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…
Category: Accounting and Tax Blogs
Nedbank’s regulatory reporting requirements with regard to Common Reporting Standards
This is new regulations – kindly take note.
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.
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…
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”…
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…
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).
Work For Yourself? Here’s How You Should Be Paying Tax.
Are you self-employed, a contractor, a freelancer, or a budding entrepreneur who is proudly boss-free? No matter how you do it, if you earn an income, you legally need to pay income tax. Not sure how to go about this? Read on…
What are Indirect Expenses And Why Should My Business Care?
Just starting out in a new business? To make sure your business runs efficiently, you need to familiarise yourself with a number of accounting terms and understand how these are used (by yourself as a business owner and your accountant) in your financial records.
Make Sure You’re Ready For Tax Time With This Simple Checklist.
Income tax is the money paid to the government through SARS from the personal wages of working individuals. This money is used to help fund community projects such as government hospitals and roads. Once you are registered with the South African Revenue Services (SARS) as a taxpayer, the amount of tax you pay depends on:…
