Nexia SAB&T on 04/10/2024

Trust Tax Season 2024: What Business Owners and Trustees Need to Know

The 2024 trust tax season is well underway, with the South African Revenue Service (SARS) setting the filing period for trusts between 16 September 2024 and 20 January 2025. This year has brought some significant changes that trustees and business owners need to be aware of. These changes not only require thorough documentation but also increased transparency and detail on the activities and financial position of trusts. It is essential for trustees to ensure compliance, as SARS has intensified scrutiny on trust operations and beneficial ownership.

Nexia SAB&T on 12/09/2024

Clarity on Extension of Diesel Refund to Manufacturers of Foodstuffs

In a move aimed at bolstering the local manufacturing sector which is currently under severe pressure further compounded by the Ukraine crisis, the South African Revenue Services (SARS) has provided much-needed clarity on the extension of the diesel refund scheme to manufacturers of foodstuffs.

Nexia SAB&T on 12/09/2024

Tax Evasion and SARS's Crackdown on Non-Compliance: What South African Business Owners Need to Know

In recent years, the South African Revenue Service (SARS) has ramped up efforts to combat tax evasion, a growing concern that has led to significant revenue losses for the country. For business owners, understanding the importance of tax compliance and maintaining proper records has never been more crucial. As SARS intensifies its crackdown, the risks associated with non-compliance have increased.

Nexia SAB&T on 08/07/2024

SARS 2024 Tax Season: What You Need to Know About Auto Assessments

As we approach the 2024 tax season, South African taxpayers are preparing for the annual ritual of filing their returns. The South African Revenue Service (SARS) has streamlined this process with the introduction of auto assessments, but it is essential to understand the timelines, potential pitfalls and opportunities to ensure that you accurately declare your income and claim all eligible deductions.

Nexia SAB&T on 12/06/2024

Maximise your tax benefits from donating to PBOs

How to maximise your tax benefit from donating to PBOs and how the new SARS rules for S18A certificates affect you.

Nexia SAB&T on 12/06/2024

New SARS IT3(t) Requirements

New SARS IT3(t) Requirements: What South African Trustees Need to Know

Nexia SAB&T on 02/09/2021

Think Finance

Retention of Accounting and Tax Records