SARS has introduced some changes to the auto assessment process this year to make it easier for taxpayers to file their income tax returns, says Joon Chong, partner at Webber Wentzel. An auto assessment is based on data received from employers, medical aids, banks, retirement annuity funds, etc....

Depending on your financial goals, you may find that having more than one bank account makes sense. But there’s no correct number of bank accounts to have. The key is figuring out which combination of accounts makes for the ideal match between your financial goals and your lifestyle. Here’s how to...

When it comes to handling money, couples have a choice: combine all of their accounts, keep them entirely separate or strive for something in between. But what is normal? About 43% of couples who are married, in a civil partnership or living together have joint assets, according to a new survey...

The Office of the Tax Ombudsman (OTO) has published its first compendium of taxpayers, rights and obligations in South Africa. While the compendium is not a binding set of regulations in itself, it does bring together a compilation of principles that are contained in various documents, including...

The South African Revenue Service (SARS) has announced that a once-off admin penalty will be imposed on taxpayers who failed to review auto-assessments. In a note on Monday (21 February), the revenue collector said that the penalties will apply to two groups of taxpayers: Taxpayers that were...

Taxes “are the dues that we pay for the privileges of membership in an organised society”. As the quote from US president Franklin D Roosevelt in 1936 suggests, governments across the world need to collect tax revenue to be able to provide public goods and services to their citizens. There are a...

Many small business owners have their hands full with tax-related paperwork. If you’re one of them, the admin probably ranks low on the list of your favourite things to do, says Yolandi Esterhuizen, registered tax practitioner and director at Sage Africa & Middle East. However, filing accurate...

“I’m just running a small company with a few people, I don’t need an accountant!” How many times have you said that to yourself? How about the other common mantra, “We’re just a small company, we can’t afford fancy accountants!” Have you said this one? Small business owners often assume that...

When talking about the future, we need to look at the current situation and this may be uncomfortable at times, but we must plan to recover and future-proof our small business. But how can we do it? Mike Anderson (Founder & CEO of the NSBC) asked Anita Opperman (Mastercard – Commercial Sales...

The South African Revenue Service (SARS) has urged individual non-provisional taxpayers to file their income tax returns on or before the deadline of 23 November 2021. In a statement, the revenue collector warned that penalties would be levied on taxpayers who fail to submit their income tax...