Category: Tax

“The hardest thing in the world to understand is the income tax.” (Albert Einstein)  Tax rebates, deductions and incentives provide relief to taxpayers by reducing the amount of tax payable to SARS, resulting in welcome tax savings. But how do you figure out which rebates, deductions or incentives apply to you – and what’s the… Continue reading Do You Qualify for These Tax Rebates? Let Us Check!

“We urge taxpayers to be transparent and accurate when filing their tax returns to enable a constructive relationship with SARS.” (Edward Kieswetter, SARS Commissioner) July 15 marked the start of the 2024 Filing Season for provisional and non-provisional taxpayers who were not subjected to auto-assessments, covering the tax period 1 March 2023 to 29 February… Continue reading Top Tips for a Hassle-Free Tax Season 2024

07 August – Monthly Pay-As-You-Earn (PAYE) submissions and payments 23 August – Value Added Tax (VAT) manual submissions and payments 29 August – Excise duty payments 30 August – VAT electronic submissions and payments, Corporate Income Tax Provisional payments where applicable, and Personal Income Tax Provisional payments. Disclaimer: The information provided herein should not be used… Continue reading Your Tax Deadlines for August 2024

“The aim of a tax audit is to determine if the taxpayer has complied with the relevant legislation administered by SARS.” (SARS) During a tax audit, SARS examines financial statements, accounting records and supporting documents to check if you or your business correctly declared your tax position on a tax return. If you didn’t submit a… Continue reading How to Breeze Through a SARS Audit

05 July – Monthly Pay-As-You-Earn (PAYE) submissions and payments 25 July – Value-Added Tax (VAT) manual submissions and payments 30 July – Excise Duty payments 31 July – Corporate Income Tax (CIT) Provisional Tax payments 31 July – Value-Added Tax (VAT) electronic submissions and payments. Disclaimer: The information provided herein should not be used or relied… Continue reading Your Tax Deadlines for July 2024

07 June – Monthly Pay-As-You-Earn (PAYE) submissions and payments 25 June – Value-Added Tax (VAT) manual submissions and payments 27 June – Excise Duty payments 28 June – Corporate Income Tax (CIT) Provisional Tax payments 28 June – End of the 1st fiscal quarter 28 June – Value-Added Tax (VAT) electronic submissions and payments. Disclaimer: The… Continue reading Your Tax Deadlines for June 2024

“Failure by an employer to comply with its obligations does not only harm that employer and the fiscus, but also employees. SARS vigorously pursues employers that fail to comply.” (SARS) Employers must submit their annual reconciliation declarations (EMP501) with accurate and up-to-date payroll information about their employees by 31 May this year. This is among the… Continue reading Your Employer Annual Declaration is Due by 31 May

07 May – PAYE submissions and payments 24 May– Value-Added Tax (VAT) manual submissions and payments 30 May – Excise duty payments 31 May – VAT electronic submissions and payments, & Corporate Income Tax (CIT) Provisional Tax payments where applicable. Disclaimer: The information provided herein should not be used or relied on as professional advice. No… Continue reading Your Tax Deadlines for May 2024

“[The new requirements] enable… a more efficient process to make deductions available to qualifying donor taxpayers and to help prevent section 18A claims abuse.” (SARS) Public benefit organisations (PBOs) are engaged in public benefit activities for example religious institutions, day care centres, disaster relief organisations, health clinics, etc. Many are dependent on donations and, to… Continue reading Donating to a PBO? Check SARS’ New Requirements (and PBOs Note Your New 31 May Deadline)