The recent increase in VAT by 0.5% has significant implications for businesses and individuals, particularly for ongoing transactions that have not yet been completed. Understanding the “time of supply” is crucial, as it determines when VAT liability is triggered. The time of supply is the earlier of the invoice or the receipt of the payment. […]
Practical applications of the new VAT increase from 15% to 15.5% Read More »
As the end of the financial year approaches for companies with a February 2025 year-end, it is crucial to plan strategically to minimise taxable profits. One effective way to achieve this is by reviewing and incurring qualifying expenses before the year closes. Proper tax planning can help reduce the company’s tax liability and ensure compliance
Tax planning for February 2025: optimising expenditure Read More »
Taxpayers looking to make a difference in their communities while optimising their tax positions can do so through donations to Section 18A (s18A) charities. These donations not only support crucial public benefit initiatives but also offer valuable tax deductions. Under Section 18A of the Income Tax Act, individuals and businesses can make tax-deductible contributions to
Unlock tax benefits while giving back: how section 18a donations can work for you Read More »
With the introduction of new requirements by the Companies and Intellectual Property Commission (CIPC), companies must ensure they accurately disclose information on beneficial owners to remain compliant.
Understanding Beneficial Ownership: Key insights for compliance Read More »
If you’re planning to officially cease your tax residency in South Africa, there are several key steps and requirements you’ll need to navigate. As more South Africans take their financial plans abroad, understanding SARS’s recent updates on tax residency is essential.
Thinking of saying goodbye to South African tax residency? Here’s what you need to know. Read More »
With tax season in full swing, Galbraith Rushby is urging clients to stay vigilant against a surge in sophisticated email and SMS phishing scams targeting taxpayers. These scams are increasingly convincing, mimicking legitimate communications from the South African Revenue Service (SARS) and other authoritative bodies. “Phishing scams are becoming more refined and harder to detect,”
Galbraith Rushby warns clients of latest phishing scams this tax season Read More »
The 2024 tax filing season is upon us, and the South African Revenue Service (SARS) is leveraging advanced AI technologies to streamline the tax filing process. These advancements aim to enhance effectiveness, precision, and the overall user experience for taxpayers. Michael Rushby, Managing Director of tax and audit firm Galbraith Rushby, provides an overview of
SARS leverages AI enhancements for the 2024 tax filing season Read More »
SARS intensifies lifestyle audits to combat tax evasion Ahead of Tax Season 2024, the South African Revenue Service (SARS) has stepped up its use of lifestyle audits to identify discrepancies between individuals’ reported income and their actual lifestyle. This move aims to ensure that all taxable income is accurately declared to combat tax evasion. What
Splurging big while reporting small? Read More »
The concept of the ‘Two-Pot Retirement System’ is transforming the retirement savings landscape in South Africa. Designed to provide greater flexibility and financial security for retirees, this system addresses the limitations of traditional pension structures and offers a balanced approach to retirement planning. Michael Rushby, Managing Director of Galbraith Rushby, a leading tax and auditing
Understanding the Two-Pot Retirement System: A new era in retirement savings Read More »
