eFiling or online filing Income Tax Return SARS | Income tax returns efiling or online filing SARS
Please contact us on raimond@swellendamaccountants.com or visit our website www.swellendamaccountants.com or www.efilingincometaxreturns.com
11 December, 2011
09 November, 2011
PENALTIES ON PAYE RECONCILIATION
Companies have a month to submit their annual PAYE reconciliations to the South African Revenue Services (Sars) and if they don't make the deadline they will pay penalties.
The PAYE reconciliation submission season began on April 4 and closes on June 3 2011. Sars has warned employers that they will be penalised if tax certificates are not submitted by the June 3 deadline.
Penalties will also be applied to incomplete tax certificate submissions where some certificates are missing or do not contain all the mandatory information such as income tax reference numbers or if inaccurate tax certificates are submitted.
A Sars notice stipulates that the penalty will be calculated as 10% of the company's total tax liability according to EMP201 returns submitted for the full 2010/2011 tax year. Penalties will be raised only after the conclusion of the filing season on 3 June 2011.
However, employers will be able to request a remittance (RFR) of the penalty amount and provide proof that their failure to comply was the result of circumstances beyond their control. Should an RFR be received, Sars will reduce the penalty by charging a 1% penalty for each month the submission is late. So if the submission is one month late the 10% penalty reduces to 1% and if it is three months late to 3%.
When submissions are incomplete or inaccurate, only the offending tax certificates will be included when the penalty is calculated. Employers can expect leniency from Sars if they can provide proof that they have done everything within their power to submit complete tax certificates on time.
Any penalties unpaid after three months will be recovered by Sars through the ITA88 Agent Appointment Notifications process introduced a few months ago that appoints companies as agents and obligates them to collect outstanding penalties from employees and pay the amounts over to Sars using the e@syFile software system. Now, to recover unpaid penalties after three months, the employer's bank will be appointed as an agent allowing Sars to recover unpaid amounts directly from the employer's bank account.
Companies must ensure that they download the latest version of the Sars e@syFileTM Employer software from the Sars website www.sarsefiling.co.za seeing that the new software will ensure accuracy and compliance with Sars requirements.
www.swellendamaccountants.com or www.efilingincometaxreturns.com
The PAYE reconciliation submission season began on April 4 and closes on June 3 2011. Sars has warned employers that they will be penalised if tax certificates are not submitted by the June 3 deadline.
Penalties will also be applied to incomplete tax certificate submissions where some certificates are missing or do not contain all the mandatory information such as income tax reference numbers or if inaccurate tax certificates are submitted.
A Sars notice stipulates that the penalty will be calculated as 10% of the company's total tax liability according to EMP201 returns submitted for the full 2010/2011 tax year. Penalties will be raised only after the conclusion of the filing season on 3 June 2011.
However, employers will be able to request a remittance (RFR) of the penalty amount and provide proof that their failure to comply was the result of circumstances beyond their control. Should an RFR be received, Sars will reduce the penalty by charging a 1% penalty for each month the submission is late. So if the submission is one month late the 10% penalty reduces to 1% and if it is three months late to 3%.
When submissions are incomplete or inaccurate, only the offending tax certificates will be included when the penalty is calculated. Employers can expect leniency from Sars if they can provide proof that they have done everything within their power to submit complete tax certificates on time.
Any penalties unpaid after three months will be recovered by Sars through the ITA88 Agent Appointment Notifications process introduced a few months ago that appoints companies as agents and obligates them to collect outstanding penalties from employees and pay the amounts over to Sars using the e@syFile software system. Now, to recover unpaid penalties after three months, the employer's bank will be appointed as an agent allowing Sars to recover unpaid amounts directly from the employer's bank account.
