Key Considerations Before Borrowing Money in South Africa

Securing a loan is a common approach for financing various personal and business needs in South Africa, from purchasing property to covering unexpected expenses. However, the decision to borrow money requires careful thought and planning. Here are essential factors to consider before you commit to a loan. Assess your financial situation: Evaluate your needs and […]

Is your business ready to face a bad month, or two, or three?

Are you sitting down? Let us share a frightening statistic with you. In a report published by FinFind in November 2020, it was found that 42.7% of small businesses in South Africa were forced to shut down during the first 5 full months of the lockdown. The research data was comprised in a survey of 1489 businesses across all main sectors of the economy, and so must […]

For how long can your taxes haunt you?

In terms of section 99 of the Tax Administration Act, 28 of 2011, an assessment may not be made three years after the date of an original assessment by the South African Revenue Service (SARS), or in the case of a self-assessment by a taxpayers (such as in the case of a Value-Added Tax return), […]

Do you have tax debt?

With the tax filing season for individuals now closed, taxpayers may find themselves with tax debt that is due. This may be due to administrative penalties as a result of the non-submission of tax returns, the submission of a return without payment, only partial payment or debt arising from an audit assessment. The South African […]

DEBT REDUCTION RULES: NEW TAXPAYER FRIENDLY AMENDMENTS EXPECTED

The South African Income Tax Act contains a number of rules which give rise to onerous tax consequences where a taxpayer’s debts owing is forgiven. These rules were in recent years the subject of comprehensive legislative amendments. During the 2018 budget process, National Treasury indicated that it was aware of unintended tax consequences that arise […]