Tax Bulletin Archive January 2009

R10 Refunds: Claim your foreign Vat in 3 easy steps

Did you know that if you or your employees travel overseas on business you could be entitled to claim some of the Vat paid in those foreign countries?Depending on which country you travelled to, you could be entitled to claim back the Vat paid on hotel expenses, professional costs, taxi fare and numerous other costs usually incurred on business trips.
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When is the best time to cash in my preservation fund?

I have a preservation fund worth about R250 000. My average tax rate is zero as I have been unemployed for the last few years. My understanding is that if I cash it in before 1 March 2009, SARS won’t charge me any tax on the amount. If I cash it in after 1 March 2009, I’ll be liable for tax at 18%.
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I’d like to introduce you to Jackie…

It’s the beginning of a new year and as with all new years there are some new changes as well. Sadly, Jerry Botha, our editor of Simplify Your Tax will be pursuing new business opportunities. But rest assured you’re in very capable hands and I’m delighted to introduce our new editor. A warm welcome to Jackie Arendse.
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How to ensure a tax-free disability payout

I had an accident last year and received a large disability payment from my life insurer as I’m no longer able to work. Is this payment taxable, even though it isn’t for loss of income?
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SARS issues new Vat guide

On the 9th of December last year, SARS announced the issue of a very useful guide (Vat 409) on the Vat treatment for fixed property and construction transactions. It’s also about time: SARS published the previous version of this guide in 1991, and since then a fair number of amendments to the Vat Act have taken place.
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Changes to provisional tax payments announced late last year of course.

You can no longer rely on SARS' estimate when paying your provisional taxes. Now, you must make your own estimate. The estimate must be within 80% of your final taxable income for the year or you’ll face penalties.
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New Vat guide released

In a good start to the New Year, SARS has just issued another useful Vat guide (Vat 409) and this one covers the Vat treatment of transactions in connection with fixed property and construction in South Africa.
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Good news! Provisional tax relief up to February 2009

Parliament has signed the new provisional tax changes and they'll come into effect once published in the Government Gazette this month. As we mentioned on page 8 of last month’s Simplify your Tax, you're no longer allowed to rely on SARS' estimate when calculating your provisional tax payments. You must do your own estimate and this must be within 80% of the final taxable income for the year or SARS will penalise you.
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