Inkomstebelasting is die normale belasting wat op ‘n individu se belasbare inkomste betaal word. As u dalk gedurende die jaar tot die werksmag toegetree het, is u waarskynlik aanspreeklik om ‘n persoonlike belastingopgawe in te dien.
Category: Tax Compliance and Administration
SECTION 16(2)(G) OF THE VALUE-ADDED TAX ACT – ALTERNATIVE DOCUMENTARY PROOF
On 24 October 2016, the new Binding General Ruling (BGR) No. 36 relating to the application of section 16(2)(g) of the Value-Added Tax (VAT) Act, was released by the South African Revenue Service (SARS).
TAX RETURN SUBMITTED, BUT YOU DO NOT AGREE WITH THE ASSESSMENT
Tax payers are often faced with assessments issued by SARS that they do not agree with. This article looks at the steps to follow once an income tax return has been filed with SARS and the options available to you if you are not in agreement with the assessment.
PROVISIONAL TAX – ARE DIRECTORS OF COMPANIES AND MEMBERS OF CLOSE CORPORATIONS LIABLE?
Many times the question arise if a director of a company or a member of a close corporation is liable to submit provisional tax forms (IRP6’s) and pay provisional tax, only by virtue of the fact that he or she is a director or member. According to SARS the following applies.
RETENTION OF RECORDS FOR CC’s & COMPANIES
Companies and close corporations are required to retain business records for a certain period, depending on legislation applicable and the nature of the records.
ACCOUNTING RECORDS REQUIRED FOR TAX PURPOSES AND RETENTION PERIODS
If your records do not adhere to the requirements of SARS you could face massive penalties, due to SARS doubting the validity of all your other deductions!
VAT: PAYMENT VS INVOICE BASIS AND TAX INVOICES VS PRO-FORMA INVOICES
In practise various questions and misconceptions regarding the use of the payment basis for accounting for VAT vs the invoice basis, exists. There are also common misconceptions regarding the use of pro-forma invoices vs tax invoices.
ARE YOU A SOUTH AFRICAN WORKING ABROAD? READ MORE ABOUT INCOME TAX IMPLICATIONS.
Section 10(1)(o)(ii) facts and important points to note: South Africa changed from a source basis of taxation to a residence...