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Submit your 2017 Income Tax Return and avoid penalties

Submit your 2017 Income Tax Return and avoid penalties

Annual Tax season is here, and Income Tax return submissions begin 1 July 2017. We’ve taken the liberty of answering frequently asked questions individuals may have. The South African Revenue Service (SARS) has allocated different submission deadlines dependant on the manner of the submission. What are the submission deadlines for Income Tax Returns? Please payRead more about Submit your 2017 Income Tax Return and avoid penalties[…]

NON-EXECUTIVE DIRECTORS – HAVE YOU REGISTERED FOR VAT?

NON-EXECUTIVE DIRECTORS – HAVE YOU REGISTERED FOR VAT?

SARS recently published two Binding General Rulings (number 40 and 41) that have put the tax treatment of non-executive director’s fees to bed, which will come in effect on 1 June 2017. As it stands, a Non-Executive Director (NED) earning more than R1 million in director’s fees in any 12-month period should register for VAT.Read more about NON-EXECUTIVE DIRECTORS – HAVE YOU REGISTERED FOR VAT?[…]

SARS RELEASES NEW RULING ON DOCUMENTARY REQUIREMENTS FOR VAT PURPOSES

SARS RELEASES NEW RULING ON DOCUMENTARY REQUIREMENTS FOR VAT PURPOSES

In February 2015 the South Atlantic Jazz Festival (Pty) Ltd successfully appealed a judgment of the Tax Court to the Full Bench of the Western Cape High Court (reported as ABC (Pty) Ltd v CSARS [2015] ZAWCHC 8). That judgment dealt with documentary proof required by the Commissioner for SARS to substantiate input tax claimsRead more about SARS RELEASES NEW RULING ON DOCUMENTARY REQUIREMENTS FOR VAT PURPOSES[…]

VOLUNTARY DISCLOSURE PROGRAM UNDER THE TAX ADMINISTRATION ACT

VOLUNTARY DISCLOSURE PROGRAM UNDER THE TAX ADMINISTRATION ACT

The Tax Administration Act No 28 of 2011 allows any person to apply for voluntary disclosure relief. This voluntary disclosure relief applies to all taxes administered by SARS, except Customs and Excise. The application, supporting documentation and other information regarding this voluntary disclosure is confidential and may not be shared with any other division ofRead more about VOLUNTARY DISCLOSURE PROGRAM UNDER THE TAX ADMINISTRATION ACT[…]