dispute rules
,

Dispute with SARS? Here are the New Rules…

At some point over the many years of submitting returns and paying taxes, individual and corporate taxpayers will have grounds to dispute an assessment or decision from SARS. Fortunately, there are clear dispute resolution rules that guide both the taxpayer and SARS in resolving these disputes. Earlier this year, some changes were made to SARS’ dispute resolution rules, and in this article we briefly summarise the most important changes and provide reminders of crucial issues that remain unchanged.
admin penalties
,

SARS Admin Penalties: What Taxpayers Can Do

SARS has imposed administrative non-compliance penalties on hundreds of thousands of taxpayers this year, following recent changes to the admin penalty rules. Once-off and especially recurring penalties quickly add up to a significant tax debt, and also lead to a non-compliant tax status and tax refunds being withheld. Here's what to do if you already have accumulated an admin penalty tax debt and how to avoid these admin penalties going forward.
verification
,

Corporate Taxpayers: Hello Tougher SARS Verifications

While SARS’ announcement of the removal of the supplementary declaration for Corporate Income Tax (CIT) for companies or close corporations – the IT14SD form - appears to indicate less paperwork, cost and time when a company is selected for CIT verification, the reality is that it will result in greater scrutiny during the verification process.
sars criminal offenses
,

Common Tax-Related Criminal Offences, and How to Avoid Them…

Most tax criminal offences are not premeditated acts of tax evasion, but ordinary events that now - in terms of the Tax Administration Act - expose individuals and businesses to the possibility of committing offences that carry harsh penalties, including fines, imprisonment, and other implications for those convicted.
solar
, ,

How You and Your Business Can Benefit from SARS’ Solar Tax Breaks

Two time-limited tax measures were announced in the 2023 Budget in February to encourage investment in renewable energy. The first is an expanded tax incentive for businesses that will reduce taxable income by 125% of the cost of qualifying investments in renewables, and the second is a tax rebate to individuals for 25% of the cost of solar PV panels.
Assessed loss tax
,

How the New Assessed Loss Tax Limitation Works

Previously, company losses could (subject to certain requirements) be offset against 100% of taxable income in the following year, with any balance rolling over to subsequent years. Under the new rules, an assessed loss can now only be set off against 80% of taxable income or R1 million - whichever is higher - in the relevant tax year, with the remaining balance still rolling over.
travel deductions
,

Maximise Your Business Travel Tax Deduction

Expenses related to business travel can be deducted from taxable income – but only if a logbook that complies with SARS requirements is kept current for each vehicle and stored as per the regulations. There are also several other tax implications relating to travel expenses, travel allowances and reimbursements for business travel.
surprised 2

SARS Can Take Money from Your Account! Here’s How to Prevent It…

The ability to collect money owed by taxpayers from third parties (banks for example) who hold money for them is just one of SARS’ wide powers when it comes to the collection of outstanding tax debts. In this article, we find out how such a tax debt can arise, when SARS can take money from your bank account, and how to prevent it from happening.
disabilty
,

Are You Claiming Your Full Tax Relief for Disability-Related Medical Expenses?

Among the most useful tax rebates in this regard is the medical expense credit, and it applies to a broad selection of taxpayers. While many taxpayers do claim the medical scheme fees tax credit (MTC), very few know how to claim the additional medical expenses tax credit (AMTC) for qualifying medical expenses, including those related to a disability or physical impairment.
trust
, ,

Is Your Trust Registered and Ready for Income Tax?

In this article, we look at why trusts are used by business owners, how trusts are taxed, how the tax return for a trust must be completed and submitted, and why assistance from an accounting and tax practitioner is essential to avoid the many potential pitfalls, as well as the penalties and interest that will be levied for late returns, late payments, and non-compliance.