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A Sexy Tax Deduction and other Building Allowances
In 2015 C2M Chartered Accountants Inc. published an article on Income Tax Act, Section 13sex. By default C2M became experts and received numerous queries on this subject. This inspired C2M Director, Carel Steenkamp, to write another article: "I have had it with...
read moreVAT Increase and Residential Property Transactions
Many property developers and purchasers are unsure how the increase in the VAT rate to 15% will affect their property deals signed before 1 April 2018. What does the VAT Act say? Section 9(3)(d)(ii) and (iii) state that “where goods consisting of fixed property or any...
read moreValue Added Tax (VAT) Increase
Click here to download a copy of the 20018/2019 C2M In Your Interest Budget Summary The value-added tax (VAT) increase from 14% to 15 % effective 1 April 2018 affects just about everything and everyone. Except for 19 zero-rated food...
read moreTravel Reimbursement | Amendments
If your employer reimburse you for business travel, kindly take note of the amendments made on 1 March 2018. The 12 000km limitation has been removed and the rate per kilometre was increased to R3.61. This entitles you to receive a tax-free reimbursement based on...
read moreSARS and Third Party Submission
Third Parties (for example attorneys, medical schemes, fund administrators and estate agents) are required by law to send information to SARS via a return. This means that a bank, for example, must provide SARS data pertaining to interest paid on a savings account to...
read moreTax Planning for 2018/2019
It is the beginning of a new tax year and the best time to start with tax planning. There are several deductions available that individual taxpayers should be aware of. Tax Free Investments: All major institutions have tax free investment products available. These...
read moreSin Taxes, VAT and the 2018/2019 Budget
Brandy and Coke is without a doubt the most popular and most South African drink there is. Even the most refined Sauvignon sipping snob will seriously contemplate going over to the dark side after his third glass of wine. Excessive Brannas and Coke consumption either...
read moreSouth African Budget Speech 2018/2019
2018 / 2019 Budget View the C2M Budget Summary View SARS Highlights Download the SARS Pocket Guide Download the 2018 / 2019 C2M In Your Interest booklet (Coming soon) Read article by Carel Steenkamp CA (SA) RA: Sin Taxes, VAT and the 2018/2019 Budget 2017 /...
read moreDeath, taxes and other horrible creatures.
Babies are horrible creatures. And ugly. Both my sons looked like they were fathered by a Star Wars character that looked somewhere between Yoda and Jabba the Hutt. They are teenagers now and both are relatively handsome. But they are teenagers. Clever and miserable....
read moreWho qualifies as a provisional taxpayer?
What is Provisional Tax? Provisional tax is not a separate tax. It is a method of paying your tax due to SARS over the relevant year of assessment. Provisional taxpayers are required to submit two returns during the year of assessment. These payments are based on the...
read moreBitcoin and Tax
The 80’s was an awesome decade – well at least for me. The bands were great. Bon Jovi, Duran Duran, U2, Tears For Fears, The Cure, R.E.M, Depeche Mode, The Smiths, The Pixies, Alphaville, A-ha and Def Leppard to name but a few. TV was absolutely fabulous. Knight...
read moreTax benefits of contributing towards a Retirement Annuity
The first documented case of retirement planning in any form was during the rule of Caesar Augustus (27 BC – 14 AD). Augustus’ public revenue reforms had a great impact on the subsequent success of the Roman Empire and this included, among others, providing retirement...
read moreForeign Employment Income Exemption & Financial Emigration
To emigrate or not to emigrate, that is the question. William Shakespeare was widely regarded as the the greatest writer in the English language and the world’s pre-eminent dramatists. The Tragedy of Hamlet, Prince of Denmark, often shortened to Hamlet, was written by...
read morePresentation: Personal Income Tax and Section 13sex
C2M Chartered Accountants Inc. joined Miltons Matsemela Attorneys for their annual Northern Suburbs Forum yesterday at Bon Amis. C2M Director, Arno Nel CA (SA) RA explained how Estate Agents can structure their Personal Income Tax and what can be deducted as...
read moreTrusts and Estate Planning
When a person dies, that person is deemed to have disposed of his or her assets (for tax purposes) on the day before death for an amount equal to the market value of those assets at that time. All assets of the deceased fall into these deemed disposal provisions,...
read moreIndependent Trustees: Why are they important?
C2M hosted a Trust Seminar for our clients on 16 August 2017 where Prof. Walter Geach discussed the future of trusts in for estate planning purposes. He also highlighted the importance of independant trustees. Click here to download the notes of the Trust Seminar....
read morePublic Officers: duties and responsibilities
The appointment of a public officer is specifically addressed in the Tax Administration Act and represents the company on behalf of all tax matters. The duties and responsibilities of a public officer should be taken seriously as the public officer will be held...
read moreTrusts | Section 7C of the Income Tax Act
C2M hosted a Trust Seminar for our clients on 16 August 2017 where Prof. Walter Geach discussed the future of trusts in the light of Section 7C of the Income Tax Act. Click here to download the notes of the Trust Seminar. Section 7C of the Income Tax Act which came...
read moreTrust Seminar | 16 August 2017
Prof Walter Geach Notes: Is a Trust still useful for Estate Planning Purposes? Powerpoint Presentation PDF Document Temba Nolutshungu Notes PDF Document Click here to view photos of the...
read moreSARS error causes compliance and clearance concerns
Due to an administrative slip-up by the South African Revenue Service (SARS), taxpayers will have to review their statement of account once more to ensure that they are compliant. On the 29th of April 2016, Government increased the interest rates...
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