Tax Bulletin Archive August 2009

Are you ready for 20% hike in employees’ tax?

Earlier this year, the Minister of Finance announced that in the 2010 tax year SARS will tax our travel allowances very differently...starting with the scrapping of the deemed business kilometres rule. The 2009 draft Taxation Laws Amendment Bill, currently under review, gives us some details.

 
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Are you ready for Monday 31 August 2009?

The provisional tax deadline for the first period of 2010 is on Monday 31 August. Remember: you can only base your calculation on an estimated taxable income less than the basic amount if you’ve motivated to do so. The IRP6 return for the first period now includes a space where you must motivate your request. If SARS isn’t satisfied, you can request a revised estimate.
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SARS' very rude letter

If SARS auditors find errors when auditing your income tax, employees’ tax or Vat records, they’ll send you a "letter of findings" to tell you what they’ve found.Double-check this letter and make sure they’re right – very often they aren’t! I’ve seen auditors try to put Vat on the sale of employee housing, put fringe benefits tax on cars allocated to call-out staff, and not tax retrenchment pay at the lower average rate a taxpayer’s entitled to. It doesn’t end there. These auditors sometimes try to impose non-existent interest and penalties!Stand your ground!
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Write-off your business assets’ costs!

The weather is decidedly schizophrenic at the moment: frigid winds last weekend and the next thing blazing afternoon sun for most of this week. I for one am very confused. But, at least I can’t say the same thing for all things tax-related!
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