To claim or not to claim VAT, that is…
Some vehicles you cannot claim VAT on, some you can and knowing the difference can save you a lot of money. When can you claim input VAT on a vehicle? Most businesses that are registered for VAT will be aware that you generally cannot claim input VAT on the purchase of a ‘motor car’ as […]
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), […]
Deducting income tax and CGT for estate duty
Is subjecting taxpayers to estate duty on post-death asset growth appropriate? IN 1789 Benjamin Franklin said that “in this world nothing can be said to be certain, except death and taxes”. He was right about death—but anyone who has had to interpret our tax laws would know that the task is fraught with uncertainty. This […]
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 […]
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 […]
Non-dependent medical expenses
Can you claim medical expenses for someone not a member of your medical scheme? You can, but there are many boxes to tick. Medical scheme membership is normally offered to individuals and their immediate dependents, who would usually be their spouses and children under 18 (unless they are in full-time education, in which case they […]
Ways to navigate an interest rate hike in South Africa: The power of expert advice
When the sun is shining, it is the opportune time to fix the roof. This adage is especially true in the context of economic situations, where preparation is key to weathering financial storms. In South Africa, as in many parts of the world, interest rates have seen an upward trend, posing significant implications for personal […]
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. […]
Tax breaks for retirement funding
While there are very few tax breaks for individuals, some huge ones are available for retirement funding. Retirement tax breaks in South Africa are designed to incentivise individuals to save for retirement and provide them with tax relief on contributions to retirement funds. The government has implemented various tax incentives over the years to encourage […]
IRP5 not uploaded? Expect significant delays
When an employer’s failure to upload an IRP5 brings SARS to a grinding halt. One of my clients has recently retired—and like all retirees, they went through the whole rigmarole of completing the numerous forms required by their employer retirement fund so that the fund can calculate their lump sum entitlement and monthly pension. Now […]