Tag: tax filing

Dispelling accusations of any revenue collector can feel like the fight of your life, especially where you are factually not on the wrong side of the law! Amongst these collectors, the South African Revenue Service (SARS) stands firm as one of the most strategic movers, turning the fight into an all-out war, the war on non-compliance!

In the dynamic and competitive world of business, staying financially fit is crucial for the long-term success and sustainability of any business. One aspect of maintaining financial fitness is having your business affairs in impeccable order. This entails meticulously managing your company's financial records, compliance, and transparency.

The South African taxi industry, a cornerstone of the nation's transport landscape, has long been under scrutiny for its apparent underpayment of taxes. However, a closer examination reveals a more complex reality. In 2021, the industry paid only R5 million in annual Corporate Income Tax (CIT). This is a small amount compared to the industry’s estimated annual revenue of R90 billion.

Tax efficiency should be a key focus area for any investor’s financial plan. By making sure our tax affairs are in order, considering the tax implications of our investment decisions and maximising the tax benefits on offer, we can improve our long-term financial outcomes.

As 28 February 2021 looms near on the horizon, so too does the deadline for the second provisional tax submissions for 2021. This February will be the most important tax submission to date for expatriates earning above the R1.25 million threshold as they will now be exposed to a previously non-existent tax liability in South Africa.

During August, many South Africans received auto-assessments for their 2019/20 personal income tax returns from SARS. The admin for the tax year is behind the taxpayers that accepted, or amended and submitted, this assessment and settled any tax still owing to SARS.

Talk about bad timing. The Constitutional Court on 21 July 2020, after some 250 days of deliberation, decided that the way in which many franchise operators have been claiming their tax expenses does not rank for tax relief. SARS must be extremely pleased with the win, only the 4th ever tax related judgement delivered by the Constitutional Court since its inception.

If filling in a tax return were an easy task, South African Revenue Service (SARS) would not have a page dedicated to How to complete your income tax return. When in doubt, turn to a professional for advice, but in the meantime here are some tips for a smooth tax return submission: