Simplify tax filing: Secundes has you covered for 2023
It’s that time of the year again when tax deadlines loom ahead. For 2023, the deadlines for income tax returns are as follows: Individual taxpayers (non-provisional): From 7 July 2023 @ 20:00 to 23 October 2023 Provisional taxpayers: From 7 July 2023 @ 20:00 to 24 January 2024 At Secundes, we offer comprehensive tax services […]
Never do things just ‘for tax purposes’
A decision based solely on tax considerations is likely to be the wrong one “I HATE tax!” These were the words spoken by a director of one of the clients of the audit firm with whom I served articles. Whilst many would agree with this sentiment towards the tax-man, this particular individual’s zeal in devising […]
Maximising your dividend income
You could improve your return by selling the share instead of waiting for the dividend payout—but there are caveats. I was recently asked an interesting question about dividends. The person concerned was curious as to whether—from a tax and return perspective—it is better to take the dividend itself, or sell the share and take the […]
Unlocking the benefits of expert tax planning
Tax planning is the strategic organisation of financial affairs to minimise tax liability by utilising deductions, exemptions, allowances, and rebates within the confines of the law. Despite the perceived complexity, tax planning offers streamlined financial management and significant savings. For business owners, it is an ongoing commitment with substantial benefits, going beyond tax payment to […]
Don’t suffer the tax consequences of waived debt
Many natural persons or trust shareholders in companies are confronted with the unintended tax consequences of owing an amount on a loan account to the company in which they hold those shares. These tax consequences specifically relate to the “deemed dividend” which arises on interest-free loans (related to so-called “debit loans” in companies). In many […]
The new SARS solar energy tax credit
The tax credit for individuals installing solar panels is here, for a limited time only.
The proposed new law regarding the tax credit available to individuals who install solar panels has been announced.
The system will be introduced in the form of a tax credit, as opposed to a tax deduction. This is good news, as it affords individuals with a uniform opportunity in claiming the same tax credit. Under a deduction form, a sliding scale is applied, which is dependent on each individual’s income and tax bracket.
Testamentary trusts still have their place
Trusts have received a lot of bad press over the past few years, what with SARS taking a dim view of the use of trusts as a means of avoiding tax.
A 2008 case involving a property trust, where the beneficiaries were changed in the hope of avoiding the payment of transfer duty, is but one example of SARS’ increased vigilance when it comes to trusts. In this particular case the loophole was closed, and the court found that transfer duty was in fact payable.
Renewable energy tax incentives
Government is encouraging investment in renewable energy—but as always, there are caveats While this year’s Budget was largely devoid of surprises, Finance Minister Enoch Godongwana made one announcement that was widely anticipated following President Cyril Ramaphosa’s State of the Nation speech, and will hopefully help taxpayers alleviate some of the pain of dealing with loadshedding. […]
VAT treatment of irrecoverable debts
What happens to the VAT that was paid over to SARS? Vendors often provide goods or services to clients on credit. In the current economic climate, clients are more likely to acquire goods or services on credit and may thereafter be unable to settle these debts. Other factors, for example disputes, may also result in […]
Dividends in trading and investing
Dividend investing can be a solid strategy, so it’s worth knowing how dividends work What is a dividend? A dividend is a payment made by a company to its shareholders. Dividends are usually paid at a specific frequency—quarterly, semi-annually, or yearly. The size and payment of a dividend is determined by a company’s board of […]