Home office expenses are only deductible if: When the room is regularly and exclusively used for the purposes of the taxpayer's trade, for example, employment, and specifically designed for that specific purpose. The home office must be devoted solely to this purpose of working.
One can never reduce tax risks to zero. However, one should employ good practices of tax risk management to limit the number of “unknown tax risks”. #tax #riskmanagement #compliance #audit
Employers have a tax obligation to deliver IRP5/IT3(a) to employees on time. For more information, visit sars.gov.za #YourTaxMatters
In Case You Missed It...
Small tax errors can now land you with a fine, or even worse, in jail. This is due to a new legislation which has a list of minor offences for you to avoid. @janedutton spoke to SARS Commissioner, Edward Kieswetter. Courtesy #DStv403
New tax rules regarding the annuitisation of provident funds will come into effect on 1 March 2021.
Did you know: If you receive a donation (Gift in cash or physical items), you need to disclose this gift on your tax return. You can assume that the receipt of a gift is tax free. But, the donor ("blesser") may be subject to a Donations Tax of 20% 🤗♥️ #ValentinesDay #taxseason
Legislation providing for the same #annuitisation rules that apply to pension-, pension preservation- & RA funds, to apply to provident fund & provident preservation fund members, has been enacted. #MoneywebNews #Retirement moneyweb.co.za/mymoney/moneyw…
moneyweb.co.za
Provident fund annuitisation kicks in from March
The annuitisation rules will apply to the non-vested benefits of all pre-retirement funds going forward.
Allowable non-capital home office expenses usually include stationery, telephone bills, rent, rates and taxes, interest on bond repayments, cleaning expenses, wear and tear on assets, internet expenses and repairs. #IncomeTax #wfhlife #wfhsetup #taxes #taxdeductible #tax
Media Release: SARS Customs make a massive rhino horn bust worth R53-million The Customs unit of the South African Revenue Service (SARS) made a bust of rhino horn with an estimated value of R53 172 000, in a shipment destined for Malaysia... lnkd.in/dTrEAkS
"In practice we have seen many expatriates opt to cease their South African tax residency in one way or another to avoid the impact of the (Foreign Employment Income) amendment completely, leading to an ever shrinking tax base..." #expatlife #retirement #immigration #taxlaws
The previous 29 January 2021 deadline has been extended to 15 February 2021. This is in light of COVID-19 challenges. #ProvisionalTax #SARSTax
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