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Myths about payroll tax deductions you should be aware of

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Not everything you hear about tax is true. There are many myths and misconceptions about payroll tax in South Africa that simply won’t go away. Let’s look at a few of them and what the tax and labour laws actually say. No matter whether your employer calls what it pays you a salary, overtime or commission, it is taxed at the same rate on the payroll according to the standard PAYE tax tables.

Ensuring a smooth personal income tax filing season

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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.

You may owe SARS next year if you are receiving a...

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You may owe SARS money next year if you receive a travel allowance and aren’t travelling for business because of COVID-19. Most employees have travelled less for business this year than they would in the pre-COVID-19 world.

Mistakes to avoid when submitting your personal tax return

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You, as the taxpayer, are responsible for declaring the correct information to SARS and will face the consequences if you don’t. Ensure that your tax practitioner declares all income by providing all the correct information to him or her.

Tax return filing

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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:

Budget 2018 | 3 Key tax areas to look out for...

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High political drama in the opening weeks of Parliament aside, most South African business and personal taxpayers are expecting tax hikes across the board from the Finance Minister’s Budget Speech on 21 February. Government already faces a yawning budget deficit, aggravated by the need to find billions of rand to fund a new and unbudgeted-for commitment to free tertiary education.

Travel allowances – what you can and can’t do

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It is common for travellers to buy foreign currency from an Authorised Dealer (AD), such as a bank or authorised dealer in foreign exchange,...

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