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PRIMORIAL Solutions (Pty) Ltd July 2021
 
 
 
How 67 Minutes on Mandela Day Can Change Our World and Benefit Your Business
 

On 18 July every year, Nelson Mandela International Day is observed worldwide as companies, organisations and individuals join in a global movement to honour our former president’s life’s work and to change the world for the better.

It is a great opportunity for companies and individuals to ask: “What can we do to make the world better?”

Discover great tips for ensuring your company makes an impactful contribution, get inspired with our extensive list of ideas and find out what the benefits are for your company…

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Tax Filing Season 2021 Opened 1 July: Start Preparing!  
 
 
4 Ways to Measure Your Company’s Performance, Beyond Profit  
 
 
What You Should Know About Airbnb and Tax  
 
 
 
 
 
 
 
 
 
 
 

The 2021 tax season for the period 1 March 2020 to 28 February 2021 opened on 1 July this year, covering one of the toughest financial periods companies and individuals have faced in decades.

In this article, you will find a brief outline of the rates, basic deductions and deadlines that apply to you and your company, as well as a helpful summary of what needs to be done now to ensure deadlines are met and penalties are avoided. 

We also red-flag certain issues that will require careful attention and look at what has changed since last season, including intensified scrutiny of certain taxpayers, SARS’ improved data-collection abilities and the much harsher consequences of non-compliance. 

 
 
 

If you are an entrepreneur then you no doubt carefully look at your company's profit or loss statements to analyse how the company is doing. Your balance sheet and annual reviews and the reflected profit and profitability seem the obvious way to determine the health of your organisation. What many do not however know, or focus on, is all those other, non-financial performance measures that may give you an even better understanding of the future potential of your company.

These non-financial performance measures are all those things which are not expressed as a monetary value and instead focus on other aspects of the business. The benefit is that often, unlike lagging measures like profit, these non-financial performance measures may actually be a better predictive tool for gauging the future success of your business.
 
 
 

The South African Revenue Service (SARS) recently issued a statement which has been seen in some circles as a warning shot across the bows of those who are currently renting out their property through the App Airbnb and not paying their taxes on this rental income.

SARS declared that “property owners … who host fee-paying guests”, must declare that income on their income tax return. But what exactly constitutes income in these instances and just what do owners stand to lose should they not do so?

We answer these questions and more.
 
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Your Tax Deadlines for July 2021
 
  • 1 July - Start of Filing Season 2021 for Individuals (Non-Provisional)

  • 1 July - Start of Filing Season 2021 for Individuals (Provisional) & Trusts 

  • 7 July - Monthly Pay-As-You-Earn (PAYE) submissions and payments 

  • 23 July - Value-Added Tax (VAT) manual submissions and payments

  • 29 July - Excise Duty payments

  • 30 July - Corporate Income Tax (CIT) Provisional Tax Payments where applicable

  • 30 July - Value-Added Tax (VAT) electronic submissions and payments.
 
 
 
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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