Articles & Tips

At our firm, we’re committed to helping you stay compliant, informed, and stress-free when it comes to tax matters. Whether it’s VAT, PAYE, or Income Tax, we’re here to support you every step of the way. But we need your help with something important.

One of the most notable changes is the automation of the application process for requesting relief from South African tax under Double Taxation Agreements (DTA) for pensions and/or annuities. This means that you can now submit your applications via eFiling, making the process more efficient and reducing the need for manual interventions. SARS aims to evaluate these applications within 21 working days.

Turnover tax is a simplified tax system aimed at reducing the administrative burden for small businesses with an annual turnover of less than R1 million. If your turnover exceeds R1 million, you must register for VAT and pay tax at standard rates. Businesses can be registered for both turnover tax and VAT (voluntary registration).

As the 2025 individuals tax season approaches, it's essential to start gathering the necessary documents to ensure a smooth and timely submission of your tax return to the South African Revenue Service (SARS). You are more than welcome to start sending this to Pumeza and we will save this on file. We aim to make this process as seamless as possible for you. Below, we've outlined the key dates for the 2025 tax season and a comprehensive list of documents you'll need to provide us. Additionally, we'll explain the auto-assessment process and how we can assist you with it.

As accountants, we often get questions from our clients about the different types of VAT rates and how they apply to their businesses.

In this post, we'll break down these concepts and explain when each rate is effective, how they affect your input VAT claims, whether you need to register for VAT if your business delivers zero-rated supplies, and the requirements for a VAT invoice.

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.

As we approach February 2025 it's time to remind you about the upcoming deadline for the 2nd provisional tax payment. This applies to companies with a financial year ending in February, as well as all provisional taxpayers in South Africa. Ensuring that your provisional tax is submitted on time is crucial to avoid penalties and interest imposed by the South African Revenue Service (SARS).

As part of ongoing efforts to streamline tax processes and ensure accurate reporting, SARS has introduced a new requirement for trusts: the IT3(t) form.

The new IT3(t) requirements for trusts will be effective for the 2024 tax year. Trustees are required to submit the IT3(t) certificates by 31 May 2024. This means that all distributions made to beneficiaries between 1 March 2023 and 28 February 2024 must be reported using the IT3(t) form by this deadline.