You're breaking the law if ... ...
your company employs more than 50 employees your employment equity report is due on the 1 October 2010
or ....
your company employs fewer than 50 employees, but the annual turnover is equal to or exceeds the amounts shown below, your EE report is due on the 1 October 2010.
Sector or sub-sectors in accordance total annual with the Standard Industrial Classification turnover:
Agricultural: R2m
Mining and Quarrying: R7.5m
Manufacturing: R10m
Electricity, Gas and Water: R10m
Construction: R5m
Retail and Motor Trade and Repair Services: R15m
Wholesale Trade, Commercial Agents and Allied Services: R25m
Catering, Accommodation and other Trade: R5m
Transport, Storage and Communications: R10m
Finance and Business Services: R10m
Community, Social and Personal Services: R5m
For more information go to www.acmeaccounting.co.za
Thursday, September 23, 2010
Friday, August 20, 2010
SARS fraudulent emails!!!!!
ALERT
Don’t respond to fake emails, faxes, sms's or websites! Taxpayers should be on the alert for fake emails from an address e.g. returns@sars.co.za or refunds@sars.co.za or fake websites or sms's which inform them of refunds to be paid into their bank accounts.
For more information please contact us or go to www.acmeaccounting.co.za
Don’t respond to fake emails, faxes, sms's or websites! Taxpayers should be on the alert for fake emails from an address e.g. returns@sars.co.za or refunds@sars.co.za or fake websites or sms's which inform them of refunds to be paid into their bank accounts.
For more information please contact us or go to www.acmeaccounting.co.za
Thursday, July 1, 2010
TAX SEASON 2010 NOW OPEN!!!!
TAX SEASON 2010
1 July 2010 marks the start of the 2010 Tax Season for individual taxpayers and trusts.
Your tax return will contain only those income and deduction sections relevant to you.
Outlined below is a summary of main changes being introduced in the 2010 Tax Season regarding the ITR12 individual tax return:
• Taxpayers married in community of property as at 28 February 2010 must complete the fields concerning their spouse’s personal details on their return
• The total amount of investment income earned must be declared even if taxpayers are married in community of property as SARS will do the necessary apportionment
• As a result of a change in legislation persons who qualified as a “handicapped person” in the past must have his or her disability re-confirmed in order to continue to claim the deduction. This will be facilitated through the completion of an ITR-DD form – confirmation of diagnosis of disability form for an individual taxpayer. The ITR-DD form must be completed by the taxpayer and a duly registered medical practitioner.
DEADLINE date for the submission of income tax returns for non-provisional individuals and trusts via eFiling is 26 November 2010.
The efiling deadline date for provisional individuals and trusts is 31 January 2011.
Let’s get Tax Season 2010 off to a winning start. There is no need to wait - do it now!
Please contact us or visit http://www.acmeaccounting.co.za/
1 July 2010 marks the start of the 2010 Tax Season for individual taxpayers and trusts.
Your tax return will contain only those income and deduction sections relevant to you.
Outlined below is a summary of main changes being introduced in the 2010 Tax Season regarding the ITR12 individual tax return:
• Taxpayers married in community of property as at 28 February 2010 must complete the fields concerning their spouse’s personal details on their return
• The total amount of investment income earned must be declared even if taxpayers are married in community of property as SARS will do the necessary apportionment
• As a result of a change in legislation persons who qualified as a “handicapped person” in the past must have his or her disability re-confirmed in order to continue to claim the deduction. This will be facilitated through the completion of an ITR-DD form – confirmation of diagnosis of disability form for an individual taxpayer. The ITR-DD form must be completed by the taxpayer and a duly registered medical practitioner.
DEADLINE date for the submission of income tax returns for non-provisional individuals and trusts via eFiling is 26 November 2010.
The efiling deadline date for provisional individuals and trusts is 31 January 2011.
Let’s get Tax Season 2010 off to a winning start. There is no need to wait - do it now!
Please contact us or visit http://www.acmeaccounting.co.za/
Monday, June 14, 2010
Individual income tax registration now compulsory!!!
All employers...
