2018 SARS tax deadline is looming!
By now your personal tax filing is done and dusted and you have already received your refund from SARS. Right? We know that this best-case scenario may not necessarily be applicable to you for the following three reasons...
Can your small business afford a professional to do the books?
Starting a business is an exciting prospect, after all, we know that being your own boss is the best. However, once the dust settles, you may find yourself up to your ears in paperwork, working all hours of the night, trying to turn your business from good to great.
Is the burden of Annual Financial Statements compliance overwhelming?
Contrary to popular belief, the compilation of Annual Financial Statements (AFS) of small businesses is not only necessary for a company’s tax compliance needs, but also a requirement of the Companies Act, 2008 and Close Corporation Act, 1984 of South Africa. The Companies Act and Close Corporations Act compel companies and Close Corporations (CCs) to prepare Annual Financial Statements (AFS) within six months after the end of its financial year. The Companies and Intellectual Property Commission (CIPC) recently won a High Court order permitting them to penalise (10% of the entity’s annual revenue) companies that fail to prepare AFS within the prescribed period. Three companies have already been slapped with this penalty with another 20 under investigation.
Minimise tax money through deductions
Tax legislation provides for an individual taxpayer to claim certain expenses incurred during a year of assessment against the income received. However, the type of expenses you can claim is dependent on the type of income you received.
South African Crypto Tax in a Nutshell
While crypto trading and mining are prohibited in many countries, digital currency seems to be just taking off in South Africa. President Cyril Ramaphosa announced his support of the idea of a single currency for the African Union earlier this year. He suggested a single currency that may be digital-only.