2 January 2025
South African expatriates face unique ...
This is a question I frequently encounter. The concern of paying more taxes than necessary is a common one for individuals and businesses alike. While complex tax-saving schemes ...
In 2024, SARS (South African Revenue Service) has become increasingly stringent about ensuring that taxpayers submit all outstanding tax returns, even those from many years back. ...
When can you claim for travel?
If you receive a travel allowance from an employer or principal, you can claim a deduction on assessment of your annual ...
What is a Completion Letter?
A Completion Letter from the South African Revenue Service (SARS) indicates that your submitted documents have been reviewed ...
Provisional tax is a system used to pay income tax on a current basis, rather than in a lump sum at the end of the tax year. This system helps spread the tax burden throughout the ...
When you submit your tax return, the following may delay your refund from being paid (if a refund is due):
• When your banking details have been identified for verification, ...
What is an Administrative Penalty:
An administrative penalty (admin penalty) is a penalty levied under section 210 of the Tax Administration Act. There are ...
Planning for retirement involves understanding the intricacies of retirement contributions and the evolving structures within retirement funds. Detailed below is a guide to help navigate through these financial strategies.
At Tax A Sured (Pty) Ltd, we understand the importance of maximizing your tax benefits while contributing to meaningful causes. The South African Revenue Service (SARS) offers tax deductions for donations made to registered and approved organizations under section 18A of the Income Tax Act (ITA). To help you navigate these opportunities, we've outlined the key requirements and qualifying donations.
Taxpayers who earn income from multiple sources of employment face a unique challenge when it comes to their tax obligations. Here’s what you need to know to manage your taxes effectively in this situation:
Sole proprietorship, the simplest form of business type, is a business owned and operated by a natural person. This individual may also call themselves an “independent contractor” or “freelancer”. If the business fails, any of your assets, including your personal assets, can be seized to pay for all the liabilities owing. The business has no existence separate from the owner, who is called the proprietor.
Professional sports are not only about the game on the field but also involve various financial transactions off the pitch. In South Africa, just like any other trade, taxation plays a crucial role in the operations of professional sports clubs and individuals involved in the industry.
Taxation Principles for Professional Sports
In South Africa, any individual or entity engaging in trade, including professional sports clubs and athletes, is subject to taxation on the income derived from their activities. The Income Tax Act stipulates that any income received from trade is generally considered as "gross income" and is thus subject to income tax. Gross income includes amounts received for services rendered, which is often the case in professional sports.
Tax A Sured (Pty) Ltd is a small firm who offers bespoke services and our approach to commitment towards our clients' overall satisfaction sets us apart from the rest.