Companies must ensure that they download the latest version of the Sars e@syFileTM Employer software from the Sars website www.sarsefiling.co.za seeing that the new software will ensure accuracy and compliance with Sars requirements.
www.swellendamaccountants.com or www.efilingincometaxreturns.com
08 October, 2011
Browse Swellendam accounting and bookkeeping services, income tax consultants by Lamprecht &Co
Browse Swellendam accounting and bookkeeping services, income tax consultants by Lamprecht &Co
Please contact us on raimond@swellendamaccountants.com or visit our website www.swellendamaccountants.com or www.efilingincometaxreturns.com
Please contact us on raimond@swellendamaccountants.com or visit our website www.swellendamaccountants.com or www.efilingincometaxreturns.com
03 October, 2011
INCOME TAX RETURN SUBMISSION
Please contact us on raimond@swellendamaccountants.com or visit our website www.swellendamaccountants.com
Do you need assistance with the completion of your income tax returns? Let us complete your tax returns without the need of tax forms at a minimal cost through e-filing or online filing, and give you the results immediately by means of a tax calculator. We can deliver this tax service to you anywhere in South Africa, and you do not have to sign any forms as all the returns are done electronically. Fees for the returns start at R250.00 for the basic return, R350 if you have car allowances etc, and R450 if you are a business owner. Please contact us on raimond@swellendamaccountants.com or website www.swellendamaccountants.com at the following contact numbers.
Tel: 028-5143914
Mobile: 082 377 1953
Fax: 0866 115 099
Adress: 8 Swellengrebel Street/ Straat 8
PO Box 438 Posbus
Swellendam 6740
E-mail: raimond@swellendamaccountants.com
Website: www.swellendamaccountants.comwww.efilingincometaxreturns.com
Do you need assistance with the completion of your income tax returns? Let us complete your tax returns without the need of tax forms at a minimal cost through e-filing or online filing, and give you the results immediately by means of a tax calculator. We can deliver this tax service to you anywhere in South Africa, and you do not have to sign any forms as all the returns are done electronically. Fees for the returns start at R250.00 for the basic return, R350 if you have car allowances etc, and R450 if you are a business owner. Please contact us on raimond@swellendamaccountants.com or website www.swellendamaccountants.com at the following contact numbers.
Tel: 028-5143914
Mobile: 082 377 1953
Fax: 0866 115 099
Adress: 8 Swellengrebel Street/ Straat 8
PO Box 438 Posbus
Swellendam 6740
E-mail: raimond@swellendamaccountants.com
Website: www.swellendamaccountants.com
02 October, 2011
INCOME TAX RETURN FILING SARS
Please contact us on raimond@swellendamaccountants.com or visit our website www.swellendamaccountants.com
Tel: 028-5143914
Mobile: 082 377 1953
Fax: 0866 115 099
Adress: 8 Swellengrebel Street/ Straat 8
PO Box 438 Posbus
Swellendam 6740
E-mail: raimond@swellendamaccountants.com
Website: www.swellendamaccountants.com
Do you need assistance with the completion of your income tax returns? Let us complete your tax returns without the need of tax forms at a minimal cost through e-filing or online filing, and give you the results immediately by means of a tax calculator. We can deliver this tax service to you anywhere in South Africa, and you do not have to sign any forms as all the returns are done electronically. Fees for the returns start at R250.00 for the basic return, R350 if you have car allowances etc, and R450 if you are a business owner. Please contact us on raimond@swellendamaccountants.com or website www.swellendamaccountants.com at the following contact numbers. www.efilingincometaxreturns.com
Tel: 028-5143914
Mobile: 082 377 1953
Fax: 0866 115 099
Adress: 8 Swellengrebel Street/ Straat 8
PO Box 438 Posbus
Swellendam 6740
E-mail: raimond@swellendamaccountants.com
Website: www.swellendamaccountants.com
29 August, 2011
SWELLENDAM PROPERTY NEWSLETTER
Please contact us on raimond@swellendamaccountants.com or visit our website www.swellendamaccountants.com
Raimond Lamprecht, principal of the new Jawitz Properties franchise in Swellendam says there is good value to be found in in the town but that most sellers are still having to accept offers 10% to 15% below their asking prices.
"There's been interest lately from foreigners and up-country buyers who are drawn to the area because of its scenic beauty and its proximity to Cape Town and George. Families regard it as a safe environment in which to raise children, and are attracted by the reputable schools and the quality of life. And of course the fact that Swellendam is the third oldest town in SA adds an historic flavour," he says.
Currently, growth is mostly taking place at the lower end of the market, that is the R400 000 to R750 000 range.
At the upper end, there has been much less activity and some properties have been on the market for more than a year. "Having said that, though, we have recently sold two up market properties for R2,175m and R1,950m respectively in less than a month," Lamprecht notes.
