Tax Bulletin Archive April 2009

In the next few weeks, we’re changing the format of your Tax Bulletin. You’ll still get useful, expert advice once a week, but with one huge difference...
 

In the next few weeks, we’re changing the format and name of your Vat Bulletin. As of 7 May 2009, the Vat Bulletin comes of age and becomes the Tax Bulletin. You’ll still get useful, expert advice but now you’ll get it every single week! And that’s not the only improvement...
 

In the next few weeks, we’re changing the format and name of your Vat Bulletin. As of 7 May 2009, the Vat Bulletin comes of age and becomes the Tax Bulletin. You’ll still get useful, expert advice but now you’ll get it every single week! And that’s not the only improvement...
 

In the next few weeks, we’re changing the format of the tax bulletins you’ll be receiving. You’ll still get one a week, with the most up-to-date tax tips and tools, with one very important difference...We’re pooling our expertise. Now, instead of hearing from just one tax expert, you’ll get the benefit of advice from four tax professionals. The name’s also changing: from the 4th of May, keep an eye out for Tax Bulletin, and not Tax Brief.
 

As I’m sure you’re aware, you must issue a tax invoice (for Vat purposes) for each taxable supply you make. The tax invoice must be issued in South African rand, except where your supply qualifies for Vat at the zero rate. But what if you receive your payment in a foreign currency?

From 1 March 2009, if you’re a labour broker and run your business as a cc or company, the rules applying to labour brokers won’t apply to you and this means your clients won’t need to withhold PAYE from fees they pay to you (unless you fall within the definition of a “personal service provider”)!

When times are hard, small businesses are often tempted to hold back their Vat returns (VAT 201) and not pay the Vat due to SARS - my advice is don't do it. It's far too costly!

 

Today is (thankfully) a time of equal opportunity. Many couples adopt a 50/50 attitude when it comes to shared expenses, and most women are income-earners in their own right. But, until a recent finding by the Pension Funds Adjudicator (PFA), being financially inter-dependent with a retirement member meant you couldn’t claim your partner’s death benefits.Now, inter-dependent is as good as completely dependent!

When a bread winner dies, most families rely on a pension benefit to address the coming financial difficulties. However, the value of the benefit is usually less than expected because of tax! For instance, although pension funds give exempt annuities, lump sums are potentially taxable.

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