Category: Tax Tips & Advice For You & Your Business

Employment Tax Incentive

There are many unskilled and inexperienced youth in South Africa and it is difficult for them to start contributing to the economy without experience. Many employees have been reluctant to hire inexperienced unskilled youth, and contributing to this fear has been the restrictiveness of the labour regulations. Last year, SARS implemented a new incentive scheme…

Tax Season for 2013 Is Now Closed For Non-Provisional Taxpayers

Provisional Taxpayers Deadline

However if you’re a provisional taxpayer the deadline was 22 Nov 2013 and if you are submitting it via eFiling the deadline was extended to 31st of January 2014 – provided all your tax affairs are in order. You need to submit if you are: Younger than 65 years old and earned R63 556 income…

SARS Scams and Phishing Emails

SARS Scam Emails

People are subject to scams every day and they are becoming increasingly difficult to spot the difference between a scam and a legitimate email so you need to remain vigilant when working online. As a result of this increase in scams and phishing attacks SARS has created a section of the website where they will…

SARS Is Strict About Record-Keeping

Get it wrong and you could face massive penalties! …of up to 200%. By LAW,  taxpayers (Companies and Individuals) are required to keep certain tax records for 5 years, however SARS urges us – as consultants, to keep records for 7 years. If you don’t know which documents and records SARS requires you to keep,…

Do You Qualify As A Small Business Corporation?

Small businesses that wish to register their business will benefit hugely from business tax services, which assist in all areas of business tax, including registration of Small Business Corporation. Your accountant or business tax services consultant will be able to register on your behalf, and assist with all requirements that may be needed. Companies that…

What is Income Tax?

Income tax is the tax levied on income and profit received by a taxpayer (which includes individuals, companies and trusts). It is the national government’s main source of income and is imposed by the Income Tax Act No. 58 of 1962. The form of tax that people generally associate with the concept of income tax…

Tax Refund – Are You Entitled?

It is a legal requirement to submit tax returns to the South African Revenue Services. This includes Income Tax returns and VAT returns. Upon submission of these returns SARS will do an assessment to determine how much is payable to SARS or how much is refundable to the taxpayer. The SARS assessment is often accurate…

Fringe Benefits Made Easy

A fringe benefit is the cash equivalent of taxable benefits that are given to employees by their employer. Fringe benefits are taxable, and can be challenging to calculate without the help of an accountant or tax expert.  Types of Fringe Benefits Fringe benefits are calculated by professional accountants, and can be offered through a number…

What Is Donations Tax?

One of the many benefits that PATC offer taxpayers is assistance with donations tax. Donations tax is payable at a rate of 20% on the value of any property disposed of by a South African resident (natural person, corporate entity or trust), according to the following terms: Excluding donations exempt from the tax (see exclusions…