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Tax Deductions

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?... ››› more
[08 October 2013]

Revealed: The Vat consequences of fractional ownership
Fractional ownership allows you to own a share in a desirable vacation property together with other owners. But the Vat treatment of this type of ownership is far from simple. Make sure you avoid inviting a SARS audit by getting the Vat right. Here are the Vat consequences of a fractional ownership.... ››› more
[19 September 2013]

Five input tax claims you're NOT allowed to make
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 to find out what they are so you can comply with SARS and avoid penalties.... ››› more
[06 August 2013]

Do you or your employees qualify for this R30 000 tax break?
R30 000 isn't exactly pocket change, but SARS is willing to give you a tax breaks under special circumstances. Read on to see if you qualify for these tax breaks.... ››› more
[02 August 2013]

Revealed: Five transactions that lead to unproductive interest
Assuming that interest paid on transactions is tax deductible could be a very costly error. SARS won't let you get away with deducting unproductive interest. Read on to discover the type of transactions that lead to unproductive interest so you won't make a tax deduction on them.... ››› more
[25 July 2013]

From medical aid deductions to medical tax credits - get 2013's new tax laws right and SARS will pay up!
Read this before you file your tax return! Every year, SARS tries to throw a wrench in the workings of personal tax season, so it doesn't have to pay up to hardworking taxpayers like you! In 2013, the big new change has been in the realm of medical aid deductions to medical tax credit. Find out how our FSP Business tax experts have decoded this mystery once and for all...... ››› more
[16 July 2013]

Is your payroll in line with changes to the treatment of medical aid contributions?
Early last year, SARS announced changes to the treatment of medical aid contributions on your payroll. While these changes were made last year, some companies haven't put these changes into place. Here's how to ensure your company is in line with these changes so you can avoid penalties.... ››› more
[11 July 2013]

Are these mistakes standing in the way of claiming input tax for your business?
As a Vat vendor, it's your duty to charge output tax and claim input tax as long as you can prove your claims and back them up with all the required documentation. But there are certain common input tax mistakes that vendors make again and again. Here are the obvious and most widespread errors that'll stand in the way of your claiming every input tax credit possible. And be warned: The Vat audit team will specifically look for these mistakes when they audit you!... ››› more
[03 July 2013]

Don't get caught off guard! These are the two things that'll tip a SARS auditor off about discrepancies in your company's income tax
A SARS auditor will target certain aspects of your business that experience has taught him will commonly highlight discrepancies and help him assess whether or not your compliance is up-to-scratch. It's for this reason that he'll take only two steps to review your company's income taxes to check for any sign of non-compliance. Don't be found wanting....... ››› more
[13 June 2013]

Revealed: The difference between exempt supplies and zero-rated supplies and how knowing it can increase your company's cash flow
According to the Practical Vat Loose Leaf Service, Vat exempt and zero-rated supplies are often seen as the same thing by Vat vendors, but they're treated differently by the Vat Act and have different results. Read on to discover the difference between the two so your business can cash in on the input tax benefits of zero-rated supplies.... ››› more
[10 June 2013]

Seven requirements to claim input tax on secondhand goods
Notional input tax is the Vat you can claim on secondhand goods as a vendor who has bought the goods for your business from a person who isn't a vendor. But before your company claims tax on these goods, there are seven requirements your company must meet. Read on to find out what they are...... ››› more
[30 May 2013]

Vat vendor: Don't let changes to the TAA confuse you about input tax deductions!
SARS is expected to make a number of new provisions in this year's income Tax Amendment Act or TAA. The reason? Strengthening the act will ensure SARS recovers as much as it can from companies that've registered with it. But don't see this as all bad news - you still have the right to make input tax deductions from SARS if you're a registered Vat vendor! Here's how...... ››› more
[13 May 2013]

Do you know whether your business is excluded from Section 23(m) of the Income Tax Act?
No one likes to hand more money over to SARS than they have to. That's why Section 23(m) on the Income Tax Act is such a firm favourite with companies and business owners alike. It deals with the types of business-related expenses, losses and allowances you're able to deduct to pay less tax to SARS. But here's the thing that many people don't realise, not everyone can use Section 23(m) to their advantage...... ››› more
[22 April 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]

Will SARS allow me to claim home office allowances on this?
Our Tax Helpdesk service gets dozens of tax queries every week. Here's an interesting query we received recently, relating to home office deductions.... ››› more
[06 March 2013]

Reduce your company's carbon emissions now, ahead of the introduction of carbon tax!
Most businesses breathed a sigh of relief on hearing the outcome of yesterday's Budget Speech. Many of the anticipated rises in tax were left off the table entirely, and there are quite a few area where your business will benefit from tax relief. But there is an area you need to take action today - start to reduce your company's carbon emissions, ahead of the introduction of carbon tax!... ››› more
[28 February 2013]

Don't delay in submitting your dividends tax return!
The deadline for submitting your dividends tax return is fast approaching -it's on 1 March! Many businesses are hoping for this week's Budget Speech to implement tax deductions to ease their financial burden. They're hoping that dividends tax will be one of the areas affected, but that's not likely as it's only just been implemented, and this any changes implemented in this year's Budget Speech will only affect the following tax-year. Here's how to make sure you submit your dividends tax to SARS correctly.... ››› more
[25 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]

Are you entitled to claim input tax on your employee's long-service award?
Last month, an inspirational employee who refused to let his Down's Syndrome get in the way of his work was honoured for ten years of service at a McDonald's restaurant in England, reports the Harlow Star. That's great news and something many companies do to reward their employees for their loyalty. If your company does this, here's what you need to know about claiming input tax on employee awards.... ››› more
[06 February 2013]

Boost the economy with Reaserch and Develpment and get every cent back from SARS!
Businesses are hesitant to undertake research and development (R&D) as it tends to cost a small fortune in time and money. But you should get your company involved. Especially since SARS offers you a 100% R&D deduction tax incentive. This is a much higher percentage than the tax incentive offered in America, where R&D is said to 'pave the future'. So what are you waiting for? Get involved in R&D to boost knowledge your industry, aid the economy, and get the money back from SARS!... ››› more
[31 January 2013]

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Copyright 2013, Fleet Street Publications (Pty) Ltd. The information contained herein is obtained from sources believed to be reliable, but its accuracy cannot be guaranteed. No action or inaction should be taken based solely on the contents of this publication. We do research all our recommendations and articles thoroughly, but we disclaim all liability for any inaccuracies or omissions found in this publication. No part of this publication may be reproduced or transmitted in any form or by means of electronic or mechanical, including recording , photocopying, or via a computerised or electric storage or retrieval system without permission granted in writing from the publishers.