If you contribute to a medical aid each month, you may be aware that you’re entitled to a tax credit – but how do you go about claiming it?
What can you claim back?
The SARS regulations on medical tax credits change from time to time, and at the moment you are allowed to claim back money you have spent on the following expenses: Continue reading
If you own an asset – including property and shares – you may be wondering whether you’ll be liable to pay Capital Gains Tax when you sell it.
Capital Gains Tax, or CGT, has been a part of the South African tax landscape since it was introduced in 2001. To help you understand what this tax is, who and what it applies to, and under what conditions you’ll be expected to pay it, we’ve put together a quick guide to CGT. Let’s get started. Continue reading
Whether you’re self-employed or work for someone else, there are several types of business travel expenses that you may be able to deduct when you file your tax returns. If you are new to deducting travel expenses, or are wondering exactly what can be deducted, here is a quick guide that should put you on the right track. Continue reading
Taxation is a topic that many people don’t like to dwell on, and for good reason – it’s never pleasant to talk about losing money. Although taxes are a part of everyday life, it’s easy to forget the impact of taxation on our net worth. Whether you are working hard to build your investment portfolio or are just a few years away from retirement, taxation will impact your finances directly. Continue reading
Employees who have the use of a company car may sometimes use the vehicle for personal use – this is a fringe benefit which must be taxed by adding it to the employee’s PAYE each month. If you have an employee who has been assigned a company car this taxation process is essential in order to comply with SARS regulations. Here is a quick guide to the taxation of personal use on company vehicles: Continue reading
Many business owners make donations to good causes on a regular basis, and since the tax laws were first amended in 2006 there have been several taxation benefits associated with donations, allowing your business to do well while doing good. Here are a few important details concerning tax-deductible donations: Continue reading
South African taxpayers with disabilities are entitled to various deductions from their income tax in terms of changes to the tax regulations which were announced by SARS for the 2009/2010 tax year.
However, many taxpayers who are disabled are either not aware of these concessions or do not realise just how much they could save on their income tax by making full use of them. Continue reading
The 1st of July marked the official beginning of the 2012 tax season, and whether you are a salaried employee, a partner in a business or a sole member the tax season should be one of your top financial priorities at this time of year. Continue reading
The new Dividends Tax came into effect in South Africa on the 1st of April, changing the way taxation on share dividends is collected. This new legislation means that the tax shareholders pay on dividends will be deducted from the dividend before it is paid out, and understanding the new law is essential to prevent confusion when filing your provisional tax returns. Continue reading
Getting married is an exciting and important decision, and for many couples it is the most important decision they will ever make together. While tax may be the last thing on a couple’s mind when they plan their future together, the South African tax laws do apply differently to married people. Continue reading