In the middle sector of the Swellendam market, buyers can expect to pay around R1m for a three to four-bedroom house, and around R850 000 for a sectional title unit in a retirement village.
*For more information contact Raimond Lambrecht on 082 5143914 or 082 377 1953 or visit our website at www.overbergprop.com or www.jawitzswellendam.co.za
Raimond Lamprecht, principal of the new Jawitz Properties franchise in Swellendam says there is good value to be found in in the town but that most sellers are still having to accept offers 10% to 15% below their asking prices.
"There's been interest lately from foreigners and up-country buyers who are drawn to the area because of its scenic beauty and its proximity to Cape Town and George. Families regard it as a safe environment in which to raise children, and are attracted by the reputable schools and the quality of life. And of course the fact that Swellendam is the third oldest town in SA adds an historic flavour," he says.
Currently, growth is mostly taking place at the lower end of the market, that is the R400 000 to R750 000 range.
At the upper end, there has been much less activity and some properties have been on the market for more than a year. "Having said that, though, we have recently sold two up market properties for R2,175m and R1,950m respectively in less than a month," Lamprecht notes.
In the middle sector of the Swellendam market, buyers can expect to pay around R1m for a three to four-bedroom house, and around R850 000 for a sectional title unit in a retirement village.
*For more information contact Raimond Lambrecht on 082 5143914 or 082 377 1953 or visit our website at www.overbergprop.com or www.jawitzswellendam.co.za
25 July, 2011
TAXABLE FRINGE BENEFITS ON MOTOR VEHICLES
Please contact us at raimond@swellendamaccountants.com or visit our website at www.swellendamaccountants.com or www.efilingincometaxreturns.com
Keeping a logbook to record your business kilometers could result in a tax refund on assessment. With effect from March 1 this year, Sars increased the monthly taxable fringe benefit on motor vehicles. But it's not necessarily all bad news.
From the beginning of March, the fringe benefit - the private use of a company car - is calculated on the cost of the vehicle to the company (now including VAT), at a rate of 3.5% per month. So if your car cost R200 000 (including VAT) you'll be taxed on R7 000 in addition to your normal salary on a monthly basis for having the use of the car.
However, in some cases, if the car was purchased with a maintenance plan, the fringe benefit may be calculated at a reduced rate of 3.25% per month.
Other factors can also be used to reduce your final taxable fringe benefit at year-end depending on whether you, or your company, incurred the maintenance and fuel costs of the vehicle and whether accurate records were kept.
As with a travel allowance, it's vitally important to keep accurate records of the private kilometers you travel during the tax year. If you have accurate records, you'll be able to receive a deduction similar to that claimed with a travel allowance.
Where you, as the employee bear the full cost of insuring, maintaining and licensing the vehicle, on assessment, the taxable fringe benefit will be reduced in a ratio proportionate to the total private distance travelled compared to the total distance travelled.
If you're responsible for the full cost of fuel, the total taxable fringe benefit can be reduced by the value of the private distance travelled by applying the rate per kilometer as used when calculating a travel allowance.
If you're lucky enough to have been given a car to drive, with all its expenses paid for by your employer, and if you have kept accurate records of your private kilometers, you'll still be eligible to receive a deduction on assessment.
As the monthly fringe benefit is included in your remuneration, it will be subject to employee's tax, which will be withheld from your monthly pay and calculated on 80% of your total taxable monthly fringe benefit. As with a travel allowance, a logbook can, however, be used on assessment to reduce the total tax due based on the total private distance travelled which might even result in a refund.
In cases where you can motivate that the car provided to you is almost exclusively used for business and it can be proved that at least 80% of the distance you travel relates to business travel, your employer only has to deduct employees tax from 20% of the taxable monthly fringe benefit monthly.
But you'll need to convince your employer that your car is mainly used for business because if Sars finds that your private travel exceeds 20% of the total kilometers travelled, your employer might have to pay interest and penalties for underpaying employees tax during a particular year of assessment.
Keeping a logbook to record your business kilometers could result in a tax refund on assessment. With effect from March 1 this year, Sars increased the monthly taxable fringe benefit on motor vehicles. But it's not necessarily all bad news.
