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…

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…

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…

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…

Ethics – Where Does Our Firm Stand?

In this past year, our profession, and in particular, our reputation as independent auditors and chartered accountants, has been subjected to fairly intense scrutiny. The SAICA is re-looking at the state of the profession of chartered accountants, having appointed Professor Mervyn King to lead their governance review to rebuild trust in the accounting profession, and…

Why Trusts Need an Independent Trustee

Unbeknown to many, the Master’s Office issued a directive in March 2017 stating that all new so-called “family business trusts” must appoint an independent trustee. Firstly, what is a “family business trust”? In brief, these trusts would have the following characteristics: The trustees have the power to contract with independent third parties, thereby creating trust…

Lesser Known Tax Incentives

In light of the 2018 budget, taxpayers can expect to pay higher taxes in a number of areas, including VAT, fuel levies, excise duties on alcohol and tobacco, and estate duty. It is therefore useful to know how you can reduce your tax burden at the end of the day so that you can plan…