Tax Bulletin Archive October 2009

Only 22 days left to avoid penalties from SARS

Now that we’re nearing the end of an undoubtedly difficult year, SARS is giving you one last chance to get your house in order. The penalties range from R250 to R16 000 per month for non-compliance, and they start on the 23rd of November!
Avoid these penalties by submitting all your outstanding tax returns before 20 November 2009.

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Highlights from the Ultimate Tax survival workshop

Firstly, a big thanks to all of you who attended the Ultimate Tax Survival Workshop! We had a great response; it was a huge success and you can definitely look forward to more of them in the future. You should keep your diaries free in March next year...

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How do you claim your fringe benefit deduction on e-filing?

Last week Ettiene Retief, our Tax Handbook Editor-in-Chief, received an interesting question about how to claim a fringe benefit deduction on a company car that is used for private purposes if the private travel is les then 10 000km and a logbook is kept. Our subscriber qualified for the deduction, but didn’t know how to claim it on the return using e-filing. See what Ettiene had to say…

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When to consider a joint venture

In these trying times you may be considering setting up a Joint Venture Company (JVC). But before you get started, there are a few things you need to consider…
Critically, the taxes payable by the JVC depend on how it is established. For instance, a joint venture can be conducted through a company, with the two JV partners holding its share capital. In this case, the JVC will be taxed at the normal rate of 28%. There won’t be a Securities Transfer Tax on the issue of shares.

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2010 to see revamp to PAYE certificates

In July/August this year SARS published a draft document on proposed PAYE amendments for 2010, inviting employers and practitioners for comments. That process has been completed, and SARS published the final PAYE 2010 Specification document on the 1st of September...

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