| NEWS & EXTRAS |
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Newsletter 4 of 2009
SARS TO APPLY STRICT NEW
PENALTIES FOR OUTSTANDING
TAX RETURNS
SARS will start to phase in their much
publicized new Administrative Penalty System
for all taxpayers. The implementation date was
set for the 23 November 2009 for taxpayers
with outstanding income tax returns. Initially the
main focus of SARS will be repeat offenders
with outstanding income tax returns.
The penalty system, in terms of section 75B of
the Income Tax Act (no 58 of 1962 as
amended), provides for recurring penalties
each month until compliance is achieved by the
taxpayer. It is important to note that the
penalties are levied per outstanding return.
Read More...
Newsletter 3 of 2009
A simple solution for non-public entities continued.
Last month’s article dealt with the need for developing a unique framework for such “micro”
entities, the working group which was formed to address what the main criteria of a reporting
framework aimed at “micro” businesses should be, and what those main criteria are. In this month’s
article we look as some of the proposed simplifications from IFRS for such entities.
Read More...
Newsletter 2 of 2009
Can I move to Turnover Tax?
In the recent Budget speech, it has been announced that the VAT threshold will be increased to R2 million, and therefore a lot of companies would need to deregister VAT, and register for a new form of tax implemented by the South African Revenue Services, known as the Turnover Tax System. The new Turnover Tax System will combine all other taxes into one fixed rate, for those entities that qualify.
Read More...
Newsletter 1 of 2009
Investments for Dummies
It is rather frustrating opening every article these days for the last three months and reading: "due to the current economic state... blah blah blah". Unfortunately that is a fact. Having a few shares in a small business and then of course trying to invest the small remaining profit of a less established company can be tricky.
Read More...
Newsletter 6 of 2008
Easyfile for Tax Practioners
SARS eFiling is a secure electronic tax return and submission service offered by SARS that removes the risks and hassles of manual tax returns. Not only can you submit your returns via the Internet, but you can also make secure tax payments online.
Read More...
Newsletter 5 of 2008
To 'Trust' or 'Not to Trust'
Over the last number of years it has been a trend of businessmen to put property that they own into trusts. They therefore protect their property from possible future creditors and claim the tax benefit. Unfortunately the South African Revenue Services (SARS) have become wise to the scheme and changed the tax laws in such a way that it becomes less attractive to use trusts in this way.
Read More...
Newsletter 4 of 2008
Improve Office Morale
In today's tough times, we have to find ways to keep our staff happy and willing to come to work.
Read More...
Newsletter 3 of 2008
The Competent Director
In the last few years, there has been a move by the regulating authorities to make directors more accountable and by doing so hopefully avoid the collapse of companies that have marred the market place.
Read More...
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| CONTACT |
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Tel: + 27 21 970 4600
Fax: + 27 21 975 6780
E-mail: info@sdkca.co.za
P O Box 1304,
Durbanville,
7551
22B Church Street,
Durbanville,
7550 |
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