying more money over to SARS than you actually have to. But what if I told you there's a section in the Income Tax Act you can use to your advantage? Section 23(m) has 11 business deductions you can claim and pay less tax on. So read on as I help you claim 11 business deductions, so you can keep more money in your bank account and less in SARS'. *********... ››› more
  • [03 August 2015]
  • The PAYE reconciliation return deadline is THIS Friday!
  • To avoid being fined by SARS, make sure you file your annual PAYE reconciliation returns for the 2015 tax year (1 March 2014 to 28 February 2015) before the end of the day on Friday (29 May 2015). Here's what you need to know to meet this upcoming deadline... PAYE: It's your duty to pay it As a South African employer, you must reconcile and submit your PAYE, SDL and UIF contributions fo... ››› more
  • [25 May 2015]
  • SMME or SBC? Which you do do you qualify as?
  • Did you know that an SMME or Small, Medium or Micro Enterprise differs from an SBC or Small business Corporation by the fact that the SMME isn't actually a business. It actually only serves as a description of the size of a business. Nevertheless, an SBC must be an incorporated business. In other words, it must be a close corporation, a cooperative or a private company. Why is this important?... ››› more
  • [04 May 2015]
  • The eight things SARS looks out for when it does capital reconciliations
  • If SARS sends you a letter asking for a statement of your assets and liabilities, you will find this very useful. After all,SARS asked you if you declare this information on your tax returns, you should know that SARS uses this information to do it's own capital reconciliation of your business! Down below you'll find the eight things SARS looks out for when it decides to do a capital reconcilia... ››› more
  • [23 April 2015]
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