January may begin with resolutions for the year ahead – but March begins with Tax Resolutions for the next tax year. We promise ourselves to be a little more organised, a little more prudent and try to minimise our contributions the next time around. BusinessTech recently said that with the many challenges small business owners face every day, being tax compliant is often not at the top of the list and tax deadlines often come and […]
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Retirement tax reform
Also known as The Commutation of Benefits, there are some big changes coming for retirement and provident fund holders. Essentially, these all relate to how the money is drawn (commuted) or re-invested.After being delayed by a year, the Taxation Laws Amendment Act is being put into place on 1 March 2016 (‘T-day’). The legislation changes seek to balance out the tax treatment for the different types of retirement funds.First, there are changes on how much of […]
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Easy tax-claim tips to keep you ahead!
Bank statements, municipal bills, phone bills, petrol slips, receipts, the list goes on. It’s that time of year again, when you have to forage through stacks of paper for everything that you need to fill in your tax return.Not everyone is great at admin… and there are piles of things to keep track of; it starts to mount up if you don’t have some sort of system in place.Here are some basic tips on how to […]
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THE BENEFITS OF A TAX FREE ACCOUNT
With the introduction of tax free savings accounts (TFSA), people have been wondering what sort of benefits they provide. So what are the main reasons to consider a TFSA?The first reason would be to replace the interest exemption in our tax laws. It was specifically stated that with the introduction of the TFSA, there would be no increase to the annual interest exemption in future. Since many retirees used this interest exemption to minimise tax in […]
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BUDGET 2015 – HERE’S WHAT YOU NEED TO KNOW…
“Today’s budget is constrained by the need to consolidate our public finances, in the context of slower growth and rising debt.” said Minister of Finance, Nhlanhla Nene. Giving the budget speech was a far from enviable job in light of the huge government spending deficit that needs to be recovered. The speech was a short 26 pages long, but what every person on the street wants to know is: How will this affect me? Remember, the […]
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6 TIPS FOR TAX FILING
When it comes to listing our fears, many people might cite spiders, thunderstorms and clowns as their top three. But for many of us we have to deal with SARS more frequently than clowns, however ironic that may sound, and dealing with SARS can be quite a scary thought! During the next tax season, which started at the beginning of this month, The South African Revenue Service intends on collecting nearly R1trn. Dealing with SARS does […]
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#BUDGET2014 – THE SKINNY
Last week Pravin Gordhan, Finance Minister to President Jacob Zuma, delivered his final budget speech for the current administration. Financial gurus, economists, financial planners and all those money-astute, sat rapt and listened with educated ears to the updated blueprints for South Africa’s future. This blog is not written with them in mind, but rather for those who know that there are some changes and simply wish to know what the bottom line is. If you are […]
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