In these blogs and in my discussions with clients the topic of cryptocurrencies has been raised on a regular basis. The fact is, whether you think this is a good investment opportunity or not, the South African Revenue Service (SARS) is sharpening its focus and intention to ‘mine’ it for tax revenue – as is within its rights. This is also not a new thing – SARS has been warning us for years.
Category: Tax
2021 TAX SEASON: When does it start?
The South African Revenue Services (SARS) has announced that taxpayers will be able to file their tax returns from 1 July 2021. Be aware of important dates and what you need to do.
Some musings on the new Tax strategy of SARS
How does a government increase its income without adding new taxes? After all, there are important local elections this year and reassuring the public that you REALLY will do your very utmost ‘bestest best’ NOT to pull the tax noose tighter, the Government needs more money.
SARS EXTENDS FILING SEASON PROVISIONAL TAXPAYER DEADLINE FOR ONLINE FILERS
SARS has taken a decision to extend the Filing Season deadline for provisional taxpayers, which is currently set for 29 January 2021, to 15 February 2021.
Getting in a tangle over tax?
The tax year starts on the 1st of March and ends on the 28th of February. If you want your Tax Practitioner to help you, you need to do your part! Do not send your submission to him at the end of the last day before the due date. You will not be the only one!
Undoing Lockdown – levels of business support
Some feel cheated. We were told ‘this lockdown thing’ will come to an end, and yes, we knew it would not quite mean business to usual, but THIS unusual? And for how long, THIS time? Anger and frustration, fueled by denied addictions and proclivities, are rising. Scathing memes and poisonous comments are setting Facebook and social media on fire. There are growing accusations of class and race prejudice from all sides.
Dreaming of a different life on foreign shores – tax and working abroad
When the South Easter blows and crime and politics depress you, you may be excused for becoming restless. You may start to wonder if you could stomach foreign cuisine for a while… You are not alone. Many South Africans are opting for working overseas for a period of time in order to secure a better income.
Tax, tax breaks and taxing thoughts about becoming older
Your company has a pension scheme – a good one, you are told – and you have savings in the bank. However, people are living much longer these days – generally 30 years past retirement. And life keeps getting more expensive – inflation is outpacing the interest you receive on the savings in your bank account…
Taxes: Why my mother tried to quit smoking twice a year
We knew that, twice a year, my mom would abandon cigarettes: at tax time, and on the 31st of December when she would resolve to live clean. It was one of our family traditions.
The National Health Initiative
If you happen to be contributing to a medical aid scheme in South Africa, you will have enjoyed the tax rebate this generates. This is called the Medical Scheme Tax Credit (MTC). It is meant to subsidise and reduce our medical costs.
For instance, for two adults and two minor dependants, this amounts to R1 014 per month or R12 168 per annum. It makes a big difference. Also, since we are subsidised for the portion that falls under Section 6 (b), which protects us when medical costs not covered by your medical aid get out of control, the total refund could be considerably more. Continue reading “The National Health Initiative”