NEWS | TOP TAX TAKE AWAYS FROM 2021 BUDGET SPEECH

Taxpayers received a welcome message of support from Finance Minister, Tito Mboweni, in delivering his 2021 Budget Speech. In adopting a focus on economic recovery, following an unprecedented year of job losses, the Minister has for a second consecutive year afforded some relief to taxpayers with an above-inflation increase in the personal income tax brackets […]

Keeping Your Tax Affairs Clean

NEWS | KEEPING YOUR TAX AFFAIRS CLEAN

In our recent newsletter, Tax compliance or jail, we warned that your clients could face penalties or prison sentences for negligent non-compliance with South Africa’s tax legislation.

Change In March Could Have Major Impact On SA's Tax Base

NEWS | CHANGE COMING IN MARCH COULD HAVE A MAJOR IMPACT ON SOUTH AFRICA’S TAX BASE: ANALYST

The financial emigration law amendment that comes into effect on 1 March could cause a mass exodus of South Africa’s tax base, says Professor Jannie Rossouw, head of Wits Business School.

ft-Top-5-Paye-Errors-That-Could-Cost-You-Dearly-With-SARS-TC

NEWS | TOP 5 PAYE ERRORS THAT COULD COST YOU DEARLY WITH SARS

With COVID-19 burdening the economy and SARS seeking to increase its revenues however it can, organisations with misconceptions about how certain payroll elements should be taxed may unknowingly be exposing themselves financially.

ft-The-Ideal-Employer-Remuneration-Model-for-the-COVID-19-Era

NEWS | THE IDEAL EMPLOYER REMUNERATION MODEL FOR THE COVID-19 ERA

“There’s only one remuneration model employers should be considering during COVID-19,” says Tanya Tosen, Tax and Remuneration Specialist at Tax Consulting South Africa.

FT-IN-New-Tax-Bills

NEWS | NEW TAX BILLS – A STEP CLOSER TO RETIREMENT REFORM IN SA AND IMMEDIATE 3-YEAR LOCKUP

The draft Taxation Laws Amendment Bill (“TLAB”) was published on 31 July 2020. As announced in the Budget Speech, any South African leaving in future will be subject to a much stricter process from 1 March 2021 onwards. But there was also a surprise 3-year lockup announcement for anyone with a South African pension fund, […]

Retirement and Risk Benefits, Most Costly Mistakes

NEWS | RETIREMENT AND RISK BENEFITS: MOST COSTLY MISTAKES

Since the inception of the retirement reform on the 1 March 2016, many employers maintained their payroll configuration appertaining to retirement and risk benefits and the tax treatment thereof or minor modifications thereof.

COVID-19 and Travel Allowances

NEWS | COVID-19 & TRAVEL ALLOWANCES – A TICKING TAX BOMB SURPRISE IN THE MAKING?

The far reaching effects of COVID-19 has not only impacted your freedom of movement in the past couple of months, but unknowingly to many may be silently increasing your tax liability that will be due to the South African Revenue Services (“SARS”) for the 2021 Year of Assessment.