Dear Reader

In this bulletin:
•    Is your name on The List?
•    If you’re using this form after 1 July, you’ll be paying penalties
•    Why you should diarise the 7th of every month
•    Be careful with electronic payments
•    We’re pleased to introduce…

Is your name on The List?

Want to know:
•    How the latest tax laws impact you and your business?
•    What tax deductions you qualify for, and how to find all these loopholes?
•    Find out how to structure tax efficient salary packages, and save tax money?
•    How the Vat system will affect you in 2010?

Then your name had better be on The List. If it’s not, you’ll lose out on the most empowering tax know-how…

Email Lenell@fsp.co.za to put your name on The List, and be the first to find out more!

If you’re using this form after 1 July, you’ll be paying penalties

There’s been a lot of talk about the new EMP201 forms, and much confusion about when SARS is going to be getting rid of them altogether. Here’s what SARS had to say about it:

From 1 July 2010, the old EMP201 forms will be defunct. SARS is going to stop using them altogether. And so should you!

If you don’t, then you’d better be prepared to pay penalties and interest, because SARS will say that you aren’t fulfilling your PAYE responsibilities.

Why you should diarise the 7th of every month

SARS has also issued a statement reminding employers that they are obliged to declare and pay over the correct amount of employees’ tax by the 7th of each month. It will strictly penalise any late payments, so make sure your payroll department is on the ball.

Be careful with electronic payments

Oh, and if you pay electronically via EFT, then don’t forget that these payments can take 24 hours to clear. So if you leave it till 9pm on the 7th of June, to click “pay”, then the cash won’t reflect in the taxman’s account until 9pm on 8 June. Which means you’re late. Hello, penalties!

We’re pleased to introduce…

We’re very proud to introduce a new Tax Expert, who’s just joined the team: Professor Marius Maritz. We were very impressed by his CV: He’s a chartered accountant and registered tax practitioner, as well as the Chairman of Certified Master Auditors (CMA) Incorporated . He’s recognised as an expert in strategic financial management, and has helped the local universities develop Masters-level curricula in this field. He has consulted for large corporations, so he has the hands-on practical experience that we consider essential in a Fleet Street Publications tax expert.

As if that wasn’t enough, he told me that his passion is the study of taxation! So look out for bulletins from Prof Maritz — you’ll WANT to pay special attention to his educated advice.

Until next week

Fulvia Becatti

Managing Editor, Practical Tax Handbook & Practical Vat Handbook