In SARS jargon, a ‘systemic issue’ is the underlying cause of a complaint that affects many taxpayers. These systemic issues may have to do with the way SARS systems function, how SARS drafts and implements policies or procedures, or even how it applies or disregards legislative provisions. Over the years, collaboration between the Office of […]
You didn’t start your business to become a psychologist. But understanding the way emotions creep into your decisions could be the difference between plain sailing and struggling to stay afloat. Entrepreneurs are often painted as rational, profit-driven operators. In reality, money decisions are rarely made in a vacuum. Stress, fear, pride and even guilt, can […]
Having “the last word” is defined as having “the final decision-making power or authority in a matter.” South Africans have the right to have the last word about how their assets are disposed after their passing – but exercising this right requires a well-drawn and up-to-date will … a job that is best left to […]
The third provisional tax payment is voluntary — but ignoring it could cost you in interest and penalties. For individuals and companies with February year-ends, this payment is due by 30 September. For entities with other year-ends, it’s due six months after the tax year-end. This top-up payment is a strategic opportunity to minimise […]
SARS now mandates that ALL Trusts submit IT3(t) third-party returns, these returns are non-negotiable and will be used to cross-reference beneficiary, donor, and Trust tax submissions. Any inconsistencies may trigger penalties, audits, and reassessments. The ITR3(t) for Trusts requires the following information: Full demographic details of the Trust and its beneficiaries Financial statements for the […]
Companies failing to maintain proper share registers could face fines of up to R1 million — and directors may even face jail time. Under the Companies Act, every director is legally responsible for ensuring that the company’s registers are: Created and maintained correctly Available to shareholders during business hours (Sections 24, 25 & 26(3)) The […]
07 August – PAYE submissions and payments 25 August – VAT manual submissions and payments 28 August – Excise duty payments 29 August – VAT electronic submissions and payments, Corporate Income Tax Provisional payments where applicable, and Personal Income Tax Provisional payments.
A staggering 5.8 million South Africans hold a crypto asset, with Southern Africa boasting the largest uptake of Bitcoin in the world. SARS has not failed to notice the phenomenal growth of various digital currencies and crypto assets and is now dedicating substantial resources to ensure that crypto assets and trades are declared on taxpayers’ […]
Most business owners aren’t careless with money. They obsess over profit margins and expenses, and carefully analyse their bank balances. Over time, however, many people fall for accounting myths that sound like common sense. These myths crop up in meetings, tax chats, and casual conversations – and they stick. The problem is, some of these […]
The first Guideline for 2025 issued by the CIPC (Companies and Intellectual Property Commission) aimed to “sensitise directors on the consequences for non-compliance with their duties to a company.” Here’s a quick overview of these duties and what could happen if directors don’t comply. What are the duties of directors? A director must exercise the […]
