- Can I deduct the cost of a new laptop for my business?
- There's nothing better than getting money back from SARS. And let's face it, we all want money back. The challenge is keeping track all the little unknown expenses you can legally deduct to get SARS to put more money into your bank account. For example, did you know you can claim the cost of new laptops for your business? If not, you're not alone. One of the subscribers to the Practical Tax Loose ... ››› more
- [14 December 2016]
- Everything you need to know about the income tax consequences on trading stock and allowance assets
- Today, we're taking a look at what you need to know about the income tax consequences on trading stock and allowance assets when transferring assets to your company. Take a look below so you know which rules apply to your situation:
Income tax differs depeneding on whether you're transferring trading stock or an allowance asset
Trading stock: The transfer of trading stock is deemed to be at ... ››› more
- [20 March 2015]
- Use this tip to beat the taxman when it comes to your company's taxes
- Everyone wants to be able to stick it to the taxman. After all, no one likes giving their money to SARS. But what if I told you there's a way you can legally beat him.
By getting him to give you some of your company's money back.
No, this doesn't involve hacking banks accounts or an 'Italian Job' style heist.
Keep reading and I'll give you the best tip on how to do this...
... ››› more
- [20 October 2014]
- SARS can get it wrong too, here's one situation where it did
- SARS, as an organisation, employs people such as auditors, agents and financial experts. This means, as with any other organisation, it's vulnerable to human error.
As a result, SARS can actually get it wrong sometimes. That's why it's important for you to understand the law, such as Section 23(m) of the Income Tax Act.
With this information, you can back up your claim in situations like th... ››› more
- [01 July 2014]
- Do you feel like you're in a tax minefield? Here's how to avoid wrong steps
- We speak so much about SARS penalties and all the money they could cost you, it's enough to feel like you're in a tax minefield. One wrong move and everything could blow up in your face.
The truth is there aren't that many wrong steps you can take. As long as you're entitled to deductions you claim and you get your returns in on time, you should survive.
But to ease your mind, we'll show you... ››› more
- [24 June 2014]
- If you want to decrease your tax burden, avoid these four deduction mistakes and the penalties that'll follow
- Allowances and deductions are a great way to lower your tax burden. Unfortunately though, lots of people aim for deductions and get penalties instead because of basic errors.
These penalties can range between 10% and 200% depending on how bad the error is. So instead of paying less tax, you end up tripling the amount you owe SARS.
Rather play it safe and ensure your claim tax deductions and ... ››› more
- [23 June 2014]
- Take a break! A tax break that is! These six deduction and allowance tips will help
- We all need to take a break once in a while. We can definitely say the same about your company finances. Sadly though, when you're running a company, you don't get to take a financial holiday.
But, you can take a small break. A tax break! With the right deductions and allowances in your corner, you can lower your tax substantially.
Now you can take a short financial breather before you plunge st... ››› more
- [17 June 2014]
- Play it safe with SARS: Ask yourself these two questions before you start any transaction
- Every business owner hates the fact that he has to pay so much tax. But you probably hate the thought of getting into trouble with SARS even more.
The reason for this is SARS' punishments are serious and can involve hefty penalties, full audits, seizures and possible jail time.
So if you're worried about getting on SARS' bad side, ask yourself these two questions before you start a transact... ››› more
- [12 June 2014]
- Consider these two things to ensure your employee's travel allowance doesn't land you in trouble with SARS
- Dealing with travel allowances isn't simple. One mistake could trigger a full blown SARS audit.
If SARS finds wrong doing on your part, you'll end up paying harsh penalties.
Since that's a risk you can't afford to take, make sure you consider these two points when you grant your employee a travel allowance.
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Avoid 200% tax penalty
Find out how... ››› more
- [10 June 2014]
- Pay less tax using these seven deductions
- If you're a salary earner, or your earnings aren't mainly in the form of commission for your personal sales, you can claim the following seven deductions:
Pension, provident or retirement annuity contributions deducted from your salary (Section 23(m)(i)).
Legal expenses you incur for any action, claim, dispute in the course of carrying on your employment, which isn't of a capita... ››› more
- [02 May 2014]