2021 Tokyo Olympics Begin and SARS To Implement Tax Relief Measures.
The Tokyo Olympic Games are under way, with thousands of athletes set to compete and South Africa’s Schoenmaker wins GOLD and smashes the world record to make history! If you haven’t watched the video yet you can check it out here.
The South African Revenue Service (SARS) will implement tax relief measures in response to the continuing COVID-19 pandemic and recent civil unrest. SARS Commissioner Edward Kieswetter said the first quarter of the current financial year had exceeded expectations and had outperformed revenue collections for the same period over the past three years.
Important Dates & Notices
General Dates
On Monday the 9th of June, our nation celebrate’s National Women’s Day. Women’s Day marks the anniversary of the great women’s march of 1956, where women marched to the Union Buildings to protest against the carrying of pass books. Read more about it here.
Tax and Accounting Deadlines
Below are important tax deadlines to keep in mind for the month of August for individuals and companies.
Individuals
- Filing Season – Filing Season for individuals normally runs from July to November (for non-provisional taxpayers), with provisional taxpayers having until the end of January to file via eFiling.
- Provisional Tax – The filing and payment by individuals of provisional tax (IRP6’s) is 31 August (1st period), 28 February (2nd period) and 30 September (3rd period)
Employers (PAYE)
All businesses that are registered for PAYE, must follow the schedule below:
- Monthly – the EMP201 must be submitted monthly – by the 7th of the following month or the last working day before that day if the 7th falls on a weekend or public holiday.
Companies
- Provisional Tax- The filing and payment by companies of provisional tax (IRP6’s) is 6 months after year end (1st period), At financial year end (2nd period) and Six months after financial year end (3rd period). Most companies needing to submit their 1st return by the end of August.
VAT Vendors
- Electronic (eFiling) – submission and payment of the VAT201 must be done by the last business day of the month
If you’re not a monthly client and are in need of these returns being filed contact us to arrange that we assist with these returns.
Articles We Found Interesting
Home Office Expenses SARS
Do you want to know how to claim for Home Office Expenses with SARS?
Whether you are a business owner or an individual, it’s important that you understand the tax implications of your home office. You may be able to deduct expenses related to your home office from your taxable income. This could include rent, cleaning costs, utilities and expenses for repairing the property. The deductions are available if you meet certain conditions.
Our team of experts has helped hundreds of businesses and individuals successfully claim their deductions, so we’re confident in our ability to help you too!
Please treat the information in our article as guidance and not as legal advice. Every personal situation is unique and needs to be discussed with your accountant or tax specialist.
To learn more about this topic please read through our article below.
Some More Interesting News…
- The South African Revenue Service (SARS) will implement tax relief measures in response to the continuing COVID-19 pandemic and recent civil unrest.
- SA’s Schoenmaker wins GOLD, smashes world record to make history in Tokyo
- UK scientists believe it is ‘almost certain’ a coronavirus variant will emerge that beats current vaccines
- Tesla reports more than $1 billion in net income during Q2, up tenfold from a year ago.
- 5 tax changes announced for South Africa – including one that will hit people looking to emigrate
Signing Off
As the seasons turn, we can slowly but surely start to wave the Winter season goodbye (and hopefully the third Covid wave).
Wishing you a productive August. Take care and stay safe as we ride the waves and flatten the curve.
If you have any queries, email us at [email protected].
