On 7th September 2022, SARS confirmed that penalties were erroneously issued for the non-submission of 2022 personal income tax returns. SARS is in the process of reversing […]
Third top-up payment for provisional tax
A third payment can be made by the last business day of September 2022 for companies or any other individual with a February year-end. The top-up payment […]
The “two-pot” retirement system included in draft legislation
The tax law proposals to introduce the “two-pot” retirement system were published on 29 July 2022. The proposal aims primarily to enable South Africans to save for […]
Due dates for reporting and payments: August 2022
Due dates for reporting and payments: August 2022 Month Tax Type Date Notification August 2022 Employment Taxes 05/08/2022 EMP201 submissions and payments Value-Added Tax 25/08/2022 Manual VAT201 […]
Should interest income be included in the company’s annual turnover declared to CIPC?
In terms of the Companies Act of South Africa Regulation 164 interest should be included in the company’s turnover if it is in the nature of the […]
IAS 12 Income Taxes Amendment – Effective 1 January 2023
As per IAS 12 Income Taxes, there are exemptions on initial recognition relating to deferred tax assets and liabilities. From 1 January 2023, a requirement has been […]
Auto-assessments: SARS system erroneously rejects edited returns
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 […]