August 21, 2024
Are you covered for a rising age and declining health? In March 2024, the world was shocked to learn that two British Royal family members were suddenly diagnosed with cancer. This highlighted a universal fact—disease does not discriminate and remains a threat to us all … even royalty. As we all work towards a long and happy retirement, the question must be asked: Are you financially prepared for a critical illness? Medical advancements are a blessing, allowing us to live longer (though not necessarily healthier) lives. However, this can also present a challenge: the potential for rising health-related costs throughout […]
August 21, 2024
Know what you can claim, and the documents you need to substantiate it. When an individual taxpayer wishes to submit a tax claim for business travel, the tax return form provides the option of basing their claim on ‘deemed costs’ or ‘actual costs’. Since eFiling has largely automated the process of claiming based on deemed costs, this article deals with claims based on actual costs. However, it is important to note the following: Recipients of travel allowances may use either option, depending on their circumstances, and once they have calculated their claim according to both methods, may even choose the […]
August 21, 2024
Or can SARS use code 3702 to audit potential business kilometres travelled? I have often wondered whether SARS officials thoroughly review the submitted logbooks when taxpayers claim for travel expenses incurred as a result of business travel, or are these requested just to tick a box? This uncertainty has recently been rresolved—SARS audits the logbooks to the extent of even requesting the details of the person or company being visited! SARS recently changed the format in which logbooks should be captured. It is now compulsory to keep a logbook of all business kilometres travelled if taxpayers want to claim a […]
August 21, 2024
Winding up an estate in South Africa is a meticulous process governed by the Administration of Estates Act 66 of 1965. It involves the collection and distribution of a deceased person’s assets, settling debts, and ensuring that the estate is managed according to the law and the deceased’s wishes. This article outlines the steps involved in this process, providing a clear roadmap for executors and beneficiaries. Step 1: Reporting the estate The first step in the winding-up process is to report the death to the Master of the High Court in the jurisdiction where the deceased lived. This must be […]