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Posts by jonathan

Statutory Deadlines Made Easy with Exceed

How To Get The Ultimate Returns From Your Statutory Returns When you choose the right financial partner, you won’t just meet your statutory deadlines but derive exceedingly high value from them too. Exceed helps you submit sound returns, on time, and save on costs that you didn’t even realise you had! The Deadline Dilemma Ask…

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Which individuals are required to file a tax return at SARS?

Tax Threshold changes for Individuals The South African Revenue Service together with the newly appointed SARS Commissioner Edward Kieswetter announced a new filing threshold in June 2019. The threshold of individuals who are required to file tax returns was increased from R 350 000 to R 500 000. Requirements Individual taxpayers who meet all of the following…

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Do you as an individual need to register for provisional tax?

Requirement Any person who receives income (or to whom income accrues) other than a salary, advance or allowance, is a provisional taxpayer and should register for provisional tax at SARS. Provisional tax is not a separate tax from income tax. It is a method of paying the income tax liability in advance, to ensure that…

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Help Ensure That Your Annual Financial Statements Compilation Goes Smoothly

All companies are required to have Annual Financial Statements compiled to reflect the financial position and performance of the company for the past year.  This can be a stressful time for directors and staff, especially if the financial statements are subject to an audit.   With a little bit of preparation, this process can be…

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Job seekers could now face jail time for lying on their CVs.

What you should know about the National Qualifications Amendment Bill.   Little white lies on your CV could now land you in big trouble. That’s because the National Qualifications Amendment Bill has been presented to Parliament in a bid to clamp down on the increasing number of South Africans with fraudulent qualifications. In fact, it…

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Fringe benefits

Fringe benefits or not.   Medical aid Contributions made by an employer, on behalf of an employee, to a medical aid scheme constitute a taxable fringe benefit.   Retirement funds Employer contributions to pension funds, provident funds and retirement annuity funds constitute a taxable fringe benefit.   Bargaining Councils Employer contributions to Bargaining Councils is…

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Retention of records

How retention of records works.   Documents must be retained for a certain number of years, depending on the legislation. Below are the prescribed retention periods which commence from the date of the last entry in the record.   Close Corporations Indefinite – A founding statement, (CK1 or CK2 and CK2A), minute books and resolutions…

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Section 12I Tax Allowance Incentive (12I TAI)

What you need to know about Section 12I Tax Allowance Incentive (12I TAI). In governments continuous effort to stimulate the industrial sector in line with the objectives of the National Industrial Policy Framework. The government has introduced the Section 12I tax allowance, which is two separate, yet similar incentive programmes for the manufacturing industry. Namely: The…

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The 2019 Budget Speech

Tax update The finance minister delivered the annual budget speech on the 20th of February 2019. Below we highlight some of the most important changes which we believe will more directly affect you. Personal Tax The minister of finance announced that the tax-free threshold for those under 65 years old would be increased to R79…

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