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The Simple Solution to Hassle-Free EMP501 Final Recons
“The employer in collaborating with SARS plays a critical coalition towards adherence and compliance of tax principles and laws.” (SARS External Guide – A Guide to The Employer Reconciliation Process) By law, employers must deduct or withhold employees’ tax from...
The 7 Signs It’s Time to Move Your Business Out of The Garage
“One doesn’t discover new lands without consenting to lose sight, for a very long time, of the shore.” (Andre Gide) All of the largest businesses in the world started small. Apple, Google, and Amazon were all famously founded in garages. Now these giant...
Companies: How Will the Reduced Tax Rate and Assessed Loss Rules Affect You?
“What the government gives it must first take away.” (John S. Coleman) It certainly seemed like a win for taxpayers when Finance Minister Enoch Godongwana announced in his February Budget Speech that the corporate income tax (CIT) rate has been reduced from 28% to 27%...
Your Tax Deadlines for May 2022
06 May Monthly Pay-As-You-Earn (PAYE) submissions and payments25 May Value-Added Tax (VAT) manual submissions and payments30 May Excise Duty payments31 May Value-Added Tax (VAT) electronic submissions and payments & CIT Provisional payments where applicable....
What The New Employment Tax Incentive Limits Mean for Your Business
“Since the unemployment rate in the Republic is of concern to Government; and since Government recognises the need to share the costs of expanding job opportunities with the private sector…” (Preamble to the Employment Tax Incentive Act 26 of 2013 [ETI Act]) During...
When, Why and Whose Jobs You Should Be Outsourcing
“If you deprive yourself of outsourcing and your competitors do not, you’re putting yourself out of business.” (Lee Kuan Yew, Former Prime Minister of Singapore) Launching a business requires the small business owner to wear many hats. From marketing, to accounting...
Planning to Cease Being a South African Tax Resident? What You Should Know Before Approaching SARS
“Dear IRS, I am writing to you to cancel my subscription. Please remove my name from your mailing list.” (Snoopy) According to some estimates, as many as 1,900 millionaires have left South Africa over the last few years. A New World Wealth Africa report...
A Guide to Accessing Funds That Can Help Your Small Business
“All company bosses want a policy on corporate social responsibility. The positive effect is hard to quantify, but the negative consequences of a disaster are enormous” (English economist and academic, Noreena Hertz) Stimulating the SME sector is considered as one of...
Your Tax Deadlines for April 2022
1 April Start of the 2022/23 Financial Year7 April Monthly Pay-As-You-Earn (PAYE) submissions and payments25 April Value-Added Tax (VAT) manual submissions and payments28 April Excise Duty payments29 April Value-Added Tax (VAT) electronic submissions and payments...
Budget 2022: Your Share of Billions in Tax Relief and Business Support
“Now is not the time to increase taxes and put the recovery at risk! Accordingly, we have decided to keep money in the pockets of South Africans.” (Finance Minister Enoch Godongwana) The 2022 Budget Speech brought some good news and welcome tax relief to personal and...
Budget 2022: Your Tax Tables and Tax Calculator
How much will you be paying in income tax, petrol and sin taxes? Use Fin 24’s four-step Budget Calculator here to find out. Have a look at the tax tables below for the new Individual and Special Trust income tax brackets, and for a convenient reminder of the various...
SARS Makes SMME Tax Compliance Easier
“Tax complexity itself is a kind of tax” (Max Baucus) NOTE: Bear in mind that although many of the resources mentioned below are addressed by SARS to you as a private taxpayer, there is just no substitute for professional advice and assistance when it comes to matters...