Tax articles
Tax implications for capital gains
Capital gains do give rise to tax implications. We approached an expert to find out what these are.
What if a business encourages cash payments?
A business tells you that you will receive a discount if you choose to pay with cash. We consider the reasons certain businesses do this.
Do minors who earn an income have to pay taxes?
There are a select few minors who manage to earn an income. This may be through acting in local television shows, or by earning ad revenue on a YouTube channel. In either case, what does this mean when it comes to taxes?
What happens to the interest on your tax-free savings?
You may be interested in investing your savings in a tax-free savings account (TFSA). However, the amount you’re allowed to save in this kind of account is capped. So, what does this means for any interest you earn above the limit?
6 Clever ways to spend your tax refund
After submitting your tax calculations to SARS, you may receive a tax refund. This is a tax break offered by SARS based on certain expenses. But what should you do with it? We have a look at six productive ways you can spend this money.
What happens if you don’t pay your taxes?
As a South African citizen, you are required to pay taxes on any income you earn. However, you may have wondered what would happen if you didn’t pay your taxes.
If you won the lottery, would you be taxed?
We all dream about winning the lotto, and having millions transferred into our bank accounts. But have you considered how much of it you would have to surrender to the tax authority?
What is a business tax profile?
When you register as a taxpayer, a personal tax profile will be created for you. If you have a business, you will need to register this as well.
Will SARS inform you if you miss a claim you’re entitled to?
During tax season, you will complete your income tax forms and submit this to SARS. Depending on what you have declared, you will receive a tax return. However, what if you accidentally miss a claim you’re entitled to?
How are you taxed on your retrenchment package?
Unemployment is one of the biggest problems in South Africa. The emergence of Covid-19 has exacerbated the situation, with a lot of companies retrenching their employees.
Understanding income tax as a freelancer
Working for yourself certainly seems appealing. But, unlike those working for a company, you will have the added responsibility of taking care of your income tax.
How much should you spend on a tax practitioner?
You could do your taxes yourself, or you could hire someone to do it for you. If you decide to go with the latter, you may wonder how much this would cost you.