Recent legal and tax amendments have considerably altered the trust landscape, placing onerous new duties on the shoulders of all trustees in South Africa, while also exposing them to significant risk, with penalties for non-compliance including substantial fines of up to R10 million or imprisonment for up to 5 years, and some of the impossible […]
15
Sep
Sep
2022 saw a new term rapidly enter the lexicon of HR managers everywhere, “quiet quitting”. The term refers to a trend where, instead of formally resigning, workers are coming to work but only just meeting the absolute minimum requirements to keep their jobs. The trend has inspired a number of conversations around the importance of […]
11
Sep
Sep
While SARS’ announcement of the removal of the supplementary declaration for Corporate Income Tax (CIT) for companies or close corporations – the IT14SD form – appears to indicate less paperwork, cost and time when a company is selected for CIT verification, the reality is that it will result in greater scrutiny during the verification process. […]
08
Sep
Sep
Most tax criminal offences are not premeditated acts of tax evasion, but ordinary events that now – in terms of the Tax Administration Act – expose individuals and businesses to the possibility of committing offences that carry harsh penalties, including fines, imprisonment, and other implications for those convicted. With the requirement that a tax criminal […]
04
Sep
Sep
As an entrepreneur or business leader, working out the risks your business faces is critical to planning for the future and ensuring you are ready when disaster strikes. A “risk matrix” is a tool designed to help in this scenario as it allows you to plot and compare the likely risks your business faces and […]
01
Sep
Sep
7 September 2023 Pay-As-You-Earn (PAYE) submissions and payment 28 September 2023 Excise Duty payments 29 September 2023 Value-Added Tax (VAT) electronic submissions and payments Company Income (2022) & Provisional (2023) tax electronic submissions and payments where applicable 1 October 2023 Beneficial Ownership declaration
23
Aug
Aug
As a business grows, owners may find they need to take out loans to build infrastructure, take on essential new employees, meet legal requirements or upgrade equipment to ensure future growth. These moments can each feel necessary at the time, but if business owners are not careful, they may find themselves with more debt than […]
14
Aug
Aug
South Africans are expecting to hear from SARS, with Tax Season 2023 open since 7 July. Knowing this, cybercriminals will also be intensifying their email “phishing” attacks by sending emails that seem to come from SARS – often apparently notifying you of a tax refund or scaring you with outstanding debt or penalties – created […]
08
Aug
Aug
The 2023 Tax Season in South Africa opened officially on 7 July 2023 for individuals who are both non-provisional taxpayers and provisional taxpayers – as well as for trusts. While much has stayed the same from last year, like the auto assessments introduced in 2022, there are also a number of changes this year – […]
26
Jul
Jul
The confidentiality of taxpayers’ information has been a cornerstone of tax systems, globally and in South Africa, as it provides taxpayers with peace of mind that the sensitive financial and highly personal information, they are obliged to disclose to tax authorities will not be made public. However, recent developments have raised questions about this, with […]