Taxpayers who file at a branch must submit their tax returns by 31 October 2018, 3 weeks earlier. The tax return deadline this year will be 31 October 2018, meaning most taxpayers and tax practitioners will have 18 fewer business […]
Author: Taxing
SARS Tax Tables 2018
Tax rates are proposed by the Minister of Finance in the annual Budget Speech. These are then published in user friendly tax tables. Below are the relevant tax returns per tax year relating to an individuals tax. Remember the tax […]
Income Tax calculator Websites
Sage Our online salary tax calculator has been updated to incorporate the changes announced in 2017/2018 Budget Speech. It’s so easy to use. Simply enter your current monthly salary and allowances to view what your tax saving or liability will […]
Types of TAX in South Africa
For the different types of tax listed below 5 questions need answering, namely What kind of TAX is it? Who is it for? What steps must I take? When should the tax be paid? How should it be paid? Air […]
Connecting the dots in South Africa’s VAT increase and inflation
Shutterstock Jannie Rossouw, University of the Witwatersrand South Africa is bracing itself for the first increase in Value Added Tax (VAT) in many years. The hike is part of the government’s efforts to contain a budget deficit. VAT is set […]
Unpacking the latest 2018 tax hikes in South Africa
Shutterstock Muneer Hassan, University of Johannesburg South Africa’s 2018 budget seemed to be all about tax hikes. The most significant was the first increase in Value Added Tax (VAT) since 1993 from 14% to 15%. Sibonelo Radebe asked Muneer Hassan […]
South Africa’s 2018 budget: first steps towards a recovery, but at what cost?
Seán Mfundza Muller, University of Johannesburg The 2018 Budget, presented by Finance Minister Malusi Gigaba in Parliament, lays out the painful consequences of the country’s public finances for South Africans. The National Treasury’s proposal of an increase in Value Added […]
South African Revenue Service EFiling SCAM Alert
Latest South African Revenue Service EFiling SCAM Alert: The screen below requires taxpayers to fill in their cell phone number before they can proceed with eFiling. This is not required. If you have submitted your income tax return and you […]
SARS News and Updates 2017 Tax Year
Already submitted your tax return? Sorry, you may have to do it again…is this SARS news? Sars is experiencing technical issues. Have a medical aid, retirement fund or travel allowance are the areas where the errors have crept in … Travel allowance codes left off IRP5sMedical data may be incorrectly pre-populatedChanges relating to the Retirement Annuity section You may want to check out this article about SARS news regarding technical issues – CapeTalk.co.za
Omission Of Retirement Annuity TAX Code 4582
With the implementation of the Retirement Reform requirements, information tax code 4582 (remuneration portion of income included under income codes: 3701 Travel Allowance, 3702 Re-imbursive Travel Allowance, 3802/3816 Use of Employer provided Vehicle) and its value were omitted from the submission file created by e@syFile™ Employer. This resulted in IRP5/IT3(a) certificates containing codes 3701, 3702, 3802 and/or 3816 but omitting code 4582 and its value being received by SARS.