Written by Marc
Posted 14 February 2012
There is this misconception that if one has an expense or makes a donation then “it can be claimed back from tax” While to the non-tax literate this may be true in a sense, having expenses or making donations for this purpose only, could actually backfire from a cash flow point of view. It is correct that you can claim the expense or the donation made as a deduction, this amount only comes off after all your income has been declared. So in affect it only reduces your taxable income and therefore the amount of tax paid...
Written by Marc
Posted 23 January 2012
There is a widely believed myth that all expenses and incomes of a business can lower taxes. The Taxable vs Accounting deductibility argument is one which will forever rage on. The question is: what is the difference?
Many countries around the world stick to a particular set of accounting standards released by the International Accounting Standards Board (IASB), while those same countries have their own individual tax laws. This leads to a difference between what’s allowable for tax purposes and what’s allowable for accounting purposes....
Written by Marc
Posted 16 January 2012
You always hear of people saying they are terrified of Tax and they just hand it over to some accountant who does it for them and they never actually see it until the next year when the whole process starts again. In most cases the accountant never even asks for any information and just submits a tax return based on a simple IRP5. Now that may be great for someone who earns a salary and has absolutely nothing else going on, tax related that is, but the poor ignorant taxpayer is potentially throwing away hundreds of Rands on an "expert" who isn't even doing their job properly. Not to mention the possible refund the taxpayer is missing out on. ...
Written by Marc
Posted 3 January 2012
Written by Marc
Posted 22 December 2011
Do Your Tax Return Easily