Tax increases on the cards? With South Africa’s tax revenue collection missing targets for the 2017 year of assessment, the government will look to new sources of income to reign in the current budget deficit. Taxpayers and the general public at large have heard rumours of,...
Employee or Independent Contractor Many individuals question whether they are an employee or independent contractor for tax purposes. There are advantages and disadvantages to both options and guidance from SARS that determines your classification. Employee – benefits to you: Annual and sick leave under the Basic Conditions...
The VAT of food? Delicious and Nutritious for your bank account. The VAT Act allows for certain food products to be zero rated (meaning that there is no VAT applied to the food product). The idea behind this is to make necessities more affordable for...
Urban Development Zones (“UDZ”) have been introduced to incentivise investment and rejuvenation of the cities in South Africa. Purchasers of property in various cities will receive a tax incentive provided certain conditions are met. Cities where UDZ is available: Johannesburg CBD Cape Town CBD or Durban...
Tax on Crypto Currency not set in stone On 3 December 2014, the South African Reserve Bank issued a Position Paper on Crypto Currencies stating that Bitcoin “is a digital representation of value that can be digitally traded and functions as a medium of exchange, a unit...
South African Tax Ombudsman The office of Tax Ombudsman provides a simple mechanism for taxpayers to seek a resolution with SARS once they have exhausted all channels with the tax man. The Tax Ombudsman is an independent office that can assist taxpayers by making a judgement on: ...
Small Business Corporations SARS introduced the small business corporation to assist companies with lower income tax rates and preferential asset write off periods should certain criteria be met. The goal is to encourage and empower small businesses with lower tax rates so that the profits can...
Employee Tax Incentive SARS introduced the Employee Tax Incentive (“ETI”) to encourage the employment of young South African workers. Employer’s receive a tax incentive for each young individual that they employ under certain parameters: Younger than 30 years of age; The employee holds a South African...
Below is an article from SARS that outlines all the ins and outs of eFiling (link). What is eFiling? SARS eFiling is a free online process for the submission of returns and declarations and other related services. This free service allows taxpayers, tax practitioners and businesses to register...
Businesses registering for income tax Are you registering for the first time? The South African Revenue Service (SARS) made changes to the way taxpayers register and/or amend their details (link - reproduced below for your convenience).This is aimed at making registering easier for taxpayers, improving the reliability...