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IMPORTANT TAX DEADLINES TO REMEMBER    

  • 31 January 2022: Individual provisional taxpayer’s 2021 tax returns
  • 28 February 2022: Companies, Close Corporations and Trusts with February year ends 2021 tax returns 
  • 28 February 2022: 2022 second provisional tax estimates and payments for provisional individual taxpayers, Companies, Close Corporations and Trusts with February year ends.


INDIVIDUAL TAXPAYERS - NEW PENALTY RULE AND AUTO-ASSESSMENT PROCESS

SARS has been empowered to levy a late submission of return penalty where one or more personal income tax returns are outstanding. As a transitional measure for the first year, the one tax return or more rule will only apply to the 2021 tax return.

The deadline for individual non-provisional taxpayers has been extended to 2 December 2021. As a result, the date for levying penalties on taxpayers that have not filed their return will also be extended and implemented during January 2022.

Taxpayers in the auto-assessment population, who neither accepted nor edited and submitted their simulated assessments by this date, will receive an original assessment based on an estimate in accordance with section 95 of the Tax Administration Act, 2011.  

This assessment is not subject to objection and appeal. However, a taxpayer who is not in agreement with his or her assessment may file a complete and accurate tax return within 40 business days of the assessment date. Such a return will be late, which means that normal late submission penalties and interest (where applicable) will apply.  

 
     

 

 














December 2021 NEWSLETTER
'Tis the Season for Giving but Beware the Taxman!

Many companies in South Africa are generous givers, even during these trying COVID-19 times. During the annual festive holiday season giving to staff, clients and suppliers, as well as to charitable organisations, is a widespread practice that aims to convey appreciation and build relationships. 

Whether you are thinking of annual bonuses for employees; Christmas parties for suppliers; or corporate gifts for your top clients, there are tax implications that should be considered – from tax deductions to VAT implications! For this reason, it is important to consult a professional before you implement any festive season giving this year. 

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The Hybrid Workforce Debate: What SMEs Need to Know
ArticleImage A third of respondents surveyed during a recent study into the hybrid workforce indicated they would continue working from home.

Around the world the Covid-19 pandemic has changed work practices and South Africa is no exception. This required a practical solution from businesses which has resulted in the hybrid working model. 

This may give small businesses a chance to reduce office space and inventory, and possibly to repurpose the funds.
   
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What To Do When Preparing to Sell Your Business
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As a new year beckons, you may think that the time to sell your business is approaching. If so, there is much to consider, so prepare well. 

The good news is that putting the right things in place and establishing best practices before the sale will allow you to stand the best chance of not only selling to the right person, but also of getting the best price.

We share 7 practical tips on how best to go about this, underlining the need to start the requisite planning as far in advance as possible, and emphasising the value of taking professional advice every step of the way.

   
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Festive Season Cybercrime Alert: Tips from SARS
ArticleImage Industry experts have warned South African businesses to expect a sharp increase in cybercrime during the upcoming festive season, further compounding the exponential growth in cyberthreats since COVID-19 forced many companies to implement remote working and compelled many organisations, including SARS, to curtail client visits to its branches and restrict client interaction to telephonic and digital methods. 

In this article, we share the most common forms of cyberattacks and find that locally, cybercriminals frequently misuse the SARS brand to deceive unsuspecting companies and individuals. Find out here what steps you can take to safeguard your business this festive season. 
   
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Your Tax Deadlines for December 2021
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  • 2 December – Extended filing season deadline for non-provisional individual taxpayers (originally 23 November 2021)

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

  • 24 December - Value-Added Tax (VAT) manual submissions and payments

  • 30 December - Excise Duty payments

  • 31 December - Corporate Income Tax (CIT) Provisional Tax payments where applicable

  • 31 December - Value-Added Tax (VAT) electronic submissions and payments.
   








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Thank you for your support in 2021.  

Have a Wonderful Festive Season, and a Happy and Prosperous 2022.

Enjoy the Break!

   

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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