TAX

A comprehensive tax guide for new businesses in South Africa

TAX /

Starting a new business can be challenging, especially when it comes to understanding tax obligations. Sage has prepared an invaluable guide to help new entrepreneurs navigate the complexities of tax compliance in South Africa. From choosing the right business structure to managing provisional tax and deductible expenses, this guide covers everything you need to know […]

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Navigating SARS Tax Changes: The Importance of Using a Registered Tax Practitioner

TAX /

The South African Revenue Service (SARS) has introduced significant changes for the 2023 filing season affecting personal income tax returns, trust tax returns, and PAYE penalties. These changes necessitate staying updated on tax legislation, highlighting the importance of using a registered tax practitioner. Key reasons include: Using a registered tax practitioner ensures compliance and maximises

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SARS Penalties: Beware

Compliance, TAX /

SARS imposes various penalties for non-compliance with tax regulations, which can be significant and severe. These include: 1. Administrative Non-Compliance Penalties: Applied for failures such as late submissions of returns or payments, calculated based on a percentage of the amount due or a fixed fee. 2. Understatement Penalties: Levied when taxpayers’ returns understate their tax

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Sars’s AI-enhanced audit capabilities TAXPAYER BEWARE

TAX /

The South African Revenue Service (Sars) has intensified its audit efforts, leveraging AI technology to scrutinize taxpayer records more comprehensively. Historically compliant taxpayers are now receiving audit notifications based on detected risks, leading to increased scrutiny and potential adjustments to reported income. These adjustments often result in additional taxes levied on unexplained credit transactions, with

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