It is important for smalls businesses to know if they qualify for preferential small business tax rates. This can have a huge impact on tax payable, as illustrated below: Terry’s Tailors earns an annual taxable income of R385 000. As a company or CC they would be...
2013 is well under way and February is already upon us. February is an important month for Trustees and those who have used a Trust in their Estate Planning. This is because February is the month to consider donations and distributions; donations to the Trust and...
Residence-based Tax: Question & Answer Series Question: Adam Cooper, a professional rugby player, needs advice on whether the salary he earns while playing rugby outside South Africa will be exempt for income tax purposes. Adam’s question is as follows: “I...
This week we focus on understanding the new medical tax credit system that came into effect on the 1st of March 2012.The following document, explains what effect this will have on you and your family. The current medical scheme contribution deduction (limited to a...
Secondary Tax on Companies (STC) was replaced by the new tax on dividends (Dividend Withholding Tax or DWT) with effect from 1 April 2012. DWT will be levied at a rate of 15% and will in general apply on all dividends declared and paid by South African resident...
