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Latest news

What does the new Employee Tax Incentive Bill mean for your business?

Unemployment is a big problem in South Africa. So it's no wonder that government has finally stepped in to reverse the high levels that affect the youth. How? By making sure its new Employee Tax Incentive Bill comes into effect. And it will, the minute 2014 ushers in. Here's what you need to know [read more...]

Research finds that absenteeism is the reason South Africa's losing its competitive edge

New research has found that South Africa's losing its competitive edge. And it's all thanks to absenteeism. That's just the tip of the tip of the iceberg. There are other worrying trends when it comes to sick leave abuse in the workplace. Here are the details of the study... [read more...]

New B-BBEE codes unveiled! Find out what this means for your business...

Trade and Industry Minister Rob Davies has unveiled the new Broad-Based Black Economic Empowerment (B-BBEE) codes of good practice. Davies announced the new codes yesterday at the B-BBEE summit in Midrand. Reports suggest the codes will be published in the Government Gazette on October 11. Read on [read more...]

Travel Allowance

  • The correct way to allocate travel expenses when you charge clients
  • If you spend any money travelling to clients, you'll know that the expenses quickly rack up. Most companies charge their clients for these travel related costs. But do you know how to account for these in the best way, so you don't have to pay any additional charges on the amount? Have a look at this question we got on the Accounting and Tax club and the answer from our expert Alan Lewis, Tax Advocate.... ››› more
  • [29 November 2013]
  • Company car vs. travel allowance: Which option is right for your business?
  • The choice between the company car and the travel allowance isn't an easy one to make. Each option carries tax pros and cons for your company and for your employee. If you don't understand the tax obligations and requirements linked to each, you'll find yourself in danger of tax penalties. Luckily, that's a risk you can avoid. Here are the pros and cons between the two...... ››› more
  • [11 September 2013]
  • Employee travel allowances: How to award, tax and record them correctly
  • Travel expense claims and deductions are one of the most common triggers for a SARS audit. If your business doesn't award, tax and record employee travel allowances correctly, SARS will pick up the errors. You'll be audited and forced to pay penalties for non-compliance. That's a risk you can't afford to take. Read on to find out when to give your employee a travel allowance and how to tax it correctly so you can comply.... ››› more
  • [28 August 2013]
  • It's a SARS requirement: But do you know why employees must keep an accurate logbook?
  • If you give your employee a travel allowance to cover his business travel costs when he uses his own car, it's crucial he keeps an accurate log book. Here's why...... ››› more
  • [22 August 2013]
  • Can't get employee to keep an accurate logbook? Tell them this...
  • Do your employees think it's useless to keep an accurate logbook of their business travel? If so, tell them about how they can save thousands by maintaining theirs right...... ››› more
  • [22 August 2013]
  • Is your company making this common travel allowance error?
  • Travel expense claims and deductions are one of the most common triggers for a SARS audit. If your company is making this one common travel allowance error, you can be sure SARS will pick up it. Read on to discover the one travel allowance error you must never make so your business can avoid non-compliance penalties.... ››› more
  • [30 July 2013]
  • Use this ten-point checklist to stay out of trouble with SARS when filling in your employee's IRP5 forms
  • 'Sir, there have been some inconsistencies in the IRP5 forms of your employees. We at SARS have decided to audit your company, and if we don't like what we find... well, I hope you have astronomical sums of money lying around to pay the fines.' Nobody wants to receive that phone call! Don't put a target on your business, because SARS would love to shoot it down. Use this simple checklist to ensure your business fills in the employee's IRP5 forms correctly.... ››› more
  • [10 July 2013]
  • Do you have the documentation you need to complete your tax return?
  • According to tax expert Ettiene Retief, chairperson of the National Tax and Stakeholders Committees at the South African Institute of Professional Accountants (Saipa), when it comes to your tax return, it's crucial that everything is accurate, on time and, above all, you need to make sure you have the supporting paperwork. Here are the documents you'll need to complete your return as the 2013 tax-filing season gets underway today...... ››› more
  • [01 July 2013]
  • Property developers made a big splash about selling cheap properties... here's what they didn't tell you
  • For most first time homebuyers, the moment of signing the offer to purchase is filled with nervous excitement. For the Jansen's, it was when they were first confronted with an additional R140 000 on their R1 million dream home.... ››› more
  • [20 June 2013]
  • Two travel allowance errors your company MUST avoid
  • There are inherent risks when you offer travel allowances to your employees. If your business doesn't award tax and record employee travel allowances correctly, SARS will pick up on these errors. Your company will face an audit, not to mention penalties you'll be forced to pay for noncompliance. Read on to find out what you can do avoid these employee travel allowance errors.... ››› more
  • [31 May 2013]
  • Don't make the same business travel claim mistakes as the IRS in the US
  • The Internal Revenue Service or IRS in the US is the country's regulatory tax body, much like SARS is in South Africa. But even tax bodies make mistakes... News reports show that some IRS employees have been misusing their travel credit cards. Here's how to make sure you stay out of SARS' auditing radar by keeping your company's business travel claims up to scratch.... ››› more
  • [30 May 2013]
  • Is your business ready for SARS' new information filing requirements?
  • If you're nervous about the state of your business' tax affairs, best you check everything's in order. Because SARS has just acquired new powers to find out whether taxpayers are lying about their finances. This will make it easier for SARS to check your business' tax compliance than before. But it also means your business may have new filings to submit...... ››› more
  • [08 May 2013]
  • Two travel allowance errors you must avoid for your company to escape penalties and audits
  • If your business doesn't award, tax and record employee travel allowances correctly, SARS will pick up on these errors. Your company will face an audit, not to mention penalties you'll be forced to pay for noncompliance. Read on to find out solutions you can use to avoid these employee travel allowance errors.... ››› more
  • [29 April 2013]
  • How to reorganise your business and save your company from triggering immediate capital gains tax
  • Tired of paying thousands to SARS every year? Well I've got some good news for you. I have one way you can reorganise your business without triggering immediate capital gains tax bill. Let's have a look how...... ››› more
  • [29 April 2013]
  • Choose your marriage contract wisely, there are tax consequences of getting it wrong
  • 'The tax consequences of marriage are not likely to be on your mind when you stand before the altar with your life partner, but there are definite tax consequences to marriage,' warns The Practical Tax Loose Leaf Service. There are two danger areas you can't afford to overlook. Read on to find out what the taxman does when you're married out of community of property with or without accrual and when you're married in community of property.... ››› more
  • [09 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]
  • 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]
  • Do you know how to account for these common company perks?
  • Company cars, travel allowances, medical aid and pension might be great perks for your employees - but they're an accounting headache for you. After all, the consequences of accounting for company perks incorrectly go much deeper than a SARS tax penalty. Here's what you need to know about company perks to avoid making costly accounting errors.... ››› more
  • [12 February 2013]




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