For the 2011 tax year it is compulsory for all employees to be registered for income tax.
PAYE reconciliation will be submitted in future bio-annually and submission can not be done without all the mandatory fields being entered on ALL employees. One of them being the income tax reference number for each employee!!!!
Failure to submit this recon on time will result in penalties on your payroll.
Contact us for details on the registration process and documents required to do so!!!
For the 2011 tax year it is compulsory for all employees to be registered for income tax.
PAYE reconciliation will be submitted in future bio-annually and submission can not be done without all the mandatory fields being entered on ALL employees. One of them being the income tax reference number for each employee!!!!
Failure to submit this recon on time will result in penalties on your payroll.
Contact us for details on the registration process and documents required to do so!!!
Income tax filing season opens!!!!
Income tax for individuals
Income tax filing season is opening soon.
We urge all taxpayers to start gathering relevant documents such as: IRP5's/IT3's, medical aid certificate, retirement annuity certificate, motor vehicle details, capital gain details, rental income details, etc.
We will gladly assist in submitting your income tax return for 2010!!!!
Income tax filing season is opening soon.
We urge all taxpayers to start gathering relevant documents such as: IRP5's/IT3's, medical aid certificate, retirement annuity certificate, motor vehicle details, capital gain details, rental income details, etc.
We will gladly assist in submitting your income tax return for 2010!!!!
Thursday, February 18, 2010
Travel Allowance changes!!!
Deemed Kilometres Travel Allowance Going...
Currently, employees who travel 32 000 kilometres or more per year are allowed to claim a deduction against their travel allowance of up to 14 000 kilometres under the deemed business kilometres allowance, regardless of the actual business kilometres travelled.
The option to use the deemed kilometre allowance will fall away with effect from the commencement of the 2011 tax year (ie, March 1 2010).
A deduction against a travel allowance will, then, only be available to employees based on actual business kilometres travelled.
Taxpayers will therefore need to keep a logbook in order to claim for business travel.
Effective 01 March 2010, 80% (2009/2010: 60%) of travel allowance will be taxed monthly on the normal tax rate.
Currently, employees who travel 32 000 kilometres or more per year are allowed to claim a deduction against their travel allowance of up to 14 000 kilometres under the deemed business kilometres allowance, regardless of the actual business kilometres travelled.
The option to use the deemed kilometre allowance will fall away with effect from the commencement of the 2011 tax year (ie, March 1 2010).
A deduction against a travel allowance will, then, only be available to employees based on actual business kilometres travelled.
Taxpayers will therefore need to keep a logbook in order to claim for business travel.
Effective 01 March 2010, 80% (2009/2010: 60%) of travel allowance will be taxed monthly on the normal tax rate.
Acme Accountants will provide all our clients with a complimentary logbook and pen before 1 March 2010! For enquiries contact us.
SARS Offers Window Period
SARS Offers Window Period to Transfer Property to Individuals, Transfer Duty Free
Is your house in a Company, Close Corporation or Trust?
The Taxation Laws Amendment Act became operational on 30 September this year. One of the amendments applies to persons who own their residential home in a trust, close corporation or company and offers a window period in which the property can be transferred from the trust, close corporation or company to the individual without attracting liability for the usual taxes payable on such a transaction.
This means that no Transfer Duty, Capital Gains Tax (CGT) and/or Secondary Tax on Companies (STC) will be payable to SARS when the property is transferred to the individual in terms of this amendment.
This saving will be available if:
• you (or you and your spouse) are the holder/s of all the shares in the Company that owns the residential home; or,
• you (or you and your spouse) are the holder/s of all the member's interest in the Close Corporation that owns the residential home; or
• you (or you and your spouse) financed the purchase of the residential property in a Trust; and
• you (or you and your spouse) have always resided in the home and have used it for normal domestic purposes (and not merely as holiday house) since 11 February 2009; and
• you transfer ownership in the property into your name, or in both you and your spouse's names jointly before 31 December 2011.
Acme Accountants urges property owners to take advantage of this window period: "The concession offers property owners a welcome saving, especially in this challenging economic period."
