tax

  1. Rouxenator

    VAT increase : companies absorbing VS companies passing it on to you

    Many of you probably got emails or SMSs over the last few weeks regarding the VAT increase of 1% to 15%. What is interesting to me is the companies that are absorbing this cost VS those that pass it on to the customer. Let's list the good ones VS the bad ones. In my case so far : Passing...
  3. T

    Individual Income tax question

    Hi One of my mates (full time employed) asked me if I have ever experience being taxed more in February due to it having 28 days. I have not had that experience given the few companies I worked at.:confused: Has anyone have any idea what the company could have done in its calculations? Ta!
  4. RedViking

    Return is outstanding - SARS - Accounting firm screw-up

    I need some advice and how to handle this situation. I am using an Accounting firm to do my Taxes for me. I approached them in 2015 and asked if they can please bring all my TAX up to date, as my knowledge then was very limited, had no idea how TAX worked and the way I receive an income is not...
  5. M

    My company shows "Non-compliant tax status found" on CSD

    My company shows "Non-compliant tax status found" on CSD and the TCC expires in May 2018. Does anyone know what might be causing this. Thanks.
  6. K

    EFTs and Cash deposits into my bank account

    Hi Guys I need to have about R50k deposited into my bank account. Will this raise flags with SARS. It's only a once off thing bit if I had to receive cash regularly as well would it be a flag at SARS. It wouldn't be as much as the deposit I'm expecting now.
  7. vozzy

    Can I get tax deductions for a PC rig I am building for the home office?

    I'm in the IT industry , work has given me a laptop ( we consult at different companies ) but I am building a rig for the home. I will be doing work and some r&d on it , but also going to be a gaming setup. I was wondering if any of it tax deductible , or if any of you have ever tried to...
  8. Kevin Lancaster

    2017 Tax Season

    The 2017 tax season will open for individuals on 1 July, and SARS has released some handy tips and information to make the process pain free for taxpayers. In preparation for tax season, taxpayers can start gathering all the supporting documents that are needed to submit tax returns. These...
  9. R

    Independent review and audit for new companies

    I just recently registered a company at the CIPC. Now, for the first year or so I would probably be the only employee, the managing director, the public officer, etc. (basically it will be a one man show). I've done some research and I found that the company will probably need an independent...
  10. D

    Tax on deposit when buying bitcoin for someone else

    Hi, My likely-to-be father-in-law made a deposit of R400 000 into my account to buy him bitcoin. He is from Namibia, and buying bitcoin there seems to be really difficult. I can't find access to any good exchanges so I offered to do it for him. Questions aside about capital gains tax etc, how...
  11. Kevin Lancaster

    Municipalities want new tax for South Africa

    Municipalities want new tax for South Africa The South African Local Government Association (Salga) has stated that it is time for “the third tier of government” to participate in the tax regime.
  12. C

    Disposal of shares in a company

    SCENARIO: I have a situation where two shareholders in a company have issued their shares in their respective trusts (therefore the trusts own their shares in the company). They each are a trustee of their respective trusts. One of the trustees (shareholder) wishes to "get rid of his shares"...
  13. Kevin Lancaster

    A tax revolt may be next in South Africa

    A tax revolt may be next in South Africa Finance Minister Pravin Gordhan delivered his budget speech yesterday, announcing an increase in the top tax rate for individuals from 41% to 45%. The government is also increasing the dividend withholding tax rate to 20%, up from the previous 15%.
  14. Kevin Lancaster

    What is the best way to increase tax revenue in South Africa?

    What is the best way to increase tax revenue in South Africa? Should the government hike VAT, raise personal income tax, or increase the fuel levy, for example. What do you think will work best, and which increase are you more happy to pay?
  15. I

    TFSA for New Born Baby

    Hi guys, We had our first child this year and I would like to set up a Tax Free Savings Account for her. Disclaimer: I'm a total noob with investments. To me it sounds best to invest have the money work in some sort of index tracker. Maybe something like SATRIX Top 40. But with uncertain...
  16. K

    Foreign Income Tax Exemption

    Hi guys. Might anyone know more about the in's and outs of the above exemption? I'm about to have my taxes submitted by a tax service, who says that the company I worked for, must re-categorise my salary as 3651 instead of 3601 before I'm able to get the benefit of tax exemption. I read...
  17. Binary_Bark

    It's cool to pay taxes, says Sars boss Tom Moyane

    It's cool to pay taxes, says Sars boss Tom Moyane
  18. S

    RSA MMM user says: MMM is better than Lotto or Powerball eating people for years

    One user posted: "Admin you are lying, when will you post about lotto, soccer6 or power ball which have been eating people all these years? Stop telling lies about MMM. I'm no longer broke at varsity because of MMM,so shut up!"...
  19. C

    Buying a car through business

    Calling on help from the more Tax Savvy I need to buy a bigger car for my family (just had twins). So time to sell off the smaller hatch for something bigger - most likely 2nd hand. I am a pert owner / director of my own company (its a pty). Is there any tax benefit in my business buying it...
  20. O

    Tax User does not have applicable rights for captured Income Tax reference number

    Hi Everyone I need help regarding an issue I encoutered trying to apply for tax clearance for close corporation,I am their consultant but SARS declined activating me for some reasons,please advice.
  21. K

    Using CC profits to buy stock to lower declared profits.

    One for the accountants. What are the tax implications if you purchase stock just before the financial year end so as to declare no profit or a loss? The idea is you avoid tax on your profits by spending it on stock before year end. My friend thinks he's found a loophole, but surely SARS...
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