A taxpayer that does not agree with an estimated assessment issued to them must edit the tax return within 40 working days. Ordinarily, SARS issued a revised […]
Filing Season refunds and reversals
From 1 – 14 July 2022, SARS issued approximately 2.5 million estimated assessments to individual taxpayers, as part of their enhanced ‘auto-assessment’ process. As a result, several […]
IAS 1 Amendment – Effective 1 January 2023
Currently, IAS 1.39.d states that an entity shall classify a liability as current when it does not have unconditional the right at the end of the reporting […]
What needs to be on a payslip?
The payslip – a formal confirmation which binds the employer and employee at the end of a pay period Section 33 of the basic conditions of employment […]
Guide on the Determination of Medical tax Credits
On 17 June 2022, SARS published the updated version of the Guide on the Determination of Medical Tax Credits (Issue 14). The guide provides general guidelines regarding […]
Company valuation methodology
It is good practice to know what your company is worth, to enable you to be prepared in the event of the unexpected passing of a business […]
Annual returns, the what and when
All companies and close corporations are required by law to submit their annual return with CIPC annually on the registration date (“birthday”) of the entity. An annual […]
Non-Compliance penalties for late returns
A Broader Scope of application SARS is required, in terms of section 210 of the Tax Administration Act, No 28 of 2011 (TAA), to impose fixed non-compliance […]
Rising Costs
The Reserve Bank has increased the repo rate by 50 basis points, resulting in a repo rate of 4.75% and prime lending rate of 8.25%. The motive […]
Will the change in company tax rate have an impact on February 2022 financial statements?
When an event occurred after the date of the financial statements but before the issued date, and this event will have a financial impact in the future, […]