Beware the scammer

SARS has issued a warning of various email and SMS scams that are doing the rounds, and we implore you to take caution when receiving any information regarding your tax status, no matter how legitimate the communication may seem. These fraudulent emails and SMSes are aimed at enticing taxpayers to part with personal information such…

Tax Season 2020 – SMS or SOS?

SARS’s new auto-assessment – what to do when you receive an SMS With SARS’s introduction of their auto-assessment tax filing procedure, many tax-payers will have already received an SMS informing them of the result of their tax assessment. The calculation will be made from information derived from your IRP5 and information submitted to SARS by…

Tax Tips 2020

Filing a tax return is not something we all learnt at school and can be overwhelming not only for first-timers, but for seasoned taxpayers too. Uncertainty can rear its head with the slightest change in circumstances. Money, the earning of it and the sharing of a large portion with the taxman, is part of our…

Working from home – can you claim?

Business owners, sole proprietors, independent contractors and commission-based earners (if more than 50% of your annual income is commission-based) who are working from home have various tax deductions at their disposal. Salaried employees, on the other hand, regardless of working from home, are limited in their options to claim deductions for expenses incurred. However, all…

Changes to the 2020 Tax Season

It’s life, Jim, but not as we know it In response to the economic and fiscal challenges Covid-19 has presented, SARS has introduced a 4- phase tax filing process. This seamless filing season started on 15 April and continues through August 2020. The new phased system is intended to encourage a more digital, streamlined system…

Lockdown Relief for SMME’s – A Quick Guide

President Cyril Ramaphosa has announced a 21 day lock-down period with rigorous restrictions on travel and movement. To assist businesses during this difficult time, the Government has launched a series of relief measures, especially aimed at assisting SMMEs to mitigate the impact of the economic shutdown caused by the coronavirus. We’ve compiled this summary of…

Tax Tips for Pensioners

Retirement planning can be a minefield. Not only do you need to start thinking about lifestyle changes but preparing for a sound financial retirement is challenging. Research shows that most people start thinking about their retirement only as from the age of 50, but if you want to maximise your income and minimise your tax…

Need-to-knows for a Start-Up

South Africa is alive and buzzing with entrepreneurs, possibly because of the high unemployment rate driving individuals to take matters into their own hands. This often means starting a business. But as going into business blindly can be daunting, invariably go-getters end up in a sticky red-tape scenario. Not knowing the necessary procedures and rules…