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  • Tax

    Income tax – All the hows and why’s

    Who needs to be registered Every single citizen in South Arfrica over the age of 18 should be registered for income tax. And should have a tax reference number, despite the type of income you receive. If you were unemployed or did not receive any income for a specific year, this will be indicated on your tax return. How is tax calculated – Salary Earners For salary earners, income tax is calculated on a monthly basis. The tax is named PAYE(Pay as you Earn) and is deducted from your salary monthly. Your employer has to supply you monthly with a payslip indicating your salary and the amount of PAYE deducted.…

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  • Tax

    Free tax assessment

    If you haven’t submitted taxes in a while, or are unsure whether audits has been adequately dealt with, we can assist. We can do a tax assessment to determine whether there is any forms or moneys outstanding. Contact Us now for your free assessment!! We can also do this for companies for income tax, VAT and PAYE. And we only charge for work done and forms submitted. It is better to know your tax is compliant than to get a shock later. Especially now when SARS are looking for ways to make money and withhold refunds. SARS can reassess an assessment for 5 years from submission. And they are currently…

  • PAYE,  Tax

    Tax directive – You can still apply

    All commission earners can still apply for a tax directive. This is for a monthly fix percentage deduction of employee tax. Which means that your monthly income will be more. We charge R250 for a tax directive Contact us at

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  • Tax

    Foreign income

    A lot of people are currently working in foreign countries, while still being South African tax residents. There are exemptions in place for income received from a foreign employer. The exemption applies to foreign income received as an employee. It is not applicable to independent contractors or people who are self employed. The current rule is that income is exempt when a taxpayer works outside South Africa for 183 days during the a 12 year period, of which 60 days must be continuous. The 12 month period does not have to be for a financial year, as long as it is 12 months in succession. SARS is currently working on…

  • Accounting,  PAYE,  Tax,  VAT

    Dormant Company

    Definition of Dormant company A company is deemed to be dormant if there hasn’t been any transactions in the name of the company for a certain period of time. This is also the case when a company seizes to trade, but does not get deregistered. Tax obligation Any company needs to submit tax returns, whether the company has been trading or not. This applies to all kind of taxes, income tax, employee tax and VAT. Submitting returns If there has not been any transactions during the year of assessment, NIL returns can be submitted for all tax types. No penalties will be imposed for late submissions. SARS will however impose…

  • PAYE

    PAYE recon

    All employers can start to submit their PAYE recon from 1 April 2019. This recon will cover the whole financial year, from 1 March 2018 to 28 February 2019. The deadline for submission is 31 May 2019. It is very important to keep accurate records of the monthly wages and salaries paid. Also to keep records of the employees’ personal details, such as address and banking details. All this information will have to be completed on the IRP5. After the PAYE recon is completed, it is submitted to SARS. And a copy of the IRP5 must be provided to every employee. The purpose of the PAYE recon is to compare…

  • PAYE,  Tax,  VAT

    SARS clamping down on non payers

    SARS has issued a statement on their website that all money due to them are to be paid before 29 March 2019. Read statement here. After the deadline, they are going to start taking action against tax payers with money due. This includes raising interest on outstanding amounts. SARS also has the right according to law to take money from a taxpayers bank account for money owed to them. It is important to make arrangements with SARS to pay outstanding taxes in installments. If you owe tax due to incorrect assessments or input VAT not allowed, you have to submit disputes in order to correct this. Contact Us now for…

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  • Tax

    Tax deductions for commission earners

    Taxpayers who receive commission as part of their income, are allowed to deduct business expenses on their tax returns. However, you are only allowed to claim these expenses if your commission income exceeds 50% of your total annual income. Home office expenses Home office expenses may be claimed for a home office/study. But the area used must be specifically used to trade, and not for anything else. The expenses that may be claimed includes the rent, cost of the bond, interest on the bond. The cost is then apportioned to the percentage of the office in relation to the total area of the home. Thus, if your home is 120sq/m…

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  • Accounting,  Tax

    Why you need a bookkeeper

    Contrary to the popular belief, business owners do not only need a bookkeeper to comply with SARS. Having updated financial records has a lot of benefits. It does not only makes it easier to structure your company to receive the maximum tax benefits. But it is also easier when you decide to buy assets through financing. It is also very important to track your expenses, and ensure that your profit margins stay in check. Click here for more information.

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