Many times there’s been talk of provisional tax but what is it and who does it apply to? Dealing with SARS is something very few people find appealing and even more so when it comes to penalties and interest being levied on taxes which you are struggling to understand. As the deadline for the second […]
Just living these days has legal and tax implications in terms of information that SARS and other authorities require. But once submitted what happens next, can these records and documents be destroyed or erased. The following is determined by legislation, depending on the coinciding event which the records have relevance to:
1. Taxation records and documents
Leave is often times a sore subject to discuss within the employee-employer relationship. The employee wants to be able to be absent from work, with sufficient reason, and not be replaced whereas the employer needs to protect his business interests and is also faced practically with the workload of an absent employee. Where is the […]
Company, Trust, CC and other legal entities are usually required either by law, or the governing setup documents of that entity, to have financial statements compiled on an annual basis. To many owners this requirement just represents an annual bill of thousands of rands being forced on them. Is there any reason or value behind the […]
Walking away from a till, getting an invoice from a supplier, even your bank statement, these are just some of the places where that little ‘14% VAT’ shows up in our day to day lives. Whether you’re an individual, small business or multi-national conglomerate, there is no escaping the clutches of the V(alue) A(dded) T(ax) Act passed […]
Income, taxable income, deductions, allowances, tax certificates and logbooks. These words become quite common every year when taxpayers are required by SARS to submit their annual income tax return.
Whether the taxpayer is an individual (ITR12), trust (IT12TR) or a company (ITR14) each has its own submission period and has a deadline before SARS raises penalties […]
Every six months all employers are required by legislation to do the EMP501 reconciliation submission to SARS. Not doing so can lead to penalties being raised by SARS which no taxpayer wants or needs. But what is this reconciliation all about?
First you will have to understand why employers deduct employee tax on a monthly basis (namely […]
The deadline of 31 December 2015 for all private entities to have their PAIA manual in place is approaching fast and many will be caught unaware that they are in business but not within the law. The head of a private body, according to section 51 of the Promotion of Access to Information Act no 2 […]
In the current international climate, where the world is available at your fingertips and trading has moved from Main Street to everywhere, more and more employees are working either on the road or from home. Many such employees work mainly on a commission basis as an intense incentive for increased productivity.
But what many of these employees […]
Constant changes in South African legislation and technological advancements are the causes for businesses constantly needing upgrades and updates of their software and hardware. Whether it is to handle the size of programs as they grow more and more complicated, to update a tax rate changed in the latest budget speech or just a bug […]