SARS Attacking Your Medical Tax

Your Medical Tax Credit under attack by SARS

Taxpayers and tax practitioners have in recent months been surprised to find their medical claim tax credits queried by SARS. Up to this year the processing of the tax credit has gone smoothly. To many taxpayers such as those with disabilities, pensioners and lower income taxpayers their tax credit is significant. What is SARS querying? The Medical Tax Credit is …

changes in company act

Be Ready for The Changes Coming to The Companies Act

Cabinet has approved the most wide ranging amendments to the Companies Act (the Act) since its launch in 2011. Some of the important issues are briefly highlighted below. They are of course only proposed changes at this stage, published for comment and therefore subject to alteration (the comment period closes on 14 December). But take note of them now and …

Mid term budget speech

Danger in December : The Medium Term Budget Speech and the Rating Agencies

The new Minister of Finance didn’t have much time to prepare for the Medium Term Budget Speech (MTBS) but he carried it off well. The MTBS is a three year outlook for the government budget and was introduced by Trevor Manuel to increase transparency into our budgeting process. Our Big Challenges For the last nine years, Treasury has fought hard …

Taxpayers Note: How To Upload Supporting Documents Using eFiling

SARS have instructed that taxpayers on eFiling need to submit supporting documentation as follows: Files should be no more than 5mb each. You can upload up to twenty files. Document types need to be: Excel (xls or xlsx) or Word (doc or docx). You may also use PDF, jpg or gif files. Set your scanner to black and white and …

Let’s Be Realistic and Positive and explode into 2019

“The pessimist complains about the wind; the optimist expects it to change; the realist adjusts the sails” (William Arthur Ward)   As we wind down from a challenging year, perhaps it’s a good time to reflect on how we can make sure that 2019 is a year of positivity and recovery for South Africa. Most of us are pessimistic about …

Sars correct

New Service Charter by SARS – A Step in the right direction

New management at SARS is trying to rebuild the institution as the world class organisation it once was. Amongst the outcomes it hopes to achieve in this tax year are increases: In public trust and credibility, In the ease and fairness for taxpayers in their interactions with SARS. To achieve these goals, SARS has just released a new Service Charter. …

retirement money in jar

Retirement: Box Clever With Cash

“The question isn’t at what age I want to retire, it’s at what income.” George Foreman There are many things to consider when you retire. One thing to be careful of is the amount of money you cash in from your retirement savings. Taking cash from your retirement savings: What to take into account Friends will tell you that the …

good staff relationship

Good Staff Relationships are more important than money

There are strikes seemingly now all the time and usually the dispute is over wage increases and benefits. On the other side of the coin, when employers speak, they often talk of the country’s skills deficit and labour laws. Recent research in KwaZulu-Natal has highlighted that there are equally important issues for both employees and employers. As it has been …

travel-allowance-SARS

SARS made changes to business traveling expenses: How Do They Affect You?

For the new tax year changes were made to how we are reimbursed for business traveling expenses. Why did SARS make changes and to which type of travel allowance? Travel allowances have been around for a long time. Initially, they gave considerable benefits to people earning salaries as the fringe benefits tax was less than the economic benefit. SARS in …

Small and Medium-Sized Businesses: How to Stay Healthy and Profitable

  Small and Medium-Sized Businesses: How to Stay Healthy and Profitable Today getting an SME going is incredibly difficult as they face enormous red tape (FICA, getting loans, VAT registration and so on) and have difficulty getting access to money as financial institutions prefer funding large corporates where, for a similar amount of work, they earn higher fees. Yet we …