Author: Derek Pettitt

In these unusual times while many people are unfortunately having to close their businesses, many people also see the opportunity of starting a new business.

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Simply put, financial emigration is the amendment of your status with the South African Reserve Bank (SARB) from “Resident” to “Non-resident”. This status effects on how the exchange control regulations are applied to you but does not affect your citizenship. Until you formally financially emigrate you are still considered to be a “Resident”. This has resulted in many people, having left South Africa for other countries many years ago, still being considered as a Resident by the SARB because they have not completed the formal process of financially emigrating. There has been much consternation since an amendment to the Income…

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Tax filing season kicked off in July, so it is too late now to better this year’s return, but there is a way to make next year’s filing that much sweeter while also taking care of your future self, says Mica Townsend, business development manager at 10X Investments. The bottom line is: You can build a nest egg and get the taxman to partially fund it, said Townsend. “Tax evasion, where individuals or businesses evade the payment of taxes by illegal means, is a serious crime and carries heavy legal penalties. Tax avoidance, on the other hand, where taxpayers use…

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We have just finished the season where the various medical aids announced their premium and plan amendments for 2020. Gulp! Medical inflation has traditionally been CPI plus 4%; however, the current average premium increases are about CPI + 6% (50% more)- so what is going on?

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Registering for taxes and understanding tax can be a confusing at the  best of times, but we will take you through a brief overview of what you need to know. Corporate Income Tax: This is also known as business tax which is a tax imposed on businesses incorporated under the laws of the Republic of South Africa. It is mandatory for all business to Register as taxpayer. You will then be asked to submit an annual tax return as well as a provisional tax return every 6 months. You will have to make payments in the following periods: First payment –…

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