There’s a thin line between tax avoidance, which is legal, and tax evasion, which is a tax crime. Every taxpayer, corporate or individual, has the right and duty to ensure they don’t pay any more tax than what is legally required – but tax evasion can result in hefty penalties and even jail time. In […]
Category Archives: Tax
05
Jun
Jun
Last month’s Budget 3.0 withdrew the contentious proposed VAT changes. This resulted in inflation-linked fuel levy increases of 16c for petrol and 15c for diesel, from 4 June. Other tax proposals from March’s Budget – including static personal tax thresholds, reduced transfer duties, and sin tax increases – remain unchanged. The tax measures contained in […]
05
Jun
Jun
SARS has confirmed the opening dates for the 2025 tax season. Whether you’re an individual, a business owner, or managing a trust, it’s essential to prepare early and avoid last-minute stress. Important Filing Dates Taxpayer Type Opening Date Deadline Auto-Assessments 7 July 2025 20 July 2025 Individuals 21 July 2025 20 October 2025 Provisional Taxpayers […]
07
Apr
Apr
“Protect Yourself – Use Only Registered Tax Practitioners” was among the first messages from SARS this year. The message also highlighted the risks of engaging the services of unregistered practitioners and provided an online look-up feature where a practitioner’s registration can be verified. Not only are we proud to confirm that our team of tax […]
07
Apr
Apr
In its current form, Budget 2025 will effectively bring about an increase in personal income tax by not adjusting the tables for tax rates, rebates and credits, while also implementing substantial increases in ‘sin’ taxes and introducing a 0.5% VAT increase on 1 May 2025 and another 0.5% increase effective 1 April 2026. This selection […]
07
Apr
Apr
The proposed VAT increase of 0.5% in 2025 and another 0.5% in 2026 is the big news from Budget Speech 2025. The increase is strongly opposed by political parties within and outside the GNU – but it is only one way in which individual and corporate taxpayers will bear the brunt of another substantial Budget […]
A friendly reminder that there’s just 30 days to go! We’re now one moth away from the 2024 tax filing deadline on 21 October 2024. Missing the deadline can lead to penalties and interest. Need help? Contact us at hello@bynumbers.co.za.
22
Apr
Apr
With a valid tax certificate from a qualifying PBO, taxpayers – companies and individuals – can get a tax deduction for donations made. New requirements for both valid tax certificates and PBOs have been implemented by SARS, the most recent being effective from 31 May 2024, affecting both PBOs and their donors. Before donating to […]
11
Mar
Mar
Budget 2024 effectively brought an increase in personal income tax by not adjusting the tables for tax rates, rebates and medical tax credits, while also implementing substantial increases in ‘sin’ taxes and introducing a proposed global tax on multinational companies. This selection of official SARS Tax Tables and other useful resources will help clarify your […]
04
Mar
Mar
There were few surprises and little in the form of good news in Budget Speech 2024. Although there were no major tax proposals and no major tax rate hikes announced, individual taxpayers will bear the brunt of a R15 billion Budget shortfall, while multinational corporations will pay a global minimum corporate tax, and plans are […]