Written by Marc
Posted 13 August 2012
For most people upon submission of their year-end income tax return, either nothing much will happen or a refund will be due, this being paid back within a matter of days. However in a small number of cases SARS requires extra documentation or proof to be submitted so that they can verify that everything you submitted in your tax return is correct. Don’t be afraid, although many people consider this an “audit” it isn’t nearly as frightening as that and doesn't mean you have done anything wrong. A true audit would be SARS requesting years of past documentation and opening up for examination all your tax affairs from previous years. ...
Written by Marc
Posted 6 June 2012
Most employees negotiate their salary based on the gross amount (or cost to company) - the whole amount paid by their employer. Since income tax is deducted from this gross amount, in most cases the taxpayer doesn't know how much money actually goes into their bank account each month, after tax.
SARS levies employee's tax monthly and employers must pay that over to SARS every month. This tax is called PAYE (Pay As You Earn). PAYE is calculated based on your taxable income. This is different to your gross income and is calculated as follows:
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Written by Marc
Posted 23 January 2012
There is a widely believed myth that all expenses and incomes of a business can lower taxes. The Taxable vs Accounting deductibility argument is one which will forever rage on. The question is: what is the difference?
Many countries around the world stick to a particular set of accounting standards released by the International Accounting Standards Board (IASB), while those same countries have their own individual tax laws. This leads to a difference between what’s allowable for tax purposes and what’s allowable for accounting purposes....
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