New Support Services CC

29/07/2015

This has been a record month for the number of tax returns we have submitted on behalf of clients - it seems as if people are not waiting until the last minute to submit their returns this year .

If you still haven't submitted yours, contact us for assistance and let us ensure you're fully compliant before the deadline.

08/07/2015

Earning less than R350 000 per annum:

The requirements to not have to submit a return if you earn less than R350 000 per year are only met if you had one employer , worked for them for a full 12 months, and have no allowances as part of your package or no deductions that you want to claim against your income.

As soon as you have a travel allowance as part of your salary package, make RAF contributions etc, had more than one employer during the 12 months, worked less than 12 months for the year, you HAVE to submit a tax return, no matter what level your earnings are.

Please contact as if you are not sure of your submission requirements.

01/07/2015

30/06/2015

2015 individual tax filing season:

Submissions for your 2015 tax returns can commence on 1 July 2015.

E-filing submissions close 27 November 2015 for non-provisional tax payers, and 29 January 2016 for provisional tax payers.

Contact us to assist you with your submissions.

27/05/2015

2015 tax season:

It's just over a month before the 2015 tax return filing season opens. Start gathering the following documents for the lodgement of your return:
- IRP5's from all employers
- IT3b's and IT3c's from all banks / investment houses
- Logbook if you have a travel allowance
- Medical aid tax certificate
- List of out of pocket prescription meds and Dr's accounts for which you have proof of payment for
- Retirement Annuity Fund contribution tax certificates
- Income Protection policy contribution tax certificates

If you earn rental income on investment properties, or operate a business as a sole proprietor, contact us for a list of requirements for your specific tax returns

09/04/2015

201502 EMP501 submissions:

Filing of EMP501 reconciliations for the tax year ended 28 02 2015 can now be done - deadline for employers is Friday 29 May 2015. Please contact us should you need assistance with your submission.

26/02/2015

SARB foreign investment allowances with effect 01/04/2015 :

- Foreign investment allowance increases from R4 million to R10 million
- Annual discretionary allowance is R1 million
- Emigration allowance increases from R8 million to R20 million per family

25/02/2015

Please visit our website for the tax tables that will be effective from either 01/03/2015 or 01/04/2015 :

Today saw Finance Minister Nhlanhla Nene deliver his maiden Budget Speech. Unfortunately he did announce some tax increases, as was expected. All marginal tax rates, except for the lowest, will increase by 1% for individuals. It won’t result in too much of a decrease in post tax revenue for salary e…

25/02/2015

2015 2016 Budget Speech:

All marginal tax rates, except for the lowest, will increase by 1% for individuals. It won’t result in too much of a decrease in post tax revenue for salary earners, but as of 1/03/2015, anyone earning over R181 900 per annum will be taking home a little less pay each month.

The tax rate for Trusts has also increased – from 40% to 41%

Individuals will be further impacted by a R0.35 increase in the fuel levy per litre and a R0.50 increase per litre in the Road Accident Fund levy from 01/04/2015. With oil prices rising, and the ZAR/USD exchange rate worsening, this will mean that the benefits of the recent fuel prices decreases will be wiped out over the next few months.

There were also the annual ‘sin’ tax increases on tabacco and alcohol products.

Some relief was given, in the form of marginally lowed transfer duty rates on houses valued up to R2 250 000. However, house values in excess of R2 250 000 will however be impacted by a rise in transfer duties.

Quite considerable relief was given to qualifying Micro Businesses on the turnover tax levied on them, but I am still reticent to advocate this as a viable option for qualifying businesses as you can end up paying tax even if you run at a loss, as the tax is levied only on turnover and no deductible expenses are allowed.

19/02/2015

Importance of backups:

As there are many compliance requirements regarding business records retention, and most of us keep data electronically to save paper, I cannot stress enough the importance of daily backups of your business data. You don't fully understand the benefit of this daily 'inconvenience' until you lose everything and don't have a backup to restore. An external drive, with a folder per day of the week, along with free software such as FreeFileSync, daily backups are a breeze, as only the initial backup takes time. From there on, it is just a matter of synchronising the data from the pc to the external drive ( only new additions / deletions copied across ) and that takes a few minutes at most.

12/01/2015

2014 tax returns for provisional tax payers :

These returns are due 30/01/2015. Please contact us for assistance if you have not yet lodged your tax return. Please also note that penalties will be imposed by SARS if you have 2 or more returns outstanding as an individual, and this is levied per month until all arrear returns have been submitted.

24/12/2014

Wishing all our clients a Blessed Christmas and a healthy, prosperous and Happy New Year. Thank you for your continued support in 2014, and we look forward to assisting you with your accounting and tax requirements in 2015.