PROVISIONAL TAX IN SOUTH AFRICA
PROVISIONAL TAX IN SOUTH AFRICA Any individual who earns an income other than, or in addition to, a salary is a provisional taxpayer. Companies are also considered to be provisional taxpayers. There are, however, exemptions for individuals who earn income from other sources, such as: Income in a tax free savings account; Individuals under 65 […]
SARS LIFTS TAX RETURN THRESHOLD FROM R350 000 TO R500 000
SARS LIFTS TAX RETURN THRESHOLD FROM R350 000 TO R500 000 SARS recently announced that the threshold for submitting tax returns for salary earners be increased to R500 000. We however are of opinion that it is still advisable to submit your tax return annually to avoid administrative penalties or a future request for submission of […]
FINAL ANNUAL 2019 EMPLOYER RECONCILIATION
FINAL ANNUAL 2019 EMPLOYER RECONCILIATION It’s not a surprise that around this time you find Accountants, Tax practitioners and Payroll personnel running around trying to ensure that the data required for the Annual employer declaration is ready for submission to SARS. The Employer Annual Reconciliation started on 17 April 2019 and employers have until 31 […]
SA EXPATRIATES: GET READY FOR CHANGES IN 2020
SA EXPATRIATES: GET READY FOR CHANGES IN 2020 Working abroad has proved a lucrative prospect for many South Africans, especially in countries where they don’t have to pay employment income tax. If they also qualify for exemption in SA, they effectively pay no tax on their foreign earnings. But all this will change on 1 […]
PROVISIONAL TAX – 28 FEBRUARY 2019
Provisional tax is not a separate tax from income tax. It is a method of paying the income tax liability in advance, to ensure that the taxpayer does not remain with a large tax debt on assessment. Provisional tax allows the tax liability to be spread over the relevant year of assessment. It requires the […]