Cryptocurrency Trading in South Africa: Exchange Controls and Emerging Challenges
The untold story of Exchange Control Regulations. Cryptocurrency traders in South Africa have focused on understanding the tax implications of their transactions relative to the Income Tax Act. This has proved challenging, as SARS has merely stated that “the normal rules apply” without providing authoritative guidance concerning the various cryptocurrency-related transactions, and when profits are […]
VAT on Short-Term Lettings and Commissions
Are you acting as agent or principal—and what would be the pragmatic approach? There are very few people across the world who haven’t heard of Airbnb. Started in San Francisco in 2008, this multi-billion-dollar NASDAQ-listed company that employs around 7,000 people has revolutionised the short-term letting industry. Over four million property owners around the world […]
Understanding the Two-Pot Retirement System: Questions and Answers
As of 1 September 2024, significant changes have been introduced to the retirement landscape in South Africa with the implementation of the two-pot retirement system. This system allows members of pension funds, provident funds, and related schemes to access a portion of their savings while still working. With this shift, it is essential to understand […]
Why Your Business Should Partner with a Tax Expert: Save Money, Gain Expertise
Managing taxes can be complex, especially when tax rules are constantly changing. By partnering with a tax specialist, you can simplify the process, save money, access expert advice, and find peace of mind. Facing These Tax Challenges? Complex Regulations: Tax laws can be complicated and frequently updated. Keeping Up: Regular changes in tax laws require continuous monitoring. […]
Filing Season 2024: Make Sure to Check Your SARS Uploads
It seems like it was just the other day that I’d finished submitting the 2023 tax returns for of my clients—mainly because for two of them, it literally was. For the clients in question, the late submission was due to delays in obtaining IRP5 certificates from various providers. SARS has imposed the inevitable administrative penalties […]
How Does Section 73A of the BCEA Apply to Independent Contractors?
The difference between employees and independent contractors carries significant weight within the employment law sector. Being considered an employee affords you a plethora of protections and dispute resolution mechanisms, while the other, not so much. But what happens in the case where you worked for someone, and they refuse to pay the monies due to […]
Simplify your payroll with automation
Managing payroll in South Africa can be challenging, with strict tax regulations and employee data management. However, with the right tools, you can make payroll more efficient and less stressful. Why choose automation? Automated, cloud-based payroll systems offer several advantages: Efficiency and accuracy: Automation reduces manual calculations and data entry errors. It streamlines tasks like calculating […]
Is a logbook really necessary?
Or can SARS use code 3702 to audit potential business kilometres travelled? I have often wondered whether SARS officials thoroughly review the submitted logbooks when taxpayers claim for travel expenses incurred as a result of business travel, or are these requested just to tick a box? This uncertainty has recently been rresolved—SARS audits the logbooks […]
How to wind up a deceased estate
Winding up an estate in South Africa is a meticulous process governed by the Administration of Estates Act 66 of 1965. It involves the collection and distribution of a deceased person’s assets, settling debts, and ensuring that the estate is managed according to the law and the deceased’s wishes. This article outlines the steps involved […]
Claiming car expenses based on actual costs
Know what you can claim, and the documents you need to substantiate it. When an individual taxpayer wishes to submit a tax claim for business travel, the tax return form provides the option of basing their claim on ‘deemed costs’ or ‘actual costs’. Since eFiling has largely automated the process of claiming based on deemed […]