Changes to travelling allowance:
Employees in receipt of a travel allowance in the 2010/2011 tax year will be obliged to base their claims for a business travel deduction against a travel allowance on the actual business kilometers travelled in the vehicle during the tax year. Accordingly, employees will have to maintain a logbook of all business and private travel in order to substantiate their tax deduction. Individuals who claim substancial tax deductions based on the deemed kilomete provisions should be aware that this option will no longer apply with effect from 1 March 2010 and that 80% of their travel allowance will be subject to monthly PAYE. Accordingly, taxpayers should review the amount of their allowance for the 2011 tax year.
Please view the other news items below:
Budget 2012 highlights - click to read more
Changes to provisional tax legislation - click to read more
Voluntary Disclosure program - click to read more
New Companies Act - click to read more
Implementation of the Companies and Intellectual Property Commission - click to read more
SARS – changes to bank details - click to read more
New Consumer Protection Act - click to read more
New Consumer Protection Act – registration of business trading names - click to read more
SARS - www.sars.gov.za
New SARS penalties - www.sars.gov.za
2010/2011 logbook - www.sars.gov.za
Department of Labour - www.labour.gov.za
Department of Trade and Industry - www.thedti.gov.za
CIPC - www.cipc.co.za
Southern African Institute For Business Accountants - www.saibr.org
Currency Converter - www.xe.com
1 March 2009: Voluntary registration VAT threshold increased to R1 million
1 May 2011: Implementation of new Companies Act
1 May 2011: Companies and Intellectual Property Commission (CIPC) replaces CIPRO
31 October 2011: Closing date for applications in respect of the Voluntary Disclosure Program
29 February 2012: Odometer day - record closing kilometres travelled where you are in receipt of a travelling allowance
31 May 2012: Deadline for submission of 2012 annual PAYE reconciliation and registration of employees for income tax
31 August 2012: First provisional payment and return due for 2013 tax year
28 September 2012: Third (voluntary) provisional payment for 2012 tax year
28 September 2012: Deadline for submission of postal/SARS drop box income tax returns (Provisional and Non-provisional: Individuals and Trusts) – 2012 tax year
31 October 2012: PAYE Interim Reconciliation (six-month interim reconciliation for the period 1 March to 2012 to 31 August 2012)
23 November 2012: Deadline for submission of efiling/branch income tax returns (Provisional: Individuals and Trusts) – 2012 tax year
31 January 2013: Deadline for submission of efiling/branch income tax returns (Provisional: Individuals and Trusts) – 2012 tax year
28 February 2013: Second provisional payment and return due for 2013 tax year
28 February 2013: 12 months after financial year-end 2012: Submission of IT14 and IT12EI income tax returns for companies and exempt institutions – 2012 tax year