SARS’ new rule: Is travel compensation still worth the chase?
Which is better – company car or travel allowance? It’s a question that regularly plagues both employers and employees. “In light of new SARS requirements for travel reimbursements, it needs to be carefully revisited,” says Jerry Botha, Master Reward Specialist and Executive Committee member of the South African Reward Association (SARA).
How to survive SARS audits and get the best outcome
For taxpayers who don’t engage with the SA Revenue Service (SARS) correctly, the price is either an unnecessary, drawn-out tax audit process or, if you’re caught, a very large tax bill.
Bitcoin: The Tax Question
Although usually behind the global curve, South Africa seems to be keeping pace with the current Bitcoin trend. This is positive, as we are living in an increasingly digital world with it only being a matter of time before currency too, became digital.
Incorrect Tax Assessments: Handling woes with Interest Income Reporting
With financial institutions now directly reporting interest income to the South African Revenue Service (SARS), an increase in the number of cases where individuals are receiving tax assessments on income that does not belong to them, has become evident.
Franchisees Claiming Tax Deductions – SARS Clarity Provided
Franchisees have long battled with the tax deductibility of an initial fee paid under a franchise agreement. Depending on the nature of such fee, various provisions in the general deduction formula may find application. For example, where the initial fee is not capital in nature, it may be deductible under section 11(a) of the Income […]