FSI Accounting Services

Exciting times indeed.

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Be careful and register as a tax practitioner, otherwise you can face jail time for not complying with the legal requirements of the Tax Administration Act.

Notice.

We are here to support you!

Tax season 2025 is fast approaching.

Are your affairs in order?

If the answer is no, contact us and we'll ensure you are compliant in no time.

Filing season for individual taxpayers is around the corner.

Remember that if you have any additional deductions against your income i.e., travel allowances which require a logbook or ITR-DD forms to submit, you have to revise your automated assessment to include your applicable deductions.

This is because SARS will not include these deductions on your behalf.

Kindly note, if you have registered a company more than a year ago and you have not filed any returns, your company is probably being deregistered as we speak and SARS is adding up to R16 000 on your account in penalties.

NB: it does not matter that the company never traded, you will still need to pay that penalty.

Did you know, Your company should be registered with CIPC and you get a company registration number,tax reference number and BBBEE certificate upon registration.

Maintain the company by submitting annual CIPC returns. If you don't submit these annual returns, the company will be deregistered due to non-compliance.

Keep the company compliant by submitting income tax returns,even if the company is not yet operating.

Think your income is all yours? Think again.

The government's got its hand out for taxes, and you've got to figure out how much you owe.

Take a gander at this photo of the two CEOs' remuneration packages. How much of that R5.6 million do you think the government takes, and how much does the Boxer CEO get to keep?

Let's get out the SARS individual tax tables and crunch some numbers:
= R644 489 + 45% x (R5 600 000 - R1 817 000)
= R2 346 839.

So, SARS gets R2 346 839, and the Boxer CEO gets R3 253 161 - the difference between the R5.6 million and the tax.

You should probably do this exercise every time you get paid to avoid any, you know, 'tax' problems with SARS!!!