SARS has launched a new TCS (Tax Compliance Status) system. See “How to Access Your ‘My Compliance Profile’ (MCP) via SARS eFiling” on the SARS website http://www.sars.gov.za/ClientSegments/Individuals/TCS/Pages/How-to-Access-MCP.aspx for a comprehensive guide on how to use it – To view your current tax compliance status (colour coded red for non-compliant, green for compliant), To remedy any […]
Tax Clearance – Now Available Online Read More »
“Aye, there’s the rub” (Hamlet) If you are a credit provider and required to register as such in terms of the NCA (National Credit Act), not doing so can have drastic consequences for you. For a start, a court can make any “just and equitable order” in relation to your credit/loan agreements, including an order
The Updated Credit Provider Registration Threshold – Are You Still Exempt? Read More »
“A plague upon it when thieves cannot be true one to another!” (Falstaff, in Henry IV Part I) We know how time consuming dismissing staff can be. It leads to loss of productivity and extra legal costs can be incurred. But be careful if you are considering taking short cuts to get the matter out
Staff Dismissals: Beware, There’s No Honour Amongst Thieves and No Short Cuts Read More »
“Where there’s a will, I want to be in it” (Anon) Whether you are young or old, healthy or ill, single or attached, you should have a Will. Without one, you die “intestate”, which means you forfeit your right to decide who inherits what, who administers and distributes your estate, and who looks after your
Your Will and a practical plan for your loved ones Read More »
Our two worst nightmares are owing SARS money and being pursued by debt collectors. These nightmares are fusing into one as SARS have contracted debt collectors to recover amounts due to SARS that are older than four years. Why would SARS use debt collectors? Some commentators have expressed surprise that SARS would take such a
A nightmare on SARS street: They’re using debt collectors to recover tax Read More »
“Let me tell you how it will be There’s one for you, nineteen for me ‘Cos I’m the taxman, yeah, I’m the taxman” (The Beatles – ‘Taxman’) For many years government has been hostile to trusts. In the latest draft Bill of 2016 taxation amendments, a provision has been inserted on trusts. Be aware that
Be prepared as government takes aim at trusts Read More »
By David Warneke, Head of Tax Technical, BDO South Africa The Draft Taxation Laws Amendment Bill of 2016 includes far-reaching proposals relating to the Income tax treatment of low interest or interest free loans to trusts. The proposals, if enacted, could lead to the unwinding of various trust structures. The proposed wording (contained in a
Tax proposals to hit low interest loans to trusts Read More »
“Privacy, like other rights, is not absolute. As a person moves into communal relations and activities such as business and social interaction, the scope of personal space shrinks” (Extract from judgment below) All companies – big and small, public and private – must keep registers of their shareholders and directors. And, as the SCA (Supreme
Companies: How private are shareholders’ details? Read More »
“The devil’s in the detail” (wise old idiom) The “new” Companies Act (the Act) has some requirements which can easily be overlooked. They may seem to be minor and technical, but not complying with them could expose you to major risks. In our increasingly litigious society, it is important to be thorough. For example –
Company directors: Beware of the risks with resolutions Read More »
The period for individuals to submit tax returns for the 2015/2016 period begins on 1 July. Important dates to remember for the 2015/2016 tax year are: 23 September 2016 is the due date for manual and postal income submissions. 25 November 2016 – eFiling if you are a non-provisional taxpayer. If you plan to submit
Your tax deadlines for July Read More »
