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Managing Your Tax Compliance Status With SARS
What's new? The issuing of the printed Tax Clearance Certificate (TCC) is terminated from 4 November 2019. Since the new Tax Compliance Status (TCS) system in 2015, we advised that the printed TCC will be stopped at a future date. All TCCs currently in circulation...
Tax Filing Season 2019
TAX FILING SEASON 2019: On 4 June 2019, the SARS Commissioner Mr. Kieswetter announced that SARS will be implementing certain changes on their e-filing platform to improve service delivery and functionality and the aim is to increase the conversion to the online...
SARS and Travel Claims
SARS and Travel Claims: During the last tax year we have seen an increase in queries raised by the South African Revenue Services with regards to claims in respect of travel. Travel claims can be split into the following categories: Re-imbursive allowance: which is...
South African Budget Speech 2019/2020
2019 / 2020 Budget View the C2M Budget Summary View SARS highlights Download the 2019 / 2020 C2M In Your Interest booklet
Administrative Penalties – Corporate Income Tax
28 January 2019 - Administrative Penalties for Corporate Income Tax (CIT) to be imposed! SARS will be imposing CIT Administrative penalties from 28 January 2019. Administrative penalties will be imposed on companies that receive a final demand to submit a return. In...
Tax and Asset expropriation with or without compensation
Please note that this article is a poorly written effort at satire merely trying to point out the conundrums of interpreting the Bible in a totally literal way – also pointing to the fact that land reform based on an ancestral claim to land is an exercise in...
Tax and Motor Vehicles
In either August or September 490 B.C., the Greeks had a difference of opinion with the Persians at a place called Marathon. Said difference of opinion led to an exchange of blows which eventually led to the defeat of the Persian army. A soldier by the name of...
New format for financial statements: XBRL
Extensive Business Reporting Language (XBRL) Article by Elzanne de Bruin AGA (SA) There are new requirements in terms of the format of financial statements namely XBRL (Extensible Business Reporting Language). As of 1 July 2018, certain Companies and Close...
Employer-Owned and other Life Policies
The first life table was written by Edmund Halley in 1693. This was pivotal for the development of modern life insurance. Interestingly enough the whole process was started by religion and gambling. In 1654 a French nobleman and amateur mathematician by the name of...
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...
VAT 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...
Value 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...
Travel 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...
SARS 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...
Tax 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...
Sin 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...
South 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 /...
Death, 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....
Who 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...
Bitcoin 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...