Anlo Financial Solutions - Chartered Accountancy In South Africa

As we approach the end of February 2025, it's time for a friendly reminder about some important tax deadlines. The second provisional tax payment is due by the end of February 2025. 

This is a crucial deadline for all taxpayers, and it's essential to ensure that your payments are made on time to avoid any penalties or interest from SARS.

As your trusted accountant, I want to share an incredible opportunity for you to grow your wealth without the burden of taxes. Introducing the Tax-Free Savings Account (TFSA) – a powerful tool designed to help you save more efficiently.

A Tax-Free Savings Account (TFSA) is a special type of savings account that allows you to earn interest, dividends, and capital gains without paying any tax on these earnings. This means that all the growth in your investment remains entirely yours, free from the clutches of the taxman.

The South African Revenue Service (SARS) has recently updated the definition of "residence" in the VAT Act, effective from the 1st of January 2025. The recent change in the VAT Act's definition of residence was made to align the VAT regulations with the criteria used in the Income Tax Act. This alignment aims to provide clarity and consistency across different tax regulations, ensuring that the criteria for determining residency are uniform.

As the start of a new tax year approaches, it’s time to shift our focus towards effective tax planning and ensuring a smooth filing process when the time comes. For South African taxpayers, this means being proactive about retirement annuity contributions and keeping track of important documents as well as remembering to track your travel if you receive a travel allowance. With filing season typically kicking off in July, now is the perfect time to get organised and stay ahead of the game.