Good news: You won't trigger CGT if you dispose of an asset in one of these ways...
Do these two things to guarantee your input tax claims?
Your employee just crashed the company car! Now what?
Picture this... You buy property and start building an office. With two weeks to go to completion, you take out a loan and buy office equipment.
But yo... ››› more
Still struggling to grasp when you can claim input tax? Follow these six rules
Here's how input tax can boost your company's cash flow legally
You could be missing out on 19 input tax VAT savings...
If you're still struggling to grasp when you can claim input tax, you're not alone.
Many VAT vendors battle.
While knowing you're n... ››› more
Good news: You won't trigger CGT if you dispose of an asset in one of these ways...
Three reasons why you need to analyse your financial statements
The five forbidden items you can't claim input tax on
There are a lot of myths about provisional tax.
These often lead to taxpayers neglecting their tax duties, over-paying or worse, underpayin... ››› more
The following in tax invoices will stand up to SARS' scrutiny
Are there any inaccuracies in your tax invoices?
If SARS asks you to sign this document... STOP! Put down that pen. You have the right to refuse
SARS is very strict when it comes to tax invoices.
For example, you must ensure certain details appear on your tax invoice and you must adhere to certain require... ››› more
Here's what your employee needs to know about keeping an accurate logbook
Put a stop to all your company car and travel allowance headaches today
How you can save R26 983 with an accurate logbook
A vital part of managing your employees travel allowance is his logbook. This must accurately detail his travel expenses.
If his logbook isn't 100% accurate and up-to-... ››› more
'Dear Vongai, we've been audited by SARS for four tax periods in a row. What is the problem?'
You could unnecessarily trigger your own VAT audit
Avoid this one red flag SARS looks out for
Have a look at this letter I received from Lucia, one of our Practical VAT Handbook Subscribers.
'We've been audited by SARS for four tax periods in a row. That's every tax... ››› more
Has SARS sent YOU a nasty penalty assessment because your provisional taxes were incorrect?
Use these seven steps to calculate your provisional tax correctly
Find detailed calculations and examples for these seven steps here With provisional tax, you estimate and pay your taxes in two payments in the financial year. It's one payment every six months, instead of having to pay one big amount at th... ››› more
What do you do if you need to cancel an employee's leave?
Case law: Jardine vs Tongaat Huletts  7 BLLR 717 (LC)
Did you know that not forcing your employees to take their annual leave could end up costing you anything up to R15,000 per employee? The July school holidays aren't that far off. And along with the almost four weeks of schools being closed, comes the mountain of employee-leave i... ››› more
When your Health and Safety Representative suddenly resigns, you need to have a clear and detailed hand-over plan in place.
That way, your next elected Safety Representative knows exactly what's required of him. And the transition won't hurt your productivity.
Read on for seven essential elements to include in his Safety Rep hand-over plan...
Fulfilling ... ››› more
The 31 August 2017 provisional tax (PVT) payment deadline is just around the corner. As you know you have to take the time to go through your calculations to make sure you're paying the right amount to avoid penalties from SARS.
If you missed our last article on how to calculate your provisional tax payment, have a look here.
All you need to do now is prepare your return to file by the 31st ... ››› more
Input tax is the VAT you pay your suppliers in the course of your business as well as VAT paid on goods you import.
SARS allows you to claim the input tax for your relevant tax period when you complete your VAT return. While this is the case, there are input tax claims you aren't allowed to make.
Read on below to find out what they are so you can comply with SARS and avoid penalties. Every... ››› more
Today I'm going to share a secret with you about the disposal of your assets.
All too often people dispose of their assets at the wrong time, which could lead to a 200% penalty from SARS.
Did you know you can avoid this from happening to you by simply taking note of the disposal timing rules?
Let me tell you about them...
You have one Capital Gains Tax lifeline
It will give yo... ››› more
It's not just your health and safety officer who needs to pay attention when there's a medical expense or emergency in the office.
Winter is flu season and Star Consulting didn't want its 500 staff members to spend time off sick. So it hired a mobile clinic to come to the office and give its staff flu injections.
The clinic charged R50 per injection, so the total amount... ››› more
When it comes to a VAT dispute with SARS, do you know when you should pay, or if you should pay the disputed taxes at all?
You need to get this right, or you'll incur unnecessary penalties.
You can ask SARS to suspend your payment, with a payment suspension request. Let's look at an example. Example
Furniture Friend gets a VAT assessment for R84 000, including penalties and interest f... ››› more
Nothing causes more panic in a business owner than receiving a notice from SARS that your business is facing a VAT audit. But most of the panic comes from uncertainty of what to expect.
