News

Changes to the ITR12 Tax Return

For the 2017 tax season we are introducing the following changes to the ITR12 tax return: Medical expenditure Check if the information on your medical scheme tax certificate is correct. If not, contact your medical scheme to correct it before you file your tax return.  If your employer paid your medical scheme contributions to your

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TAX SEASON 2017 FOR INDIVIDUALS

The 2017 Tax Season for Individuals is now open. eFilers can file from 1 July while our branches and contact centre are open to assist you from 3 July 2017. The deadlines are: ​Channel ​Deadline Type of Taxpayer​​ Manual – post or at SARS branch drop boxes​ ​22 September 2017 ​Non-provisional and provisional eFiling or

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SARS Special Stoppers

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Almost all refunds SARS has issued a “Special Stopper”. This is effectively a system-generated hold, placed on your tax account, and requires re-verification of (pre-existing) taxpayer information. In many cases this information has been on the system for years. For example: bank details, where you have used the same bank account for the last 20

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PERSONAL INCOME TAX

Examples of amounts an individual may receive, and from which the taxable income is determined, include – Remuneration (income from employment), such as, salaries, wages, bonuses, overtime pay, taxable (fringe) benefits, allowances and certain lump sum benefits Profits or losses from a business or trade Income or profits arising from an individual being a beneficiary

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What is an Audit/Verification?

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It is an examination and verification of taxpayer financial and accounting records and supporting documents to ensure that the records are a fair and accurate representation of the transactions that the taxpayer claims to represent. This ensures that the taxpayer contributes honestly and fairly towards his or her taxes. Once you have submitted your return/declaration,

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Dispute management process for VAT

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On 14 October 2016, SARS implemented an enhanced dispute management process for Value-Added Tax (VAT) on the electronic platform. The improved system will enable VAT vendors to lodge disputes via eFiling and electronically at any SARS branch, manage their tax profiles better and also have a consolidated view of all lodged disputes for PIT, CIT

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INCOME TAX

A company must be registered with the Company Intellectual Property Commission (CIPC) to obtain a registration number. The company will then be registered automatically as a taxpayer. A company which does not hear from SARS after registering with CIPC, must contact their nearest SARS office. If a company is not yet registered with SARS, they

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TURNOVER TAX

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Turnover tax is a simplified system aimed at making it easier for micro business to meet their tax obligations. The turnover tax system replaces Income Tax, VAT, Provisional Tax, Capital Gains Tax and Dividends Tax for micro businesses with a qualifying annual turnover of R 1 million or less. Micro businesses with an annual turnover

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VALUE ADDED TAX

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It is mandatory for any business to register for VAT if the income earned in any consecutive twelve month period exceeded or is likely to exceed R1 million. Any business may choose to register voluntarily if the income earned, in the past twelve month period, exceeded R50 000. A small business that is registered as a

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EMPLOYEES TAXES

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What is the Employees’ Tax  (PAYE)? Employees’ Tax is the tax that must be deducted by an employer from an employee’s remuneration and paid to SARS. The process is commonly referred to as PAYE. The amounts deducted must be paid monthly by the employer to SARS, and is accompanied by the submission of a completed

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EMPLOYERS RECONCILIATION (EMP501)

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The Employer Reconciliation Declaration (EMP501) Employers are required to complete and submit an Employer Reconciliation Declaration (EMP501), and if applicable, a Tax Certificate Cancellation Declaration (EMP601). The declarations should be submitted twice during a year: • Interim period – which is for the six-month period 1 March to 31 August. Employers are not required to

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COMPANY (Pty) Ltd

PRIVATE COMPANY (popular) Incorporated by 1 or more persons for financial gain for the shareholders. Must have a minimum of 1 directors. This is a business structure for entrepreneurs to run their business with no limit on the number of directors. Private companies are not allowed to offer securities to the public and is also

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NON PROFIT COMPANIES (NPC)

NON PROFIT COMPANIES Incorporated by at least 3 persons for public benefit, social activities, communal or group Interest, etc. Must have a minimum of 3 directors. The primary objective is to be a benefit to the public and not to make profit. Income/property may not be distributed to the incorporators, members, directors or officers. Only

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PERSONAL LIABILITY COMPANY (Inc)

PERSONAL LIABILITY COMPANY Incorporated by 1 or more persons for financial gain for the shareholders (owners). Must have a minimum of 1 directors. As a professional, you can  register a company that you want to be personally liable for. The Personal Liability Company and its directors, past and present, are jointly liable for any debts

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TRUST

There are three types of trusts under South African law: An “ownership trust”, under which the founder or settlor transfers ownership of assets or property to a trustee(s) to be held for the benefit of defined or determinable beneficiaries of the trust. A “bewind trust”, under which the founder or settlor transfers ownership of assets

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COMPANY NAME

One of the very first and most important decisions you will make when starting a new business, is to choose a company name. Why? Well, first of all, your name will be the very first thing that all of your customers will see and a good name will be one that identifies your product or

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Welcome

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Thank you for allowing us to become a part of your world . Our goal is to help you unlock the full benefits available to you or your business. We consider ourselves more than just Accountants , bookkeepers or tax consultants we are ” Beyond Accounting  ……” Our policy is to keep it simple and

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Vision Statement

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  Our vision is to be recognized as an innovative leader in professional accounting and taxation and to become the number one financial centre for our clients needs.

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Value Statement

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  Our values are standards by which all business decisions are made. They are revealed in the context of how we relate to each other and those outside our company. Our integrity and behaviour is dependent on these values. They represent our “company culture.” We believe our success is based on these values. The following

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Mission Statement

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F S Accounting Solutions mission is to provide a unique, high quality, creative, tangible service and result oriented; accounting, and tax team to individuals and businesses, and serve as a primary resource and partner in all aspects of clients’ business growth and development.

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