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April 2016 NEWSLETTER
How Many Days Will You Be Working For The Taxman This Year?
A local think tank measures the amount of time it takes for taxpayers to pay their income taxes. In 2016, it will take until 25 May (“Tax Freedom Day”) before taxpayers can earn for themselves – in other words from 1 January to 25 May (146 days) you effectively pay your taxes and from 26 May to 31 December your earnings are your own.
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Taxpayer Beware: SARS Can Now Unilaterally Extend “Prescription Of Assessment” Periods 
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Until the recent change in our tax laws, prescription of assessments (the expiry date of when SARS could still reassess a return submitted) in practically all cases took effect:
  • After SARS issued an assessment - 3 years after the date of assessment 

  • After the taxpayer issued a self-assessment  (such as VAT or your PAYE submissions) ......
 
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Relief In Sight For Workers Losing Their Jobs 
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The parliamentary Portfolio Committee on Labour has recommended amendments to the Unemployment Insurance Act (UIF). As this received support from all parties, it is almost certain to be promulgated into law in the next few months.

In view of the difficult economic conditions and high unemployment in South Africa, this is welcome news.
 
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Prepare Now For Leasing Changes That Will Impact Your Business 
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If your accountant uses IFRS (“International Financial Reporting Standards”) in compiling your financial statements, and if you lease assets, then changes are coming that you need to start preparing for. The International Accounting Standards Board has mandated new accounting treatment from 1 January 2019.
 
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Tax Free Saving Accounts (TFSA) Are Working – Are You Taking Advantage Of Them? 
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In the 2015 Budget, Finance Minister Nene introduced a tax free savings incentive. It allowed R30,000 per person per annum to be invested in a variety of funds including unit trusts, exchange tracker funds (ETFs), savings accounts and insurance products. The TFSA is capped at R500,000 contribution per individual.
 
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Your Tax Deadlines For April 
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Only the normal run-of-the-mill tax deadlines in April, but the annual employer PAYE reconciliation (EMP501) is due on 31 May. As this can take some time to do, the earlier you begin this process, the more time you leave yourself to iron out errors. Remember there are penalties for late submissions.
 







Disclaimer

The information provided herein should not be used or relied on as professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your professional adviser for specific and detailed advice.

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