Changes to Foreign Employment Income

Stay ahead of the curve with our latest blog: “Changes you need to know about SA’s foreign employment income tax exemption.” If your employees work abroad, this is essential reading.
Before March 1, 2020, South African residents working abroad enjoyed full tax exemption on their foreign employment income. However, amendments to the Income Tax Act, 1962, mean this exemption now comes with a cap.

Your guide to understanding estate duty

Planning for the future involves more than just accumulating wealth; it requires understanding the intricacies of estate duty – the tax imposed by SARS on your estate after you die. Here’s what you need to know to ensure your legacy is preserved while minimising tax liabilities.

Why a will is vital for estate management and tax efficiency

When it comes to planning, few things are as important as creating a will. A will serves as your voice beyond the grave, ensuring that your wishes are respected, and your loved ones are cared for. Beyond the emotional comfort it provides, a well-structured will plays a pivotal role in managing tax liabilities and simplifying estate distribution.

Trustees: your new role as a third-party data provider to SARS

Are you a trustee of a resident trust in South Africa? Brace yourself for significant changes as SARS now demands that trustees become third-party data providers. In this blog, we’ll dive into the increased reporting requirements, explore potential challenges, and offer expert advice on navigating this new landscape to ensure compliance and transparency.

Make the right choice for filing your tax return

Filing your taxes can be overwhelming, but before you go the DIY route, consider the potential pitfalls. Late filings and errors can cost you big time. Discover the benefits of hiring a professional accountant to handle your taxes. They’ll save you time, optimise your return, and ensure you’re compliant with tax regulations. Say goodbye to stress and hello to peace of mind.

The pros and cons of SARS auto assessments

SARS auto assessments have both pros and cons for individual taxpayers. While they are convenient and can result in faster refunds, taxpayers may have less control over their tax returns and may not be able to claim all the deductions and tax credits they are entitled to. Therefore, it is important for taxpayers to carefully consider whether auto assessments are the right option for them and to seek professional advice if necessary.

It’s nearly tax time! Are you ready?

Are you ready for the 2023 tax season? Running from 1 July to 24 October 2023, this shortened filing season means you need to be organised so that you’re not scrambling at the last minute. Read our blog to find out what you need to know to get ahead of the pack.

Are you up to date with your EMP501 recons?

If you’ve got your hands full with tax-related paperwork, filing accurate tax returns and meeting SARS deadlines could be one of the important responsibilities you battle with. And, if you get it wrong, the interest and penalties payable on late or inaccurate VAT, PAYE or company income tax returns can be harsh.

Do you pay too much tax as a commission earner?

Tax directives for individuals who earn commission enable SARS to instruct your employer or fund manager to deduct tax at a set rate/percentage (determined by SARS for your specific case) and not at the general income tax rates.

Financial year end without the pain

Do you get bogged down with your financial year-end? Many business owners do. To help alleviate the pressure, being prepared, as well as consistently managing your financial records throughout the year will make life easier when the deadline comes around.