However, we advise you to take GREAT CARE here, and understand your duties properly, because if you don't, you may suffer for it later on.

Here are the top 5 reasons why not to skip filing your tax return this season:

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The Deduction of Home Office Expenditure

Posted 18 March 2020

Nowadays, work culture has evolved massively. “Flexible employment” has become the new buzzword. This is especially relevant at the moment, where many employees are working from home due to the global Corona virus outbreak.

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Food for Thought on Subsistence Allowances

Posted 17 March 2020

You’ve been up since 4am in order to catch yet another red-eye flight for a 9am business meeting - 1,400km away - and you’re already onto your third coffee by the time you board the plane.

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How to Change/Verify Your Bank Details at SARS

Posted 15 March 2020

SARS has recently issued a new guide with regards to updating your banking details with them. This was done in order to reduce the risk of refunds being paid into the wrong accounts and also to streamline the process, which has tended to be an onerous one in the past.

Change of bank details can be done:

• in person at a SARS branch (SARS still prefers this way)
• via eFiling (Go to Maintain Taxpayer Registered Particulars Menu) Note, you will still need t...

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Sole Proprietor or Company: What's Best for Tax?

Posted 9 March 2020

Getting a new business venture off the ground is an equally exciting and stressful time. You’re enthusiastic about getting your new product or service out into the market, but you face quite an administrative process to get it off the ground legally.

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Why don't I get a tax deduction for Out of Pocket Medical Expenses?

Posted 29 February 2020

Tax season always throws up some interesting and confusing calculations, but for many, the most confusing of all is how medical aid contributions and Out of Pocket medical expenses are treated.

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Some common (and sometimes forgotten) tax deductions

Posted 19 July 2019

Too often, taxpayers rush when completing their tax return, and then they miss out on some expenses they are eligible to claim. Don’t overpay tax by overlooking these seven common tax breaks.

Contributions towards a Retirement Annuity

Your contributions towards retirement funds are deductible for tax up to a limit of 27,5% of the greater of your taxable income or remuneration (to a maximum of R350,000 per year).  This limit applies to the total contributions you make to any Pension, Provident or Retirement Annuity (RA) fund during the year...

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Home Office Expenses/Deductions

Posted 9 April 2019

Flexible employment is becoming increasingly popular, many taxpayers spend some (or all) of their time working from home. If certain conditions are met, taxpayers are allowed to claim a portion of their office running costs as a tax deduction on their tax return. However, please note that SARS usually flags these returns for audit. If you do work from a home, take a read of our home office blog and also check out our handy decision tree to make 100% sure you are claiming this expense correctly.

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Medical Aid Tax! How SARS' new changes affect YOU!

Posted 8 July 2018

In 2012 SARS began making changes to how medical expenses were treated for tax purposes. The system at that time created a higher benefit for deducted medical expenses if you earned a high income (bad news for low income earners) and the changes since then have sought to make medical deductions more equal across various income levels.

Basic summary of how SARS calculates your tax

Income Earned
Less: Expenses / Deductions
= Taxable Income
x SARS tax rate ...

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Home Office Letter

Posted 4 June 2018

COMPANY LETTERHEAD

Date
Employee's Full Name
Address

 

 To Whom It May Concern,

Subject: Permission to work from home

This letter serves to confirm that _______________________________ (Name of employee), _____________________ (ID number) who is employed by our firm ___________________ (Company name) in the capacity of __________________________ (Position) has permission to work from home in order to fulfil his/her duties to the company.  ...

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The 3 R's: Returns, Rebates and Refunds Explained

Posted 20 March 2018

When it comes to tax jargon, most people prefer to bury their heads in the sand instead of trying to understand all the confusing terms that tax practitioners use. Taxpayers just want to do their tax quickly and easily, and if they’re due - receive some money back from SARS. A lot of confusion surrounds the process, but by understanding three simple terms you can make tax season a little bit easier.

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Budget Speech: VAT rises by 1%, predictions were correct!

Posted 21 February 2018

Taxpayers should breathe a sigh of relief as a much lower than expected R36bn in increased taxes was announced by the once-off Minister of Finance. The biggest news amongst the increases was the VAT rise of 1%. For the first time in 25 years, all South Africans will see most goods and services become a little bit more expensive thanks to the Value Added Tax rise. Although controversial, a VAT rise was much needed and will bring in almost R23...

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2017/2018 Budget - The rich are going to pay more, but what does that mean for the rest of us?

Posted 22 February 2017

Personal Tax Rates (rates below)

Individuals across the country, those qualifying above the new tax threshold of R75 750 (previously R75 000) will be paying increased taxes of R16.5bn (previously R5.65bn in actual tax increase) for the next tax year, most of this will be for high income earners, however. Taxpayers generally across the board will be earning the tiniest bit more money each year as their tax brackets...

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