From the beginning of March, the fringe benefit - the private use of a company car - is calculated on the cost of the vehicle to the company (now including VAT), at a rate of 3.5% per month. So if your car cost R200 000 (including VAT) you'll be taxed on R7 000 in addition to your normal salary on a monthly basis for having the use of the car.
However, in some cases, if the car was purchased with a maintenance plan, the fringe benefit may be calculated at a reduced rate of 3.25% per month.
Other factors can also be used to reduce your final taxable fringe benefit at year-end depending on whether you, or your company, incurred the maintenance and fuel costs of the vehicle and whether accurate records were kept.
As with a travel allowance, it's vitally important to keep accurate records of the private kilometers you travel during the tax year. If you have accurate records, you'll be able to receive a deduction similar to that claimed with a travel allowance.
Where you, as the employee bear the full cost of insuring, maintaining and licensing the vehicle, on assessment, the taxable fringe benefit will be reduced in a ratio proportionate to the total private distance travelled compared to the total distance travelled.
If you're responsible for the full cost of fuel, the total taxable fringe benefit can be reduced by the value of the private distance travelled by applying the rate per kilometer as used when calculating a travel allowance.
If you're lucky enough to have been given a car to drive, with all its expenses paid for by your employer, and if you have kept accurate records of your private kilometers, you'll still be eligible to receive a deduction on assessment.
As the monthly fringe benefit is included in your remuneration, it will be subject to employee's tax, which will be withheld from your monthly pay and calculated on 80% of your total taxable monthly fringe benefit. As with a travel allowance, a logbook can, however, be used on assessment to reduce the total tax due based on the total private distance travelled which might even result in a refund.
In cases where you can motivate that the car provided to you is almost exclusively used for business and it can be proved that at least 80% of the distance you travel relates to business travel, your employer only has to deduct employees tax from 20% of the taxable monthly fringe benefit monthly.
But you'll need to convince your employer that your car is mainly used for business because if Sars finds that your private travel exceeds 20% of the total kilometers travelled, your employer might have to pay interest and penalties for underpaying employees tax during a particular year of assessment.
02 May, 2011
OPSTEL VAN TESTAMENT
Kontak ons by raimond@swellendamaccountants.com of besoek ons website www.swellendamaccountants.com of www.efilingincometaxreturns.com
Wanneer 'n mens te sterwe kom, word sy boedel verdeel tussen sy familielede of die mense wat hy wil laat erf.
Die boedel bestaan uit 'n mens se persoonlike eiendom en besittings, asook enige geld or ander bates wat hy besit.
Op wie u eiendom oorgaan, hang daarvan af of u 'n geldige testament gehad het of nie. As u 'n geldige testament het, word die eiendom verdeel volgens u wense. As u sonder 'n testament te sterwe kom (sogenaamd intestaat), word u eiendom verdeel onder u onmiddellike familielede ooreenkomstig die intestate erfreg.
Vir die geldigheid van u testament moet u seker maak:
In u testament kan u:
'n Eksekuteur is die persoon wat seker sal maak dat u eiendom verdeel word ooreenkomstig u wense soos bepaal in u testament. Die eksekuteur betaal ook u uitstaande skuld. Indien u nie 'n eksekuteur aanwys nie, sal die hof iemand aanwys - gewoonlik 'n familielid - om as eksekuteur op te tree.
U kan 'n prokureur vra om u te help met die opstel van 'n testament, of u kan 'n maklik invulbare vormtestament by 'n skryfbehoeftewinkel koop.
Onder die tradisionele reg is daar verskillende reëls wat geld, maar dit het 'n situasie tot gevolg wat totaal onregverdig teenoor die vrou is.
Wanneer 'n mens te sterwe kom, word sy boedel verdeel tussen sy familielede of die mense wat hy wil laat erf.
Die boedel bestaan uit 'n mens se persoonlike eiendom en besittings, asook enige geld or ander bates wat hy besit.
Op wie u eiendom oorgaan, hang daarvan af of u 'n geldige testament gehad het of nie. As u 'n geldige testament het, word die eiendom verdeel volgens u wense. As u sonder 'n testament te sterwe kom (sogenaamd intestaat), word u eiendom verdeel onder u onmiddellike familielede ooreenkomstig die intestate erfreg.
