Following the Minister of Finance’s recent Budget Speech, SARS released an updated Guide in March 2023 for allowances applicable to employers and employees. SUBSISTENCE ALLOWANCESection 8(1)(a) read together with section […]
Personal Income Tax
Income Tax and Medical Tax Credits for the Individual
This article continues the discussion of Medical Tax Credits; please read the first article before continuing with this one. Sources: Guide on Income Tax and the Individual (2021/22) – SARS […]
Employee Allowances for the 2023 Tax Year
SARS updated their Employers Guide for Tax Allowances related to Subsistence Allowance, Travelling Allowances and Public Office Holder Allowances in line with the budget presented in February 2022. SUBSISTENCE ALLOWANCE […]
Tax Incentives and their expiry date
Tax incentives are applied to encourage certain behaviours and activities by providing businesses and individuals with favourable tax treatment. The introduction of a tax incentive is generally based on a […]
The SARS Voluntary Disclosure Programme (VDP)
VOLUNTARY DISCLOSURE RELIEF SARS allows taxpayers to avoid criminal prosecution and regularise their tax affairs by making a disclosure under the VDP. A successful VDP application allows for an applicant […]
Assessed losses under the Income Tax Act
Section 20(2) of the Income Tax Act defines an “assessed loss” as “any amount by which the deductions admissible under section 11 exceeds the income in respect of which they […]
Turnover Tax
Turnover tax is a simplified system aimed at making it easier for micro business to meet their tax obligations. The turnover tax system replaces Income Tax, VAT, Provisional Tax, Capital […]
INDIVIDUAL ITR12 RETURN FOR DECEASED AND INSOLVENT ESTATES
SARS has published an updated 57-page guide explaining the principles and procedures to follow when submitting an INDIVIDUAL ITR12 RETURN FOR DECEASED AND INSOLVENT ESTATES. The purpose of this document […]
Deduction for Photovoltaic Solar Energy Plants
Reference Acts Income Tax Act, as amended Tired of high electricity costs and the dreaded load shedding disaster affecting your business? It’s time to consider use of solar power solutions […]
Expat tax
If you’ve recently moved abroad from South Africa for work, there are a few things you’ll need to keep in mind in 2021 as a resident living temporarily abroad: the […]