South Africa operates a VAT system whereby businesses (vendors) are allowed to deduct the VAT incurred on business expenses (input tax) from the VAT collected on the supplies made by the business (output tax). The most important document in such a system is the tax invoice. Without a proper tax invoice, a business cannot deduct input tax on business expenses.
Nedbank’s regulatory reporting requirements with regard to Common Reporting Standards
This is new regulations – kindly take note.
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SECURITIES TRANSFER TAX
What is it?
Securities Transfer Tax is levied on every transfer of a security and was implemented from 1 July 2008 under the Securities Transfer Tax Act, No. 25 of 2007, together with the Securities Transfer Tax Administration Act, No. 26 of 2007. (more…)
IRP5 / EMP501 SALARIES AND WAGES RECONCILIATION
It involves an employer submitting an accurate reconciled Employer Reconciliation Declaration (EMP501) with corresponding Employee Tax Certificates [IRP5/IT3(a)s] (Including EMP601).
There are three fundamentals that must reconcile in order for your submission to be successful which include:
- Monthly Employer Declarations (EMP201s) submitted [Pay-As-You-Earn (PAYE) and/or Skills Development Levy (SDL), Unemployment Insurance Fund (UIF) amounts due and Employment Tax Incentive (ETI) where applicable
- Payments made (excluding penalty and interest payments)
- IRP5/IT3(a)s generated – PAYE, SDL and UIF values.
Compromise of Tax Debts with SARS
The Tax Administration Act deals with the waiving of Taxes owed to SARS and also a Compromises on Debt owed by Individuals, Trusts, Close Corporations and Companies. SARS may be willing to write off or reduce taxes, penalties, interest and even additional tax owed to SARS. Specific situations and conditions apply. “Terms and conditions apply” – as the saying goes… (more…)
TRANSFER DUTY
What is it?
Transfer Duty is a tax levied on the value of any property acquired by any person by way of a transaction or in any other way. For the purpose of Transfer Duty, property means land and fixtures and includes real rights in land, rights to minerals, a share or interest in a “residential property company” or a share in a share-block company. (more…)
IRP5 / EMP501 SALARIES AND WAGES RECONCILIATION
It involves an employer submitting an accurate reconciled Employer Reconciliation Declaration (EMP501) with corresponding Employee Tax Certificates [IRP5/IT3(a)s] (Including EMP601).
Gavin Bacon is awarded Tax Court Appointment
Recognising his vast experience and Tax Degree, The Office of the Registrar for the Republic of South Africa have appointed Gavin for a period of five years.
Gavin was honoured to accept the appointment.
Estate Planning For The Small Business Owner – Why It Matters.
Do you own your own small business? Do you have a plan in place if you die while you are still running it? Because none of us know when life will change, it is important to put in place a formal estate plan as soon as possible. If you don’t, you run the risk of leaving your family, employees, and any other dependants without clear instructions, potentially destroying the business you worked so hard to build.
Year-End Bonuses Aren’t Compulsory But Maybe They Should Be…
Does your business pay bonuses? Do your employees expect you to give them a little something extra at the end of the year or for a job well done? (more…)
