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provisional tax

How to find out if your company qualifies for turnover tax
Did you know that before the introduction of turnover tax all businesses, even tiny start-ups, were forced to register for income tax? This was problematic as they battled to meet the tax requirements, complete all the forms, pay over all the taxes and meeting all the deadlines. Luckily, turnover tax has removed this burden with one simple tax. Read on to find out if your business qualifies so you can avoid wasting time and money paying Vat, provisional tax, income tax and Capital Gains Tax when you don't have to.... ››› more
[21 May 2013]

Poor Julius Malema. He is now in trouble because of his Capital Gains Tax in South Africa at SARS. because of his It looks like stress over his tax liabilities caused him to get rid of his capital assets before they were due to be auctioned off. Now he's in more trouble than ever before, and faces charges of tax avoidance. The easiest way to avoid a similar fate is to keep an asset register, so you can prove to SARS that you've paid your capital gains tax correctly every time your business disposes of a capital asset. Here's how to do it......
[11 March 2013]

Business owners: Capital gains tax doesn't just apply to property!
Businesses face so many taxes, it's little wonder they try to lessen the load where possible. But one area you simply can't avoid is capital gains tax. If you've sold a property recently, you'll have to make sure you pay your capital gains tax over to SARS correctly to avoid huge fines. But it' not just property that CGT applies to...... ››› more
[08 March 2013]

You have just two days to get your provisional tax return to SARS!
If you haven't submitted your provisional tax return yet, you'll soon feel the wrath of SARS. Its Touching Lives campaign features stories on how funds collected via the tax systems have been applied to touch the lives of people in need, says iAfrica.com. And by not paying over your provisional tax in time - you have just two days - you'll actually end up paying more, due to administrative penalties. Here's what you need to do to get your provisional tax return to SARS on time.... ››› more
[26 February 2013]

How to claim your medical tax credit correctly in your provisional tax return
Figuring out your medical aid contributions when submitting your tax return is tricky - even more so if it's on a provisional tax return. Should you deduct the amount you arrive at from your taxable income or not?With the provisional taxpayer deadline just two weeks away on 28 February, it's time to make sure you're accounting for your medical tax credit correctly...... ››› more
[18 February 2013]

Avoid these seven tax traps when you prepare for a tax audit
As FastJet airline can tell you, a tax audit is no joke. The amount of tax FastJet has to pay Tanzanian authorities almost doubled when interest and fines were added to the outstanding taxes. Here in South Africa, it's no longer a question of whether or not a business will be subject to an on-site tax audit; it's a matter of when. If your business is facing a tax audit, there are seven 'tax traps' you need to avoid to make sure you steer clear of hefty penalties and interest.... ››› more
[01 February 2013]

You have less than a week to meet two SARS eFiling tax deadlines!
Two important tax deadlines are looming for eFilers this week. The first is for provisional tax payers using eFiling; the second is for eFiling tax payers to pay SARS any outstanding assessed tax. But what can you do if you don't have enough in the bank to pay SARS? There are five steps to follow.... ››› more
[28 January 2013]

Provisional taxpayers be warned: Don't submit your tax return without calculating CGT
Provisional taxpayers have until the end of February to file their tax return through eFiling. But don't overlook your capital gains tax (CGT) liability when estimating your upcoming provisional tax payments, warns Jackie Arendse of the South African Institute of Chartered Accountants (SAICA) on MoneyWeb...... ››› more
[28 January 2013]

Clear up your confusion over provisional tax penalties
The 28 February 2013 deadline for getting your provisional tax in to SARS is coming up soon and panic is setting in. Earlier this week, we wrote about the new penalty nightmare for provisional taxpayers . The South African Institute of Chartered Accountants (SAICA) has noticed there's confusion regarding the provisional tax penalties that SARS can levy, offering some clarity below.... ››› more
[17 January 2013]

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