- Ask SARS to suspend your payment in two simple steps
- 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
- [01 May 2017]
- How to work out how much tax your investments attract
- 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
- [27 April 2017]
- How to pay salary increases, bonuses, donations to charities and gifts for clients and still save money
- 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
- [27 April 2017]
- 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]
- Take advantage of these 12 assets excluded from Capital Gains Tax
- 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
- [01 March 2017]
- How to make sure your travel allowances stand up to SARS' scrutiny
- 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
- [23 February 2017]
- SARS Audits: Know your rights
- Is there anything worse than the moment when you open that letter from SARS, 'kindly advising you' they're arriving next week to audit your business?
Don't panic! There are set rules and procedures that the SARS auditors MUST follow, to protect your rights even while it audits your business. Here are nine things you should know and put into practice now.
Statistics show: Your... ››› more
- [22 February 2017]
- Three easy steps to improve your company's accounting management in 2017
- February 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'm going to show you three easy steps ... ››› more
- [22 February 2017]
- If you're considering lodging an objection against your SARS assessment, here are the new rules you need to know about
- While the new objection rules generally follow the same format as the previous rules, the appeal and the alternative dispute resolution process, and the further processes to approach the tax board or tax court, the new rules do contain 1 or 2 innovative changes.
Let's look at some of these changes, and how they might affect you, if you want to object to an assessment, or decision the SARS Comm... ››› more
- [16 February 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]