DIE OPSTEL VAN 'n GELDIGE TESTAMENT
As u ouer as 16 is, kan u 'n testament opstel waarin u bepaal na wie u wil hê u eiendom moet gaan na u dood. Om geldig te wees moet u testament op die regte manier opgestel wees, en u moet verstandelik bevoeg wees ten tye van die opstel van die testament. Dit beteken dat u in staat moet wees om te verstaan watter gevolge die opstel van 'n testament inhou, dat u gemoedstoestand redelik moet wees en dat u moet kan onthou wat u besit.Vir die geldigheid van u testament moet u seker maak:
- dat die testament op skrif is;
- dat twee mense ouer as 14 as getuies optree by die opstel van die testament (hierdie getuies kan nie enige voordeel trek uit die testament nie);
- dat u elke bladsy van die testament geparafeer het en die laaste bladsy in die teenwoordigheid van die getuies onderteken het, en
- dat die getuies die testament geparafeer en onderteken het.
In u testament kan u:
- 'n eksekuteur aanwys, en
- u eiendom verdeel.
'n Eksekuteur is die persoon wat seker sal maak dat u eiendom verdeel word ooreenkomstig u wense soos bepaal in u testament. Die eksekuteur betaal ook u uitstaande skuld. Indien u nie 'n eksekuteur aanwys nie, sal die hof iemand aanwys - gewoonlik 'n familielid - om as eksekuteur op te tree.
U kan 'n prokureur vra om u te help met die opstel van 'n testament, of u kan 'n maklik invulbare vormtestament by 'n skryfbehoeftewinkel koop.
OM SONDER 'n TESTAMENT TE STERWE TE KOM
As u nie 'n geldige testament het wanneer u te sterwe kom nie, word u eiendom verdeel volgens regsreëls. Hierdie reëls bepaal:- dat 'n getroude persoon se eiendom gelykop gedeel word deur die eggenoot en hul kinders;
- dat die eiendom verdeel word tussen ander familielede as daar geen eggenoot of kinders is nie, en
- dat as daar geen bloedverwante is nie, die eiendom na die staat gaan.
Onder die tradisionele reg is daar verskillende reëls wat geld, maar dit het 'n situasie tot gevolg wat totaal onregverdig teenoor die vrou is.
MAKING A WILL
For more information contact us at raimond@swellendamaccountants.com or visit our website at www.swellendamaccountants.com or www.efilingincometaxreturns.com
When you die, your estate is divided out between your family or the people that you want to have inherit from you.
The estate consists of your personal property and possessions, as well as any money or other assets owed by you.
Who your property is passed on to depends on whether you have a valid will or not. If you have a valid will then the property is divided according to your wishes. If you die without a will (called intestate) then your property will be divided up amongst your immediate family according to the laws of intestate succession.
If you are older than 16, you can make a will stating who you want your property to go to when you die. For your will to be valid it needs to be made in the proper way and you need to be mentally competent when you create the will. This means that you must be able to understand the consequences of creating a will, must be in a reasonable state of mind and remember what you own.
For a will to be valid you must make sure that:
In your will you can:
An executor is the person that will make sure that your property is divided up according to your wishes, as set out in your will. The executor also settles your outstanding debts. If you don't choose an executor, the court will appoint someone, usually a family member to be your executor.
You can get a lawyer to help you to draw up a will or you can get an easy-to-complete will form from a stationary shop.
If you don't have a valid will when you die, your property is divided up according to the rules set out in the law. These rules state that:
Different rules apply under customary law but this results in a situation that is totally unfair to the wife.
When you die, your estate is divided out between your family or the people that you want to have inherit from you.
The estate consists of your personal property and possessions, as well as any money or other assets owed by you.
Who your property is passed on to depends on whether you have a valid will or not. If you have a valid will then the property is divided according to your wishes. If you die without a will (called intestate) then your property will be divided up amongst your immediate family according to the laws of intestate succession.
CREATING A VALID WILL
If you are older than 16, you can make a will stating who you want your property to go to when you die. For your will to be valid it needs to be made in the proper way and you need to be mentally competent when you create the will. This means that you must be able to understand the consequences of creating a will, must be in a reasonable state of mind and remember what you own.
For a will to be valid you must make sure that:
- The will is in writing.
- Two people older than 14 witness the making of the will (these witnesses cannot be beneficiaries of the will).
