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A Step Closer to Retirement Reform in SA

The draft Taxation Laws Amendment Bill (“TLAB”) was published on 31 July 2020. As announced in the Budget Speech, any South African leaving in future will be subject to a much stricter process from 1 March 2021 onwards. But there was also a surprise 3-year lockup announcement for anyone with a South African pension fund,…

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South African taxpayers have started getting notices from SARS – here’s what you need to know

The South Africans Revenue Service (SARS) hasstarted sending out SMSes to taxpayers about a possible discrepancy in their information. Specialist firm Tax Consulting SA said that the message typically informs the taxpayer that they are being reviewed and that there are ‘discrepancies identified’. It provided the below example: Dear Taxpayer [Tax Reference Number XXX] SARS…

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2020 Tax Season Changes

Due to the COIVD19 pandemic and the restrictions implemented, SARS has made changes to the 2020 season process. The 2020 tax season opens on the 1st of September 2020, and closes on the 16th of November 2020, for online submissions, and 22 October 2020, for branch filings. The 2020 return covers income activities – i.e. income received and…

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Home office expenses and tax deductions

The Covid-19 pandemic has caused great hardshipc and the lockdown, which was intended to mitigate its effects, has changed life as we know it. Lockdown levels 5, 4 and, to some extent, 3 have left most people immobile and working from home has become essential for the survival of companies and earning an income. Can…

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Know the tax deductions when you donate

Public benefit organisations (PBOs) and NGOs are scrambling for funds to assist with the alleviation of poverty during the Covid-19 pandemic. However, people who want to help those in need should be wary of promises of big tax deductions or benefits when they donate. Duncan Luke, chief executive of The Social Collective, said it was…

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Covid-19: Taxpayers can apply for a tax debt deferment

The bulk of the tax relief provided thus far has gone into providing cash flow support for tax-compliant businesses that have been negatively impacted by Covid-19. However, under certain circumstances, taxpayers with pre-Covid-19 tax debts may also be granted access to the Covid-19 tax relief, says Beatrie Gouws, head of stakeholder management and strategic development…

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You must pay your tax despite Covid-19

The South African African Revenue Service (Sars) has announced changes to this year’s filing process for income taxpayers while insisting you must remain tax-compliant during this difficult time. At a media briefing this week, Sars Commissioner Edward Kieswetter said the government needs tax revenue to provide much-needed relief to businesses and individuals, and, in particular,…

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Taxpayers Beware: 10 Points From SARS

On 5 May 2020, the Commissioner for SARS made a profound media statement, which gave a detailed account of projected revenue collection in light of the COVID-19 crisis, but also gave valuable insight of what we can expect from SARS in coming months. The most important aspects of the address can be unpacked as follows:…

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Hefty jail sentence for Cape tax fraudsters as SARS tightens the screws

Two Cape Town businesspeople have been sentenced to 16 and 17 years direct imprisonment for 487 counts of tax fraud, racketeering, money laundering and corruption, SARS said on Friday. Luis Fernandes from Melkbosstrand and Nazmien Warden from Bellville both pleaded guilty following an in-depth investigation by the Criminal Investigation Unit of SARS in Cape Town,…

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