SPEAK TO any individual taxpayer and tax practitioner these days, and no doubt ‘auto-assessments’ will feature in the conversation. Whilst many agree that the auto-assessment process is a good idea and there is appreciation of SARS’ intention to simplify tax compliance, there are mixed feelings regarding the implementation and practicality thereof.
WEALTH MANAGERS throughout the financial industry are often asked: “Is my money safe with you?” The answer has to be “yes”, and not just because the advisor says so. This assurance of safety must genuinely be the case. As an investor, there are ways of ensuring that you are dealing with a repu-table professional who operates according to the rules and with an ethical stance.
THE COVID-19 lockdown – currently in place will have a SIGNIFICANT impact on tax-related matters for individuals and businesses. The government is offering FINANCIAL RELIEF in the form of amendments to the rules for payment of Employee and Provisional Tax, introduction of Employment Tax Incentive (ETI) as well as the Temporary Employer/Employee Relief Scheme (TERS).
The economic impact of the COVID-19 outbreak is already being felt – and it’s only going to get worse as the economy drastically loses momentum in the lockdown.
So, what does this mean for South African households? The reality is that household financial wellness is closely connected to economic growth, so an impending recession will take an unquestionable toll on our finances. However, if we make the right adjustments, we can recover… here are some TIPS.
SARS makes an honest mistake. Doubling-up on income, leaving out one or more deductions, or failing to take your PAYE into account are some examples of “finger trouble” that can happen at SARS.
With only one month le’ before the 2019/20 tax year ends, here are some tax breaks to take advantage of. TAX HAS become the single biggest drain on our wealth, and as we head towards the end of the 2019/20 tax year, it makes sense to ensure that you have taken all steps possible to reduce your overall tax liability
SARS introduced a formal procedure for resolving tax disputes known as “Alternative Dispute Resolution” (ADR). This “alternative” process is the only process that SARS recognises in practice. Encouragingly, majority of tax queries resolved using this process.
Dealing with an addiction to bad financial habits requires the same approach as any other addiction A number of years back, I was in the helpless position of watching a close friend destroy his life through addiction to alcohol, cocaine, and heroin. Helpless,...
Do credit cards represent shopping convenience, or a noose of debt? It depends on how they are used. When credit cards were first issued, you had to either be seriously wealthy or amongst the top tier of salary earners in order to qualify for one. That your...
Never, never, never throw these important documents away… Certain original paperwork needs to be kept in a safe place, ideally scanned to computer and backed up as well. Paperwork is a pain in the rear end, and most people do a ‘clear-out’ every so on – but the...
PERSONAL FINANCE is South Africa’s leading monthly investment strategy magazine aimed at individuals who are serious about saving money, securing their financial future, building wealth, and preserving it for future generations.
TAX BREAKS draws from the collective wisdom of the country’s leading tax experts, helping subscribers minimise their tax bills, understand their compliance obligations, structure their affairs in a tax-efficient manner, interact with SARS, and be kept on all the latest tax issues.