- You have initialled every page of the will and signed the last page, in the presence of the witnesses.
- The witnesses have initialled and signed the will.
In your will you can:
- appoint an executor
- divide up your property.
An executor is the person that will make sure that your property is divided up according to your wishes, as set out in your will. The executor also settles your outstanding debts. If you don't choose an executor, the court will appoint someone, usually a family member to be your executor.
You can get a lawyer to help you to draw up a will or you can get an easy-to-complete will form from a stationary shop.
DYING WITHOUT A WILL
If you don't have a valid will when you die, your property is divided up according to the rules set out in the law. These rules state that:
- A married person's property is shared equally by their spouse and their children.
- The property is divided between other family members if there is no spouse or children
- If there are no blood relatives then the property is given to the government.
Different rules apply under customary law but this results in a situation that is totally unfair to the wife.
PRELIMINARY OUTCOME OF SARS 2010 / 2011
Contact us at raimond@swellendamaccountants.com or visit our website at www.swellendamaccountants.com
The preliminary outcome of revenue collection by the South African Revenue Service (Sars) for the 2010/11 fiscal year is an important indicator of our country's economic recovery.
Positive economic growth over successive quarters in 2010 and a modest recovery in revenue indicate that our economy is regaining its growth momentum.
Looking ahead the South African economy is expected to continue to recover over the medium term, with projected GDP growth of 3.4% this year, rising to 4.4% in 2013.
We expect that that tax revenues will continue to improve and that revenue collection by Sars will continue to provide a sound basis for our developmental goals.
By midnight last night, Sars had collected R674.2 billion in tax revenue which is R2 billion higher than the revenue target set in the 2011 Budget in February.
This represents nominal growth in revenue of 12.6% or R75.6 billion more than the previous fiscal year.
The preliminary spending outcome of R891.3 billion is 0.2% of GDP lower than anticipated in the 2011 Budget. Combined with higher than anticipated revenue, the preliminary budget deficit is 5% of GDP - 0.3% lower than in the 2011 Budget
The revenue target for 2011/12 is R741.6 billion.
The preliminary outcome of revenue collection by the South African Revenue Service (Sars) for the 2010/11 fiscal year is an important indicator of our country's economic recovery.
Positive economic growth over successive quarters in 2010 and a modest recovery in revenue indicate that our economy is regaining its growth momentum.
Looking ahead the South African economy is expected to continue to recover over the medium term, with projected GDP growth of 3.4% this year, rising to 4.4% in 2013.
We expect that that tax revenues will continue to improve and that revenue collection by Sars will continue to provide a sound basis for our developmental goals.
By midnight last night, Sars had collected R674.2 billion in tax revenue which is R2 billion higher than the revenue target set in the 2011 Budget in February.
This represents nominal growth in revenue of 12.6% or R75.6 billion more than the previous fiscal year.
The preliminary spending outcome of R891.3 billion is 0.2% of GDP lower than anticipated in the 2011 Budget. Combined with higher than anticipated revenue, the preliminary budget deficit is 5% of GDP - 0.3% lower than in the 2011 Budget
- Revenue Performance
The revenue target for 2011/12 is R741.6 billion.
- Performance of different tax types
- The year-on-year growth of R21.8bn (10.6%) was driven by wage settlements in excess of inflation.
- Average wage settlements in 2010 were estimated at 8.2% vs. 9.3% in 2009.
- The one million job losses in the previous two years showed limited impact on the upward trajectory of PIT.
- The main contributors to the growth are the finance, public administration and agencies sectors.
- Against the revised 2011 Budget estimate PIT was below by R1.1bn (-0.5%).
- Collections declined by R1.5bn (-1.1%) showing that CIT continues to lag.
- Corporate returns in South Africa are submitted 12 - 18 months after their financial year-end
- Positive signs going forward are the recovery in demand, commodity prices (notwithstanding the strengthening currency) as well overall growth in gross operating surplus from 4% to 11% which indicates improvements in business profitability.
- Sectors still lagging the recovery are agriculture, mining, construction and petroleum (mainly due to capital investment by a major oil company).
- Sectors that proved to be more resilient and performing better are telecoms, transport, wholesale and retail trade as well as medical.
Subscribe to:
Posts (Atom)