Tax Bulletin Archive January 2010

What would YOU do?

Sandy Nienabar, an East London businesswoman, has become quite a celeb. In a desperate attempt to get her tax refund, Sandy chained herself to a chair in her local SARS office. Normally, I’d say Sandy was being a bit melodramatic. But seeing as SARS has owed her no less than R140 000 (since 2008), I think she’s actually being very nice about the whole thing.
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You only have 26 working days left for provisional tax returns

The deadline for income tax returns is the last (working) day of the tax year, 26 February 2010. You only have 26 working days left to submit your returns! Now, if you’re not clued up on all the new rules around provisional tax, don’t worry we have the answers for you.
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Shedding light on SARS’ 2010 plans

One of my subscribers, Anton, wrote in with a query about last week’s bulletin, which mentioned that any rental income you earn during the 2010 World Cup may incur a hefty tax bill (and push you as the lessor into another tax bracket altogether). Anton wanted to know if he chose to do this, would he indeed pay higher tax on his year’s salary as a whole, or just on the income he earned from the rental.
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The taxman’s rubbing his hands in glee

“I’m renting out my flat, and I’ve been guaranteed enough cash in rental income, to knock at least two years off my bond repayments — isn’t that amazing?” my friend, Nicole, exclaimed over coffee last weekend. “Yep – until the taxman takes a huge cut of your rental income,” I replied. Nicole isn’t the only one who’s signed on to rent out her home to visiting fans, without having considered the tax implications. So I’m sure the taxman’s rubbing his hands in glee…
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