Tax Solutions

14/02/2024

TAX SOLUTIONS wishing our clients customers and friends who are the core of our business we’d like to thank them for their ongoing support. Happy Valentine’s Day!

07/11/2023

Team Tax Solutions want to thank you for putting your trust in us to assist you with all your tax needs and submission durning the 2023 Tax Season.
You are why we do what we do. Thanks for always being so loyal.

23/10/2023

23/10/2023

Tax Season2023 IS OVER.

Penalties: SARS will levy a R2,000 fine for each outstanding return every month. That’s R4,000 in penalties every month. SARS will keep penalising you until you submit your outstanding returns, up to a maximum of 35 months from the date SARS assesses the penalty (or 47 months if the taxpayer’s address is unknown).

10/10/2023

Final reminder from our side!!!

The 2023 Income Tax Return for Non-provisional individual taxpayers must be submitted by midnight on the 23rd of October.

You have just two weeks left to get the return in OR to dispute your auto assessment!

25/09/2023

We must preserve our heritage to leave something precious behind for our generations to come. Tax Solutions wishing you and your family a blessed Heritage Day

23/09/2023

We at Tax Solutions wishing our Bokke good luck and beat the Irish. We are stronger together. Bring back the WC.

22/09/2023

Filing Season 2023

For the Filing Season 2023 dates and information, see the Filing Season webpage. For more information on how will Auto-Assessments work this year, see the How does Auto-Assessment work webpage.

Pre-population of ITR12 Third Party Data in preparation for the opening of Filing Season 2023

Please be advised that in preparation for the opening of the Personal Income Tax Filing Season in July 2023, between the period of 2 June 2023 until the opening of Filing Season, there is a possibility that the prepopulated data reflecting within your Personal Income Tax or Provisional Tax returns requested via eFiling, the SARS Mobi application or via a SARS Branch Office during this period, will pre-populate but may not be comprehensive until Filing Season is officially opened to the public.

Income tax is the normal tax which is paid on your taxable income.

Examples of amounts an individual may receive, and from which taxable income is determined, include the following –
Remuneration (income from employment), such as, salaries, wages, bonuses, overtime pay, taxable (fringe) benefits, allowances and certain lump sum benefits
Profits or losses from a business or trade
Income or profits arising from an individual being a beneficiary of a trust
Director’s fees
Investment income, such as interest and foreign dividends
Rental profit or losses
Income from royalties
Annuities
Pension income
Certain capital gains
Who is it for?
You are liable to pay income tax if you earn more than:

For the 2023 year of assessment (1 March 2022 – 28 February 2023)
R91 250 if you are younger than 65 years.
If you are 65 years of age to below 75 years, the tax threshold (i.e. the amount above which income tax becomes payable) is R141 250.
For taxpayers aged 75 years and older, this threshold is R157 900

If you earn less than R 500 000 and not submit your return it will effect your credit score if you applying for a homeloan or any finance you would need to be tax compliant to get a tax clearance certificate ( TCC)

Tax Solutions can assist you with any tax related issues.