Newsletter – July 2021

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Monthly Finance Brief  |  CFO360 Accountants
Monthly Finance Brief | CFO360 Accountants

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.

Tokyo Olympics 2021  |  CFO360 Accountants
Tokyo Olympics 2021 | CFO360 Accountants

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.

Women's Day  |  CFO360 Accountants
Women’s Day | CFO360 Accountants

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 | CFO360 Accountants

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…

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].

More To Explore

Accounting

EMP501 – Employment Reconciliation Declaration

What Is It? It involves an employer submitting an accurate Employer Reconciliation Declaration (EMP501), Employee Tax Certificates [IRP5/IT3(a)s] to be issued and if applicable, a Tax Certificate Cancellation Declaration (EMP601). The three elements that must reconcile in order for your submission to be successful are the: Monthly Employer Declarations (EMP201s) submitted. Payments made (excluding penalty

Accounting

Receive Your Tax Number Via SMS

SARS has added a new web feature, that allows taxpayers to have their tax reference numbers sent to them via SMS. All the client needs to do is, click on this link: https://tools.sars.gov.za/soqs Fill out their personal details on the form. Select the “What’s My Tax Number? “option under the query type drop down. What

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