Tax Filing & Compliance
SARS has introduced an enhanced compliance system change in relation to the current tax clearance status (TCS) required for the transfer of funds by a taxpayer intending to make use of their foreign investment allowance (FIA) of up to R10 million per calendar year. It has been noted the effective date of this change is 24 April 2023.
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A draft public notice from the SARS indicates that the taxman wants to use solar installers to gain additional information on taxpayers.
What is an IT14SD form ? Is a Supplementary Declaration for Companies or Close Corporations
Value-Added Tax is commonly known as VAT. VAT is an indirect tax on the consumption of goods and services in the economy. Revenue is raised for the government by requiring a business that carries on an enterprise, to register for VAT. In doing so, the business will charge VAT on supplies of goods and services made by it, on the importation of goods and on imported services (subject to certain conditions).
What does Ring-Fencing a Loss mean?
Ring-fencing the loss simply means that the amount gets carried over to the following year and can only be set off against income from the same trade.
Cryptocurrency is a digital currency in which transactions are verified and records maintained by a decentralized system rather than by a centralized authority.
Tax planning is the analysis of a financial situation or plan to ensure that all elements work together to allow you to pay the lowest taxes possible.
7 Tax Deductions, - Contributions towards retirement fund, Medical Expenses, Giving to Charity, Wear and Tear on personal assets, Home Office Expenses, Travel Claim, Commission expenses (only for commission earners!)
SARS Auto-Assessments is an automatic assessment issued by SARS to certain taxpayers
You will be charged Administrative Penalty (Admin Penalty) by SARS. This is a penalty levied under Section 210 of the Tax Administration Act (TAA).
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