SARS Thanks You for Their 13th Cheque
Why bonuses are taxed so savagely. Every year at around this time, I get queries from people asking why SARS has taken such a massive bite out of their hard-earned bonus. Such queries are understandable, as the following simplified example indicates: Employee X (who is under the age of 65) receives an annual salary of […]
Beware of tax-related scams
Over the past five years, the SAFPS has seen a steady increase in the number of tax-related scams. Improved efficiency To improve efficiency when it comes to processing tax returns, and to encourage individuals and businesses to file their tax returns timeously, SARS launched its eFiling service in 2000. This allows taxpayers to file their […]
Smart budgeting tips to make the most of your income
Have you ever found yourself puzzled by your bank statement, wondering where all your money went? Those daily coffees and occasional treats can add up faster than you think. The good news is that you can regain control of your finances and start living within your means. It’s not just about creating a budget; it’s […]
Your PAYE obligations as an employer
As an employer, it is your responsibility to withhold tax from your employees’ salaries and remit it to SARS. Employee tax is a key component of the South African tax system and is the mechanism through which employers withhold and remit income tax on behalf of their employees. Commonly known as PAYE (which stands for […]
Avoid the long-term implications of skipping a bond repayment
Are you feeling the financial pinch? You’re not alone. Many South Africans are finding it increasingly difficult to meet their credit obligations. The cost of living is on the rise, disposable incomes are shrinking, and servicing debt has become a significant challenge. Homeowners are feeling the strain too, with financial institutions noting a surge in […]
When SARS requests supporting documents
E-filing doesn’t allow ‘secured’ or password-protected documents to be uploaded—but there is a solution FOLLOWING SARS Commissioner Edward Kieswetter’s announcement that he intends to rebuild SARS’ enforcement capabilities as part of his quest to become the scourge of recalcitrant taxpayers, there has been a noticeable increase in requests from SARS for the submission of supporting […]
Avoid the Long-Term Implications of Skipping a Bond Repayment
Are you feeling the financial pinch? You’re not alone. Many South Africans are finding it increasingly difficult to meet their credit obligations. The cost of living is on the rise, disposable incomes are shrinking, and servicing debt has become a significant challenge. Homeowners are feeling the strain too, with financial institutions noting a surge in […]
Securing your business’s future: FICA Compliance in South Africa made simple
To thrive in South Africa’s ever-changing economic landscape, it is crucial to have a thorough understanding of your regulatory responsibilities, including compliance with the Financial Intelligence Centre Act (FICA). Recognised not just as an additional requirement to your current protocols, but rather as a fundamental component in upholding your business’s integrity, FICA ensures transparency and […]
Deciphering the dilemma: To sell or not to sell your property amid financial strain
Given the current economic climate, many homeowners in South Africa might find themselves facing the challenge of keeping up with their monthly bond repayments. In such instances, it may be tempting to consider selling the property to relieve financial pressure. However, before you make a hasty decision, it is crucial to understand all the factors […]