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Don't be labelled as a tax avoider! There's an easy way to meet your capital gains tax obligations, starting today!
Sometimes seen as 'tax avoiders', smart business owners look for all the tax benefits before deciding where to base their businesses. Now non-Australian residents only have until May to benefit from a 50% discount on capital gains tax in the country. Locally, you face huge penalties from SARS for 'forgetting' to pay over capital gains tax when you sell a capital asset, even if you claim you didn't know CGT applies to it. Here's an easy way to avoid being labelled as a tax avoider...... ››› more
[18 March 2013]

Warning: Make sure your employment contracts is watertight when it comes to company expenses for commission earners
'Sometimes I think that tax law is a bit schizophrenic. First you find a section that allows you to deduct something, then you find another that says you can't! The rules around employment seem a little bit like that,' warns Steven Jones on MoneyWeb's tax site. And it's especially true when it comes to taxing expenses for employees who earn commission. Luckily, you can safeguard your company from an unnecessary tax audit if your employee's employment contract clearly states the expense is a precondition of employment. Here's how...... ››› more
[18 March 2013]

Do this today and never fail a CGT-based tax audit again!
Capital gains tax is in the news again. Britain's customs officials are concerned that the latest figures show the number of people trying to avoid it has leapt up 43% over the last year! Locally, SARS has similar fears. And that's why it's clamping down on tax avoidance by increasing its tax audits. Lucky for you, there's a simple way to remember to pay capital gains tax to SARS each time you dispose of an asset...... ››› more
[14 March 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]

Protect your business from tax fraud by pushing for ethical accounting!
It's not just the small companies that are affected by white collar crime and tax fraud. Chocolate giant Cadbury has just been accused of tax evasion. Here's how to avoid a similar fate in your company by putting ethical accounting controls in place.... ››› more
[06 March 2013]

You only have until the 30th of April to get yourMemorandum of Incorporation in place!
With tax audits and compliance the main topic on SARS' to do list at the moment, now's the time to make sure your business' accounting records are accurate - especially as the Companies Act deadline to convert your existing Memorandum and Articles of Association to a Memorandum of Incorporation or MOI is 30 April. Here's how your business will benefit when you make the conversion...... ››› more
[06 March 2013]

With G20 nations clamping down on tax avoidance, it's more important than ever to be prepared for a tax audit
At its meeting in Moscow last week, the global finance ministers of the G20 promised to get behind 'collective action' to prevent tax avoidance by multinational businesses. With SA a key member of the G20, SARS is expected to follow suit. This means, it'll implement even more business tax audits this year to curb tax avoidance in SA. Your company could be on SARS' tax audit list...... ››› more
[21 February 2013]

Make sure SARS doesn't see your business transactions as tax avoidance!
The G20countries are clamping down on businesses that find loopholes to pay less tax. And last week's State of the Nation Address confirmed SARS is on the look-out for any form of tax avoidance to penalise you, as it's desperate to fill up its coffers. Here's how to make sure your business transactions will stand up to SARS' scrutiny as legal and not as tax avoidance...... ››› more
[21 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]

How to object a SARS tax assessment the right way
Businesses are in for a challenging time from SARS. The Eurozone debt crisis is having an impact on economic growth in South Africa. Because Europe is our largest trading partner, our economy's growth is affected every time there are problems in the region. And with lower economic growth here in SA thanks to the Eurozone crisis, SARS needs to do whatever it can to get money from every possible place. The result: you're your business could face a hefty tax penalty if SARS finds fault with your tax assessments. Use these four steps to object a SARS tax assessment that you think is unfair and get off with a lighter tax assessment if your objection is successful.... ››› more
[08 February 2013]

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