Tax and Retrenchment: A Potential Minefield
Retrenchment can be extremely taxing … in more ways than one! Being retrenched is a traumatic experience regardless of your place on the corporate totem pole. However, the stakes tend to be higher for more senior employees—not only in terms of the larger sums involved when it comes to separation packages, but also the significant […]
Filing Season 2024: Make Sure to Check Your SARS Uploads
It seems like it was just the other day that I’d finished submitting the 2023 tax returns for of my clients—mainly because for two of them, it literally was. For the clients
Is a Logbook Really Necessary?
Or can SARS use code 3702 to audit potential business kilometres travelled? I have often wondered whether SARS officials thoroughly review the submitted logbooks when taxpayers claim for travel expenses incurred as a result of business travel, or are these requested just to tick a box? This uncertainty has recently been rresolved—SARS audits the logbooks […]
Claiming Car Expenses Based on Actual Costs
Know what you can claim, and the documents you need to substantiate it. When an individual taxpayer wishes to submit a tax claim for business travel, the tax return form provides the option of basing their claim on ‘deemed costs’ or ‘actual costs’. Since eFiling has largely automated the process of claiming based on deemed […]
VAT and Freelance Creatives: Understanding where the buck stops
When someone says influencer, freelance designer, writer, or content creator (collectively referred to as a creative freelancer), do you think VAT? Probably not—and you’re not alone. Many creative freelancers don’t consider taxes in their creative pursuits. It’s not a topic that readily comes to mind when you’re brainstorming ideas or putting the finishing touches on […]
Tax ‘Tune-Up’ for 2024
Tweaks to help make your filing easier this year…and save some tax! “Time sure flies when you’re having fun”, so the old saying goes. The other day I was listening to Footloose being played over our local movie complex’s PA system, and it dawned on me that this Kenny Loggins classic will be 40 years […]
Tax Implications for Marriages in Community of Property
The default marriage regime has some complicated tax consequences. When couples are caught up in wedding and honeymoon planning, visiting their attorney often takes a backseat. Many couples don’t realise that different marital laws affect how their assets are managed during marriage, divided if it ends, and how they’re taxed. The different legal frameworks determine […]