August 2017 Employer Interim Reconciliation Submissions opens on 15 September 2017.

All employers registered at SARS for PAYE should submit their Interim Reconciliation (Bi-Annual Submissions) by 31 October 2017. The period, referred to is from 1 March 2017 to 31 August 2017.  Submissions opened on the 15th of September 2017 and close on 31 October 2017. During the Interim Reconciliation submission period, employers are required to submit an Employer Reconciliation Declaration […]

5 Top tips to use during a SARS VAT Verification

Following a discussion with fellow senior employees at the MMS Group we felt it necessary to share some essential tips regarding the SARS VAT verification process. It is essential that the correct documents are submitted within the correct timeframe. If you do not submit the correct information or insufficient information or you submit the documents late, SARS can: Change the […]

VDP and SVDP, what does this mean for me?

What is VDP? A VDP (Voluntary Disclosure Programme) is a process by which SARS extends an opportunity to taxpayers to regularise their tax affairs by disclosing any defaults on their income taxes for prior periods of assessment. A successful applicant usually receives a waiver from penalties imposed, and must only settle the outstanding income tax liability and accrued interest on […]

SARS releases new ruling on documentary requirements for VAT purposes

In February 2015 the South Atlantic Jazz Festival (Pty) Ltd successfully appealed a judgment of the Tax Court to the Full Bench of the Western Cape High Court (reported as ABC (Pty) Ltd v CSARS [2015] ZAWCHC 8). That judgment dealt with documentary proof required by the Commissioner for SARS to substantiate input tax claims submitted by taxpayers for VAT […]

Will SARS allow you to deduct your company/close corporation’s assessed loss?

Under normal circumstances SARS will allow a taxpayer to carry forward the previous tax year’s assessed loss and set it off against the current tax year’s taxable income. However, there are certain circumstances under which SARS will not allow a taxpayer to carry forward the previous year’s assessed loss and the assessed loss will be lost for set off against […]

Passive income and SARS

Have you ever investigated passive income opportunities to earn extra money? Did you consider the effect that earning additional income might have on your current income tax liability? If your income increases, whether from a passive income source or otherwise, SARS will soon come to the party to claim its share of your profits. Do you know what the effect […]

Gift from SARS

The tides are changing in the retirement savings space, with National Treasury encouraging us to save more for retirement by significantly increasing the tax incentives. This is one of several important changes that will go ahead from March this year, now that the President has approved the Taxation Laws Amendment Bill, 2015, which was passed by both Houses of Parliament […]

Important dates for November 2014

For more information on the voluntary third provisional tax payment for the tax year ended 28 February 2014, please refer to the section below the table. Important dates 24-10-2014 – Submission and Payment of VAT201 – Manual Registered Vendors 31-10-2014 – Submission and Payment of VAT201 – Registered VAT eFilers 31-10-2014 – Employer Interim Reconciliation ends 07-11-2014 – Submission and Payment […]