You may not even have done anything wrong, so don't worry.
Your VAT audit may have been triggered simply because your accountant entered a zero in the wrong spot on your VAT return. And having these nine docu... ››› more
As a business owner or shareholder, a popular way to invest is to hold or trade shares.
You hold shares to make money. Either you'll hang on to your shares for a while and reap the benefits in the form of capital growth and dividends. Or you'll look at selling short to take profits on the movement in share price.
The tax consequences hinge on whether the gains or losses you receive are of ... ››› more
I'm sure you'd like nothing more than to get a little something back for yourself instead of just spending a fortune on salary increases, bonus payouts, donations to charities, gifts for clients, etc.
Well, you can. And I'm going to show you how.
Here are four little tricks you can use to make sure you get something out of your good nature.
Let's see what they are... SARS is hungry for... ››› more
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
Just as you have a right to protect your company's privacy, so your employees have a right to privacy too. And since the President signed the Protection of Personal Information Bill (POPI) last month, you now have a legal duty to protect your employees' information!
Here are the top 13 ways you can keep your employee's information safe and sound...
The 13 best ways to protect your employee'... ››› more
The money in your company's bank account isn't totally under your control! SARS can demand you pay someone else's taxes. With the Tax Admin Act telling taxpayers that ignorance is no excuse, make sure you know your rights and how to prevent SARS from taking money out of your bank account.
For SARS to recover any tax debt, you have to receive an assessment. And the assessment should be correct.... ››› more
Let's say, one of your employees comes to you to report a group of colleagues for racism.
Because you have a zero-tolerance approach to racism in your company, you investigate the matter immediately.
After your investigation, you find that the employee who reported the incident has falsely accused his colleagues.
You're now wondering whether or not you can dismiss him for this form of misco... ››› more
If you've ever owed SARS money, you know that SARS goes on a drive to collect all outstanding taxes in February and March each year.
And you're probably thinking SARS won't bother you again until 2016.
Well... things have changed.
SARS' image took a huge knock earlier this year when some of its senior staff acted beyond their authority to gather information on suspected tax evaders. So S... ››› more
Is your company battling to get on top of tax debt? If so, then it's worth noting that you have a solution!
I'm talking about a tax compromise, and you should definitely use it!
You see, SARS would much rather make a compromise and get some tax out of you than risk getting nothing at all.
But you need to keep in mind that SARS will only grant a tax compromise if this 1 important condit... ››› more
We all know that you can claim input tax for any amount less than R5 000, with an abbreviated, or shortened tax invoice. This means the name, address and VAT number of the buyer doesn't have to appear on the tax invoice. Essentially, it can be made out as 'cash'.
Now have a look at this abbreviated tax invoice below. What do you think is glaringly wrong with it?
*************Errors in your ... ››› more
The first quarter of the year is almost finished but you still have a chance to improve the way you run your company and do business. This includes your accounting management.
After all, if you can't manage your finances properly, your company won't grow.
Now's the time for you to make the changes you need to get your company to grow and succeed.
To help you do this, I... ››› more
Peter has been your star employee for years. He's reached his targets and been a great benefit to your company. So you promoted him. You gave him more responsibility, and even some other employees to manage.
He seemed like the perfect choice for the promotion. But now he's just not cutting it. He's not meeting his deadlines and his overall performance has taken a radical nose dive!
You've tr... ››› more
The 26 changes to the Employment Equity Act are in full force. And, if you aren't complying, you could face fines of up to 10% of your annual financial turnover.
In fact, in a previous Bulletin, Janine told us about the increase in the number of Director-General audits this year compared to the same timeframe last year...
And since an EE audit can prove a nightmare for your business if it ... ››› more
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).
SARS raised the CGT rates in the February 2017 Budget Speech. This means any asset sales you make after this date will cost you more.
You can't escape CGT. In fact, if you try to escape it, SARS could easily find you gu... ››› more
If your company looks like you might have to shut its doors, I have a lifeline for you. It's called business rescue.
It's the legal process you can use to help rescue your business if it's in financial difficulty. And it's probably your last chance to get your business back on its feet.
Let me show you how it works so you can save your business from liquidation... How to make yourself invi... ››› more
Travel expense claims and deductions are one of the most common triggers for a SARS audit.
Especially for travel allowances. SARS differentiates between a Travel Allowance and a Reimbursive Travel Allowance.
If you don't award, tax, and record your staff's travel allowances correctly SARS will pick up the errors and audit you.
You might have to pay a 10% penalty for under-deducting PAY... ››› more
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