In terms of current law, taxpayers may set-off the balance of their assessed loss carried forward from a prior tax year (PY) against income of the current year (CY). Provided a taxpayer carries on trading operations, it is entitled to carry forward its unutilized assessed loss balance to future years of assessment to set off…
A VAT vendor may apply to SARS for deregistration (as a VAT vendor) under the following circumstances: The vendor no longer meets the requirements required to register for VAT (e.g. the required threshold turnover of R1 million has not been reached and is not anticipated going forward) The vendor ceases to carry on an enterprise…
As the SARS collection process becomes more technologically advanced, tax practitioners must advise clients to avoid tax evasion and remain compliant. This is according to Mahomed Kamdar, Tax Specialist at the South African Institute of Professional Accountants (SAIPA). “SARS will soon become so efficient at detecting tax evasion and recovering hidden revenues, it will no…
Frequently Asked Questions and Answers about Workman’s Compensation What is Workman’s Compensation? It is a compulsory insurance paid annually. It is calculated on a scale of risk associated with your specific industry and employee earnings. Earnings are capped at a specific amount for employees and directors every year. Amount payable is also linked to…
What does it mean to be tax compliant and why is it important by Diandra Moonsamy Compliance in this context refers to the filing of all outstanding returns and remittance of required tax for the current period to the Receiver of Revenue (SARS). Being compliant ensures that taxpayers will avoid the possibility of penalties and interest being charged…
Here are 6 reasons why you should consider a move to cloud accounting software By Nicholas Naidoo 1. Access your financial data at any time using your mobile/tablet, at any time, from anywhere. When you use a desktop-based system, you are tied to the office. Your software, your data and your accounts are all on a…
5 Reasons why you should hire an accountant for your small business These are our 5 ways you will benefit from hiring an accountant to handle the financial side of your small, growing business. Small business owners play a huge role in South Africa’s growing economy. They create jobs, often filling the employment gap left…
Saving for old age or even just for a rainy day is not possible to for many people. The emergence of the sandwich generation, the high debt levels and the pressing economy is all factors that has led to South Africans saving less and less. Many are not aware that SARS has introduced savings models that helps…
So, what not many people know is that we have already started our 2021 tax season and it is in full swing. We have entered what is called the employer filing season which runs from the 1st of April until the 31st May 2021. During this time employers are issuing IRP5’s and IT3 certificates to employees, banks are sending third party data…
