Tag: taxable income

The National Treasury announced in the 2022 Budget Review that the corporate tax rate will be lowered to 27% for years of assessment that end or on after 31 March 2023. Practically, for most companies, this means that the reduced rate applies for years of assessment that start on or after 1 April 2022 and some companies may already enjoy the effect of the reduction in 2022 when making provisional tax payments.

The start of every new year brings many aspects of our lives into focus, including health, wealth, work, family and emotional wellbeing. It’s a good time to re-evaluate your quality of life and question the changes you need to make in order to improve it.

The President has given effect to the 2021 tax proposals by signing three tax Acts into law. On 14 January 2022, the President gave his assent to the Rates and Monetary Amounts and Amendment of Revenue Laws Act No. 19 of 2021 (Rates Act), the Taxation Laws Amendment Act No. 20 of 2021 (TLAA) and the Tax Administration Laws Amendment Act No. 21 of 2021 (TALAA). These Acts were promulgated on 19 January 2021.

National Treasury published the latest Draft Tax Bills on 28 July 2021, which incorporate the tax proposals made in the 2021 Budget. Highlighted are five key changes proposed by government that taxpayers need to be aware of.  

South Africa has one of the lowest household savings rates in the world. To encourage the culture of savings, the government introduced tax-free investment and tax-free savings accounts in 2015 to incentivise good savings habits.

With the South African Bitcoin/ZAR weekly trading volume, to name just one, currently standing close to R30 million, there are various manners in which the South African Revenue Service (SARS) can track the gains made by South African taxpayers who trade cryptocurrencies.

The first period for provisional tax ends on 31st August. Provisional taxpayers must therefore have submitted their initial IRP6 return and settled any payments due by that date. In addition, COVID-19 relief allowances make the calculation of estimated tax all the more complicated and I advise those who wish to take advantage of this relief to act promptly to beat the deadline.

Unpacking the enigma around offshore starts with one simple certainty; nothing in the South African Income Tax or Reserve Bank regulations prohibits South Africans from opening a bank account, investment account or setting up an offshore trust.

Every year, when I start thinking about the annual Budget Speech, I wonder what is to come. Is this the year that the corporate tax rate will change? Maybe capital gains will finally be 100% taxable? Or something more low key, like an increase in the Securities Transfer Tax?

January marks the start of both a new year and a fresh and exciting new decade with many more challenges and surprises in store. So, as we wrap up 2019 and prepare to set off into the roaring 20s, I found myself pausing to reflect on the key financial lessons that life has taught me thus far, offered here for the benefit of others walking their own financial journeys.