Beneficial Ownership – All you need to know… What is Beneficial Ownership [BO]? Beneficial Ownership (BO) is the identification of the people who ultimately control or own a company or legal entity. This includes people who own or control a company, regardless of whether they are listed in the official records of the entity. Recognising […]
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Auto-Assessments – All you need to know… Requirements to qualify for an Auto-assessment and the process followed: An auto-assessment is an option exercised by SARS if they believe that your taxable income and related expenses can be determined and calculated from the submissions received from your employer, medical schemes, banks, retirement fund administrators, financial institutions
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This article covers the responsibility of businesses to register for Value Added Tax [VAT] in South Africa, and more specifically mandatory VAT registration, the process to follow, as well as the circumstance under which SARS will consider voluntarily registration for VAT even though the requirements for mandatory registration have not been met. The benefits and
Tax Rates & Rebates Individuals, Estates & Special Trusts Year ending 29 February 2024 Taxable Income Rate of Tax [Rands] R 1 – R 237 100 18% of taxable income R 237 101 – R 370 500 R 42 678 + 26% of taxable income above R 237 100 R 370 501 – R
Dividends Tax – All you need to know… The Application of Dividends Tax Dividends Tax is applicable to all South African resident companies as well as non-resident companies listed on the JSE. Dividends Tax is borne by the shareholder at a rate of 20% (prior to 22 February 2017 : 15%), subject to any reduction
Medical Tax Credits – All you need to know… Understanding Medical Tax Credits This article will have a look at what Medical Scheme Fees Tax Credits are and what the 2022 / 2023 and 2023 / 2024 Medical Scheme Fees Tax Credit rates are. What is a Medical Tax Credit A Medical Scheme Fees Tax
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Claiming Home Office Expenses Background South African Revenue Services has over the years allowed the deduction of Home Office expenses in the determination of taxable income. Due to Covid-19, the work environment was forced to change, leading to many employees working from home, either on a full time or part time basis. South Africans could
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Donations Tax The Rate at which Donations are taxed Donations tax is calculated at a flat rate of 20% on the value of the donation up to R30 million, and at a rate of 25% on donations over and above R30 million. However, Sars makes provision for a donations tax threshold of R100 000 and below