Is your house in a Company, Close Corporation or Trust?
The Taxation Laws Amendment Act became operational on 30 September this year. One of the amendments applies to persons who own their residential home in a trust, close corporation or company and offers a window period in which the property can be transferred from the trust, close corporation or company to the individual without attracting liability for the usual taxes payable on such a transaction.
This means that no Transfer Duty, Capital Gains Tax (CGT) and/or Secondary Tax on Companies (STC) will be payable to SARS when the property is transferred to the individual in terms of this amendment.
This saving will be available if:
• you (or you and your spouse) are the holder/s of all the shares in the Company that owns the residential home; or,
• you (or you and your spouse) are the holder/s of all the member's interest in the Close Corporation that owns the residential home; or
• you (or you and your spouse) financed the purchase of the residential property in a Trust; and
• you (or you and your spouse) have always resided in the home and have used it for normal domestic purposes (and not merely as holiday house) since 11 February 2009; and
• you transfer ownership in the property into your name, or in both you and your spouse's names jointly before 31 December 2011.
Acme Accountants urges property owners to take advantage of this window period: "The concession offers property owners a welcome saving, especially in this challenging economic period."
Cipro - Annual Returns
Dear Client
CIPRO introduced annual returns on 1 September 2008 for closed corporations. This is to update details with CIPRO, with regards to company and financial information, on an annual basis. An annual return fee is also payable to CIPRO based on your turnover.
Also note that should we not submit your return in due course, deregistration by CIPRO will take place.
Please treat this matter with urgency!!
What is the purpose of an Annual Return?
In keeping with legislation, the Registrar of Close Corporations needs to determine whether a registered organisation is still in business and to confirm the Registrar is in possession of the latest information of the close corporation, each close corporation is compelled in terms of the Act to lodge an Annual Return once every year.
When do I need to lodge the close corporation’s Annual Return?
An Annual Return needs to be lodged within the anniversary month of its official incorporation up until the end of the month following its anniversary month.
What will happen if I fail to lodge the close corporation’s Annual Return?
Should a close corporation fail to lodge and pay for its Annual Returns for a period more than six months the Registrar may conclude that the close corporation is no longer conducting business and may refer it to be deregistered.
CIPRO introduced annual returns on 1 September 2008 for closed corporations. This is to update details with CIPRO, with regards to company and financial information, on an annual basis. An annual return fee is also payable to CIPRO based on your turnover.
Also note that should we not submit your return in due course, deregistration by CIPRO will take place.
Please treat this matter with urgency!!
What is the purpose of an Annual Return?
In keeping with legislation, the Registrar of Close Corporations needs to determine whether a registered organisation is still in business and to confirm the Registrar is in possession of the latest information of the close corporation, each close corporation is compelled in terms of the Act to lodge an Annual Return once every year.
When do I need to lodge the close corporation’s Annual Return?
An Annual Return needs to be lodged within the anniversary month of its official incorporation up until the end of the month following its anniversary month.
What will happen if I fail to lodge the close corporation’s Annual Return?
Should a close corporation fail to lodge and pay for its Annual Returns for a period more than six months the Registrar may conclude that the close corporation is no longer conducting business and may refer it to be deregistered.
Budget Speech 2010/2011
Budget Highlights 2010/2011
Relief for Individuals
Personal Income Tax
Budget 2010 provides significant tax relief to individuals amounting to R6.5bn, which partially compensates for the effects of inflation (bracket creep).
This means that individuals younger than 65 years of age earning a total amount of–
• R80 000 will pay tax at an average rate of 5.2% on earnings and save R504;
• R250 000 will pay tax at an average rate of 17.6% on earnings and save R1 614;
• R750 000 will pay tax at an average rate of 30.6% on earnings and save R3 534.
The tax threshold for individuals younger than 65 will be R57 000 and for individuals 65 or older R88 528.
Increased exemption for interest and dividend income
• The annual exemption on interest earned for individuals younger than 65 years is raised from R21 000 to R22 300.
• The exemption for individuals 65 years and older increases from R30 000 to R32 000.
