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News

SARS penalties for outstanding corporate tax returns to kick in soon

The SA Revenue Service (SARS) said on Thursday that it will soon impose administrative non-compliance penalties for outstanding corporate income tax (CIT) returns. Administrative non-compliance penalties will be imposed on companies that fail to submit an income tax return, as required under the Income Tax Act, for years of assessment ending during the 2009 and…

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D-day for individual tax returns looms

Tax return 2018

The last day to file individual tax returns without being penalised is Wednesday October 31 2018. The SA Revenue Service has appealed to SA taxpayers to submit their returns at branches or via eFiling before the cutoff date, or face administrative penalties ranging from R200 to R15 000. Due to a likely last-minute rush which…

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Has Sars disallowed your medical expense claim?

Medical Benefits

Tax practitioners have been caught by surprise after the South African Revenue Service (Sars) disallowed medical expense claims due to failure to submit the correct supporting documents. Wessie van der Westhuizen, partner at Willems & Van der Westhuizen, explains that medical tax certificates usually distinguish between contributions paid during the tax year and “claims not…

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Warning of second increase in VAT

VAT Increase

Cape Town – With the new finance minister set to deliver the medium-term budget policy statement later this month, tax experts have warned of a likely increase in VAT in the coming year. Former SA Reserve Bank governor Tito Mboweni was sworn in as finance minister this week, following the resignation of Nhlanhla Nene. Bernard…

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Panic, Uncertainty About Expatriate Tax

Panic, Uncertainty About Expatriate Tax

Tax practitioners say their clients remain panicked and concerned about the ‘expat tax’, despite National Treasury adopting a relatively softer stance. “I see a lot of panic coming our way,” Bari Duvenhage, personal tax specialist at Regan van Rooy, told delegates at the Tax Indaba. She says expats are unsure how it will impact their…

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Tax deductions on rental income

Costs

This article first appeared in the 2nd quarter 2018 edition of Personal Finance magazine. All income from property investments, including rental income, must be declared to the South African Revenue Service (SARS) and is subject to income tax. In preparation for tax season, you can begin gathering all the supporting documents that are needed to…

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