“This is not an austerity budget. It is a budget that makes tough trade-offs in the interests of the country’s short and long term prosperity.” (Finance Minister Enoch Godongwana – Budget 2023) Finance Minister Enoch Godongwana’s second Budget contained no major tax proposals, thanks to an improvement in revenue from higher collection in corporate and personal… Continue reading Budget 2023: How It Affects You and Your Business
Category: Tax
Budget 2023: Your Tax Tables and Tax Calculator
The big Budget Speech 2023 tax news was the introduction of tax incentives for investing in rooftop solar and renewable energy. The Budget also detailed tax relief in the form of adjusted tables for tax and rebates for individual taxpayers, adjusted tables for retirement tax and transfer duty, and the expected increases in ‘sin’ taxes.… Continue reading Budget 2023: Your Tax Tables and Tax Calculator
Your Tax Deadlines for March 2023
7 March – Monthly Pay-As-You-Earn (PAYE) submissions and payments 30 March – Excise Duty payments 31 March – End of the 2022/23 Financial Year 31 March – Value-Added Tax (VAT) electronic submissions and payments & CIT Provisional 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 March 2023
Maximise Your Business Travel Tax Deduction
“Without a logbook, you will not be able to claim a travel deduction.” (SARS Travel Logbook 2022/23) Even while recovering from the economic impact of COVID and facing the challenges of power blackouts, businesses and their employees are also contending with the costs of travel that have reached historic highs. Thankfully, expenses related to business… Continue reading Maximise Your Business Travel Tax Deduction
How the New Assessed Loss Tax Limitation Works
“People who complain about taxes can be divided into two classes: men and women.” (Unknown) The assessed loss rules have always allowed companies to deduct from their taxable income each year any assessed losses from previous years. The remaining assessed loss balances could be carried forward indefinitely. This meant that a company would only pay… Continue reading How the New Assessed Loss Tax Limitation Works
Budget 2023: The Minister of Finance Wants to Hear from You!
“Finally, we pay tribute to the millions of South Africans, whose resilience and courage during these times of pandemic and economic hardship, is an inspiration to all of us who have the privilege to serve in the public sector.” (From the 2022 Budget Speech) Finance Minister Enoch Godongwana has invited the public to share suggestions… Continue reading Budget 2023: The Minister of Finance Wants to Hear from You!
Your Tax Deadlines for February 2023
7 February – Monthly Pay-As-You-Earn (PAYE) submissions and payments 27 February – Excise Duty payments 28 February – Value-Added Tax (VAT) electronic submissions and payments & CIT Provisional payments where applicable. Disclaimer: The information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions… Continue reading Your Tax Deadlines for February 2023
The Importance of Maintaining Your Tax Compliance Status in 2023
“Being tax compliant… is not just good for you, but also contributes to the positive growth of our country’s economy which in turn benefits all South Africans.” (SARS) Businesses are often required to provide, confirm or share tax clearance information to another entity. This is because proof of tax compliance is an indicator of a… Continue reading The Importance of Maintaining Your Tax Compliance Status in 2023
Your Tax Deadlines for January 2023
Disclaimer: The information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your professional adviser for specific and detailed advice. © CA(SA)DotNews
Your Tax Deadlines for December 2022
Disclaimer: The information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your professional adviser for specific and detailed advice. © CA(SA)DotNews