Category: Uncategorized Blogs

Zero-Rated, Exempt & Deemed Supplies

Zero-rated supply – refers to items that are taxable, but the rate of tax is nil on their input supplies. The government doesn’t tax its retail sale but allows credits for the value-added tax (VAT) paid on inputs. This reduces the price of a good. Governments commonly use zero-rated goods to lower the tax burden…

Tables of Interest Rates From SARS

Interest rates charged in terms of the legislation administered by SARS are split into three main categories, i.e. – interest charged on outstanding taxes, duties and levies and those payable in respect of refunds of tax on successful appeals and certain delayed refunds interest payable on credit amounts (overpayment of provisional tax) in terms of section…

Steps to Assist With SARS eFiling Disputes

ACCOUNT RELATED DISPUTE If you don’t agree with a penalty due to the late payment of taxes and the related interest, follow these three easy steps: Step 1: Request remission for the penalty by providing reasons for the late payment of tax by submitting a ‘Request for Remission’ via eFiling. Step 2: If the request for…

Rare scenarios for Income Tax Number

Please take note of the following rare scenarios: An individual can have an income tax number from birth if he / she becomes liable to submit an income tax return or becomes liable for any normal tax. For example, a child born into a wealthy family may be registered for income tax if his /…

Employees Taxation For Personal Service Company or Trust

This is a company (or trust as the case may be) that is not a labour broker, and whose services to clients are performed on its behalf by a connected person;  and such person would be regarded as an employee of the client if the relationship was directly between the person and the client; or…

Membership & Members Interest

A loan is the act of giving money, property or other material goods to another party in exchange for future repayment of the principal amount along with interest Member’s Loan In simple terms, this is the money you have borrowed, or the company has loaned you.

Employees Taxation

As a Director of a Company, your salary is subject to monthly PAYE and UIF deductions. Many small business owners don’t realise that if they operate their business through a company (Pty), the company needs to be registered as an employer with SARS. This means, the company needs to deduct employee’s tax (PAYE) from the…

Donations tax – Estate Duty

Estate Duty is payable on the estate of every person who dies and whose nett estate is in excess of R3.5 million. It is charged at the rate of 20%.  Estate duty is levied on property of residents and South African property of non-residents less allowable deductions. The duty is levied on the dutiable value…

PATC Closure 2018

Closed on the 14th December 2018 from 12.00 for our Christmas function We will be closing at midday on the 21st December 2018 until Monday the 7th January 2019 for our Annual December Shutdown We take this opportunity to wish all our clients, friends and colleagues a joyous, festive and happy holidays. May Christmas bring…

Office Administration & Processes: Debt Management

Debt management policies are written guidelines, allowances, and restrictions that guide the debt issuance practices in the business including the issuance process, management of a debt portfolio, and adherence to various laws and regulations