Whether a business is classified as a small business, or not, is a highly relevant issue from a South African tax perspective, because special taxation concessions are available specifically for small businesses, however no single definition of “small business” is contained in any of the tax statutes administered by SARS. In fact, some of the […]
Tax and small and medium businesses Read More »
Certain bargaining councils have apparently neglected to deduct employees’ tax on benefits given to their members for decades. They have now been offered the opportunity to become tax compliant by paying a hefty levy on the total employees’ tax that should have been deducted from all payments to members over the past five years. However,
Bargaining councils offered reprieve over neglected benefit deductions Read More »
Local tax experts say that wealthy South Africans are escaping the tax net amid a collapse in the South African Revenue Service’s (SARS) enforcement division. This is according to a report in the City Press, citing Judge Dennis Davis, chair of the Davis Tax Committee, and former SARS adviser, Yolisa Pikie, who it noted was
South Africa’s wealthy are escaping the tax net Read More »
Top up your retirement annuities Up to 27.5% of taxable income, capped at R350,000 per year, may be deducted from your income in respect of retirement annuity contributions made before 28 February. “If this could affect you, now is the time to speak to your financial planner.” Donate to the family trust Each individual taxpayer
5 Clever tax tips and ‘loopholes’ you probably didn’t know about Read More »