Five expensive payroll errors
These common PAYE errors could cost you dearly with SARS. With SARS continually seeking to increase its revenues however it can, organisations with misconceptions about how certain payroll elements should be taxed may unknowingly be exposing themselves financially. We often come across the following top five payroll errors that organisations need to question and correct […]
UNDERSTANDING LIQUIDATIONS AND TAX DEDUCTIONS
Decisions of South Africa’s courts are an essential source of law. The courts uphold and enforce the Constitution and develop common law that is consistent with the values of the Constitution, and the spirit and purpose of the Bill of Rights. In a taxation context, court decisions assist in how legislation must be interpreted or […]
TAX RELIEF AMID COVID-19
On 21st April 2020 President Ramaphosa announced additional measures to assist employers to provide financial stability to their employees. One of these measures includes a 35% deferral on the monthly PAYE liability owed to SARS for the months of April, May, June and July. To qualify for the COVID-19 Tax Relief for PAYE, employers, excluding […]
TAX RETURNS UNDER OATH
In terms of section 99 of the Tax Administration Act, 28 of 2011, an assessment may not be made three years after the date of an original assessment by the South African Revenue Service (SARS), or in the case of a self-assessment by a taxpayers (such as in the case of a Value-Added Tax return), […]
FORM REQUIREMENTS FOR OBJECTIONS
Dispute resolution with the South African Revenue Service (SARS) generally has a two-pronged approach. Firstly, taxpayers must present their case on the merits – this will include the factual basis and background that has led to the dispute. Secondly, and equally important (if not more so), is the procedural process. This deals with timeframes, form […]
REGISTERING FOR PROVISIONAL TAX
Many taxpayers file their tax returns on an annual basis unaware thereof that they may be regarded as provisional taxpayers in terms of the Income Tax Act, 58 of 1962, too. In its simplest form, provisional tax exists to provide for regular cash flows to the fiscus throughout the year. In this sense it exists […]
EMPLOYER ANNUAL RECONCILIATION
Dear Client, EMPLOYER ANNUAL RECONCILIATION – 2016 Tax Year Your Employer Annual Reconciliation Declaration (EMP501), Employees Tax Certificates IRP5/IT3(a)’s, and where applicable, Tax Certificate Cancellation Declaration EMP601 for the period 1 March 2015 to 28 February 2016 must be submitted to SARS no later than 31 May 2016. It is important to submit your EMP501 […]