Tax

The exchange control regulation of money in South Africa to abroad

With several alarming indicators showing that more South Africans are leaving the country, an increasing number of people have started to research their options on how to move money offshore. Tax Consulting SA has also noted a large increase in individuals who are expatriating funds and investing these funds offshore.

The new threshold for income tax returns

Provisional tax: penalties and interest

Travel allowances- This is what you need to know

A Travel allowance should only be granted to employees who travel for business purposes and it is granted to finance a portion of an employee’s business travel cost. Many payroll professionals, however, struggle to come to grips with the South African Revenue Service’s (SARS) travel allowance reporting /declaration, and employees feel the pinch at assessment for not maintaining accurate records of their business travels, says Sumeshan Nair, Executive Committee Member at the South African Payroll Association (SAPA).