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South African Budget Speech 2020/21

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Bite-Sized Budget 2020/21 Take-Outs for Busy Businesses The budget speech has come and gone, but what it means for business is still baffling the best of us. While Finance Minister, Tito Mboweni, delivered some good news and some bad news, his speech mainly comprised proposals. At least, as far as the private sector was concerned.…

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Statutory Deadlines Made Easy with Exceed

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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?

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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?

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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

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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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Fringe benefits

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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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Section 12I Tax Allowance Incentive (12I TAI)

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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

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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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Research & development incentives amended

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David Badenhorst gives a brief overview of recent amendments to Section 11D of the Income Tax Act governing the research and development (R&D) arena in South Africa. Read more…

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Multinationals’ compliance with ownership requirement

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There is good news for multinationals in South Africa who are struggling to comply with the ownership requirement in the Codes of Good Practice. Read more…

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