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TAX FREE INTEREST...SAY GOODBYE

Savings

South Africans are generally not known for their ability to save. Over the years a number of measures relating to tax have been implemented to encourage savings. The recently released Taxation Laws Amendment Bill, contains the new incentive to encourage savings.

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RECORDS: HOW LONG IS ENOUGH

"Those boxes at the back of the garage marked Accounting Records: ABC CC 1995...can I throw them away?"

How long do you need to keep those dust filed, moth eaten records that one has ever or will ever look at?

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HELP WANTED - SARS WILL PAY

“It is not the employer who pays the wages. Employers only handle the money. It is the customer who pays the wages.” Henry Ford

Money

As an entrepreneur, when I hear that SARS is willing to pay the wages, I pay attention.

Business owners have long lamented the cost of hiring and training staff without the ability to tie the employee down to a reasonable period whereby the business can reap the benefits without the employee moving along. This has resulted in businesses focusing on hiring staff who can hit the ground running and being less willing to invest in training staff.

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WHO'S GOT MY MONEY - NOT SARS

 

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The title of this article is a little misleading, because if you are (as you should be) a good law abiding citizen, then SARS does unfortunately have some of your money!

As SARS has been improving its collection and security mechanisms of late, you may have been asked to verify your banking details with SARS.

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2014 BUDGET HIGHLIGHTS

taxation.jpgOn the 26 February 2014, the Minister of Finance announced hi annual budget.  Below is a summary of the tax related highlights:

The main tax proposals for 2014 include :

  • Adjustments to tax tables relating to retirement lump-sum payments.
  • Tax breaks to encourage household saving.
  • Measures to encourage small enterprise development.
  • Clarity on valuation of company cars for fringe-benefit tax purposes.
  • Government proposes an increase of 12c/litre in fuel levy and an increase of 8c/litre on the Road Accident Fund levy. The effective date for both levies is 2 April 2014.
  • Reforms to tax treatment of the risk business of long-term insurers.
  • Amending rules for VAT input tax to combat gold smuggling.
  • Measures to address acid mine drainage.
  • Postponement of carbon tax to 2016.
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