In last month's Budget speech, Finance Minister Nhlanhla Nene raised personal income taxes by one percentage point for most categories of taxpayers. Consumers will also pay more for fuel from April, following the announcement of fuel levy hikes in the National Budget.
I have received quite a few requests to expand on the tax-free savings accounts (TSA) that were launched on 1 March this year. Many people would like to know where they should invest their money to benefit from the TSA, and are wondering if they should sell existing investments so that they can transfer their money into the TSA.
This month I'm going to refrain from whining about SARS, the Budget, and the increasing strain that the myriad of taxes is placing on our pockets, and focus instead on some of the (few) tax breaks that are still available to ordinary taxpayers.
The new tax year is well under way, bringing with it a number of changes that could affect your payroll calculations and the tax you need to pay on behalf of your employees. Here are some of the important legislative changes, Budget proposals, and a few important dates of which you should be aware of if you're to stay on top of your obligations for the 2015/2016 tax year.
Ever since Jesus extolled the Pharisees to "render unto Caesar that which is Caesar's" (as recorded in Mark 12: 13-17) recalcitrant taxpayers have sought to disprove that a portion of some amount accruing to them actually belongs to Caesar and should be rendered accordingly.