The tax season is swiftly approaching. For many people, it’s a time of the year that they dread. When it comes down to it, tax can become complicated mess that involves a lot of maths and calculations that just doesn’t come naturally to most. For those of us who don’t have PhDs in accounting or mathematics, crunching the numbers and …
How does the Budget Speech affect you, your property transactions and your estate?
On 21 February 2018, Finance Minister Malusi Gigaba delivered his 2018 Budget Speech.Hereby a summary of the most significant proposals for the 2018/2019 Budget as tabled by the Minister of Finance: 2018/2019 Tax Proposals: VAT: A one percentage point (1%) increase in VAT from 14% to 15%. No adjustments to the top four income tax brackets. Below inflation adjustments to …
Tax ombud – recourse for aggrieved taxpayers
The Tax Administration Act that came into effect on 1 October 2012 is a valiant attempt to balance the rights of the tax man with those of the taxpayer. One of the ways of bolstering the taxpayer’s position on this not very level playing field is the creation of the office of the ombudsman or tax ombud. Exactly one year …