Avoid Tax Fines with Secundes
Understanding and adhering to the regulations set forth by the South African Revenue Service (SARS) is paramount for both individuals and companies to ensure tax compliance. Administrative penalties, as outlined under section 210 of the Tax Administration Act (TAA), can serve as a hefty price for non-compliance. These penalties are not just a nuisance but […]
Paying Salaries: What Can Go Wrong?
South African businesses face unique payroll challenges. From strict regulatory requirements to the specific needs of a diverse workforce, managing payroll requires precision, understanding, and the right approach. Here are some critical payroll mistakes businesses often encounter and our expert advice on how to avoid them: Misclassifying employees In South Africa, the distinction between independent […]
The Business of Business Travel
Business travel means different things to SARS than to taxpayers. While it has been compulsory for recipients of travel allowances to substantiate their claims by means of a detailed logbook for some years, it has become ever more critical to understand exactly what SARS understands by the term ‘business travel’. The simple reason for making […]
Maximising Wealth, Minimising Tax
A comparative look at retirement annuities versus tax-free savings accounts. When it comes to personal finance, every individual has different needs, dreams and financial goals, as well as different pathways to achieving those objectives. One of the most common long-term ambitions shared by many South Africans is to retire comfortably—to live confidently, knowing that there […]
Beneficial Ownership in South African Trusts: Recent Developments and Regulations in 2024
The concept of beneficial ownership in trusts within South Africa has undergone significant changes, particularly with new regulations coming into effect in 2023 and 2024. These changes aim to improve transparency in trust management and ownership, aligning with international standards to combat financial crimes like money laundering and tax evasion. Key Legislative and Regulatory Changes: […]
How trusts preserve generational wealth
The estate duty savings are compounded over several generations ARTICLES ON trusts are often aimed at settlors or donors to highlight the benefit of trusts and the role they play in estate planning at the ‘first-generation’ level. In this article, the author aims to illustrate to second-generation beneficiaries the effect of the decisions their parents […]
Tax compliance lives beyond death
A deceased estate takes on a (tax) life of its own while being wound up I STARTED my first job back in September 1987 at the tender age of 18, and approximately nine months later I received my very first income tax return from the Receiver of Revenue (as SARS was known in those days), […]
Beware of tax-related scams
Over the past five years, the Southern African Fraud Prevention Service (SAFPS) has seen a steady increase in the number of tax-related scams. Improved efficiency To improve efficiency when it comes to processing tax returns, and to encourage individuals and businesses to file their tax returns timeously, SARS launched its eFiling service in 2000. This […]
Tax implications for marriages in community of property
The default marriage regime has some complicated tax consequences. When couples are caught up in wedding and honeymoon planning, visiting their attorney often takes a backseat. Many couples don’t realise that different marital laws affect how their assets are managed during marriage, divided if it ends, and how they’re taxed. The different legal frameworks determine […]
A dive into South Africa’s revised assessed losses regulations
Navigating the complex world of corporate finance and tax regulations can be challenging for businesses. South Africa has recently undergone significant changes in its tax landscape, including limits on assessed losses and adjustments to corporate income tax rates. To stay informed, adaptable, and compliant, companies must seek expert advice and gain a better understanding of […]