Tag: SARS
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Ceasing South African Tax Residency: Understanding the Tax Implications for Emigrants
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in TaxAs increasing numbers of South Africans consider emigrating for lifestyle, security, career, or financial reasons, many overlook the significant tax implications of formally ceasing South African tax residency. For individuals with substantial local and offshore assets, understanding the tax consequences is crucial to avoid unexpected liabilities — including potential double taxation. The “Exit Tax” Explained…
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Thinking of Selling or Purchasing a Going Concern?
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in TaxThe term “going concern” refers to a business that is actively trading and expected to continue operating into the foreseeable future. When buying or selling a going concern, it is critical for both parties to understand the VAT implications involved. VAT Act Requirements for a Going Concern The VAT Act treats the sale of a…
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SARS on the Attack: Diesel Refunds
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SARS Intensifies Diesel Refund Audits: Why a Compliant Logbook is Essential SARS has stepped up its scrutiny of diesel refund claims, with audits now extending to claims made more than two years ago. Many vendors, particularly farmers, are finding their claims rejected due to incomplete or poorly maintained supporting records — most notably, diesel logbooks.…
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What is Provisional Tax and do I have to pay that.
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in TaxProvisional tax is not a separate tax from Income Tax.It is a method of paying tax due, to ensure the taxpayer does not pay large amounts on assessment, as the tax liability is spread over the relevant year of assessment. It requires the taxpayers to pay at least two amounts in advance, during the year…
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Tax season 2025
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in TaxReady for the 2025 Tax season yet? Here’s your go to guide on how to survive your 2025 Annual tax season and getting this sorted in a timely manner with the Tax Man… Tax season for individuals opens on the 7th of July 2025 with Auto Assessments running to the 20th of July 2025. From…