• The threshold for the tax-free portion of interest and dividends from foreign investment increases from R3 500 to R3 700.
Medical Expenses
From 1 March 2010 the tax deductible portion of monthly contributions to medical schemes is increased for each of the first two beneficiaries from R625 to R670 and for each additional beneficiary from R380 to R410.
Retrenchment Packages
The R30 000 exemption for termination of services has not been adjusted in many years. It is proposed that this exemption be merged into the retirement fund lump sum benefit system and that the qualifying lump sums be taxed by applying the tax table for retirement fund lump sum benefits. The aggregation principle will apply.
Other Tax Proposals Affecting Individuals
Standard income tax on individuals (SITE)
SITE was introduced in the late 1980s to limit the number of tax returns filed annually. Administrative modernisation and the fact that the tax threshold for taxpayers younger than 65 years is approaching R60 000 have eliminated the need for this system.
SITE is to be abolished from 1 March 2011.
Administrative relief measures will be considered for low-income taxpayers with multiple sources of income.
Limiting salary structuring
• The company car fringe benefit value is to be increased
• Deferred compensation and employer-provided group life insurance will be taxed as fringe benefits
Voluntary Disclosure Programme
In order for taxpayers to disclose their defaults (non-compliance) and regularise their tax affairs a voluntary disclosure programme will be implemented.
• The programme is to be effective during a window period from 1 November 2010 until 31 October 2011
• The full amount of tax remains due
• Relief with regard to interest and penalties will apply
• Relief is to be granted if–
º the disclosure is complete
º SARS was not aware of the default
º a penalty or additional tax would have been imposed had SARS discovered the default in the normal course of business.
Relief for Individuals
Personal Income Tax
Budget 2010 provides significant tax relief to individuals amounting to R6.5bn, which partially compensates for the effects of inflation (bracket creep).
This means that individuals younger than 65 years of age earning a total amount of–
• R80 000 will pay tax at an average rate of 5.2% on earnings and save R504;
• R250 000 will pay tax at an average rate of 17.6% on earnings and save R1 614;
• R750 000 will pay tax at an average rate of 30.6% on earnings and save R3 534.
The tax threshold for individuals younger than 65 will be R57 000 and for individuals 65 or older R88 528.
Increased exemption for interest and dividend income
• The annual exemption on interest earned for individuals younger than 65 years is raised from R21 000 to R22 300.
• The exemption for individuals 65 years and older increases from R30 000 to R32 000.
• The threshold for the tax-free portion of interest and dividends from foreign investment increases from R3 500 to R3 700.
Medical Expenses
From 1 March 2010 the tax deductible portion of monthly contributions to medical schemes is increased for each of the first two beneficiaries from R625 to R670 and for each additional beneficiary from R380 to R410.
Retrenchment Packages
The R30 000 exemption for termination of services has not been adjusted in many years. It is proposed that this exemption be merged into the retirement fund lump sum benefit system and that the qualifying lump sums be taxed by applying the tax table for retirement fund lump sum benefits. The aggregation principle will apply.
Other Tax Proposals Affecting Individuals
Standard income tax on individuals (SITE)
SITE was introduced in the late 1980s to limit the number of tax returns filed annually. Administrative modernisation and the fact that the tax threshold for taxpayers younger than 65 years is approaching R60 000 have eliminated the need for this system.
SITE is to be abolished from 1 March 2011.
Administrative relief measures will be considered for low-income taxpayers with multiple sources of income.
Limiting salary structuring
• The company car fringe benefit value is to be increased
• Deferred compensation and employer-provided group life insurance will be taxed as fringe benefits
Voluntary Disclosure Programme
In order for taxpayers to disclose their defaults (non-compliance) and regularise their tax affairs a voluntary disclosure programme will be implemented.
• The programme is to be effective during a window period from 1 November 2010 until 31 October 2011
• The full amount of tax remains due
• Relief with regard to interest and penalties will apply
• Relief is to be granted if–
º the disclosure is complete
º SARS was not aware of the default
º a penalty or additional tax would have been imposed had SARS discovered the default in the normal course of business.
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