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2023 INCOME TAX FILING SEASON – PREPARATION FOR JULY 2023
REQUIRED INFORMATION FOR THE YEAR 1 MARCH 2022 to 28 FEBRUARY 2023
In order to facilitate us in the completion of your income tax return we require certain information such as:
- IRP5 Certificates
- IT3(b) and (c) Certificates
- Vehicle logbook for the year: 1 March 2021 to 28 February 2022
- Medical Aid Tax Certificate
- Invoice and Receipts for Medical expenses not paid by medical aid
- Donations S18A certificates
- Retirement Contributions Tax Certificates
- Rental and/ or other Business activity income and expenses
- Disposals of fixed property or investments during the year
The above list is not comprehensive, and additional information may be required based on your unique tax affairs. Kindly forward the information as soon as you are able to, to the manager responsible for your portfolio at SDK or to tax@sdkca.co.za, to reduce the risk any late submission penalties.
PLEASE TAKE NOTE
- If you are a provisional taxpayer and do not remit your third top up payment to cover your 2023 tax liability by 30 September 2023 interest will be imposed from 1 October onwards until date of payment.
- If any of your details have changed during the past year, such as address, bank account etc. kindly include the new details when providing your current tax information.
Should you require further clarification, please do not hesitate to contact us at tax@sdkca.co.za.
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| June 2023 NEWSLETTER |
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How to Use AI to Improve Your Small Business
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No one is able to login to social media these days without reading about Artificial Intelligence. The technology has been evolving at light speed and awareness of its various iterations has come on just as fast. But is Artificial Intelligence really all it’s cracked up to be and can it actually help businesses streamline operations and lower costs as promised?
The answer is that while some of the more popular apps and claims certainly don’t yet live up to the hype, there are still a number of ways that AI can help you do business. Small business owners in particular should not hesitate in getting some of these useful programs on board, as together the time savings and assistance might be vital in turning a new, struggling business into a viable enterprise. |
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New Trustee Duties: More Admin, Impossible Deadlines and Hefty Penalties
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The new duties most recently imposed on trustees not only involve substantially more administration than ever before, but also entail impossible deadlines and hefty penalties. These additional duties arise from legislative changes following South Africa’s grey listing by the global financial watchdog, the Financial Action Task Force, as well as new requirements from SARS.
As a result, all trustees of all trusts now have new levels of administrative duties, with some of the impossible deadlines having already passed, exposing all trustees to harsh penalties including fines of up to R10 million or imprisonment for up to 5 years, or both. This makes it crucial for trustees to seek professional assistance going forward in attending to their duties as trustees. |
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When to Say No to an Opportunity (or a “Barnacle”)
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When starting a new business and in running an established business, every opportunity can seem to be the difference between success and failure and every new client is viewed as a step closer to the ultimate goal of profit and self-fulfilment. The truth is nothing is ever completely black or white and nowhere is this more obvious than in business.
Knowing how to recognise a bad opportunity or when to turn down a good one is as important as any other aspect of your business. Choosing to take on an opportunity, which may not be right for your business can severely limit your future and foster unhappiness among staff, while making these calls correctly will help you to better define your brand and strengthen your business. Here’s how to recognise it’s time to say “no” to an opportunity. |
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Can the R&D Tax Incentive Benefit Your Business?
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The existing research and development (R&D) tax incentive for South African companies will be extended for 10 years from January 2024 and will be refined to make it simpler and more effective, Finance Minister Enoch Godongwana announced earlier this year. This provides local businesses with both opportunity and time to derive optimal benefits from this incentive, which offers both a rebate of 150% of R&D expenditure and accelerated depreciation of R&D equipment.
In this article, we unpack what the incentive aims to achieve and what it offers, how businesses can determine whether this research and development tax incentive applies to them, what the terms and conditions entail, and how to ensure your business can benefit while meeting all the requirements. |
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Disclaimer
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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 us for professional, detailed and appropriate advice.
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