You will note that Jacqueline Bonzet has moved on and we wish her well.
Finsolve would like to introduce & welcome our newly appointed Senior Tax Administrator, Daniel (Danru) van Tonder to the team.
Danru holds a BCompt in Financial Accounting as is a member of a number of Accounting Bodies, including SAICA and SAIT. He is also a Commissioner of Oaths and a General tax Practitioner.
He joins us on 1st July, from Pretoria, and will be re-locating to our fair city.
Best of all – he is passionate about tax and we feel he will therefore be a huge asset to both Finsolve and our clients.
Taxation
Provisional tax season – year ends post February.
Our tax department is currently busy with non-February year end provisional tax returns, relating to the tax year 2021.
Additionally, the filing of February year end provisional tax returns will be implemented during July and into August, with a deadline of end of August. Our tax department will be contacting you shortly to begin the process. Please ensure sufficient funds are available to settle tax liabilities.
Importantly, if you could respond timeously to requests from our staff for documents and authorisation to file these tax returns, as, as usual, this is a high-pressure period.
Tax season 2021
In addition to the above, note that the 2021 annual tax season (that one that ended end February 2021), opens for filing on the 1st July 2021. Once again, our Tax Department will be in contact with you to provide documentation for filing of both personal / trust and company tax returns.
Capital Gains Tax
With the ever-increasing value of residential properties, you are again reminded that properties sold for greater than R2m, will be subject to CGT on that portion of profit, greater than R2m.
With this in mind, we recommend you implement the following:
- Declare the sale of a property in your tax return,
- Keep records of improvements made to the residential property over the life of ownership of that property, to increase the base cost of the property.
SARS will disallow any improvements claimed, if not substantiated with documents or bank statements, regardless of when they were incurred.
Further, any capital gains realised on the disposal of capital assets, need to be disclosed in the relevant provisional tax return – be sure to advise our tax department of this, if applicable, when approving your provisional tax returns this season. Under disclosure of income, results in penalties and interest levied by SARS.
Accounting
The 2021 Annual Financial Statements (AFS) season is now in full swing, and Steve and Sharon complete these statements and distribute for your review and sign off.
Note that the AFS is used not only for filing company tax returns, but with CIPC as part of the annual return filing.
Other stakeholders, such as Banks and Shareholders are key users of these statements.
Remember, to ensure that your Close Corporation or Company, has a compliant Fixed Asset Register, as we find SARS is requesting this more frequently, as they focus on wear and tear (ie tax depreciation) allowances.
Training (Bizfacility)
Our webinar training sessions continue to be extremely popular, as are our self-study online courses.
See attached order form which list all our offerings. If you require further information, please contact Ashton on ashton@bizfacility.co.za.
Remember, being aware of your business’s financial position and performance, is your responsibility – it is your livelihood and future after all.
Estate planning and trusts (FS Estates)
We remind all our clients of this offering – we have a highly experience lawyer working with us backed up with solid infrastructure.
Estate planning is vital for the protection of your wealth at time of your death, as the cost of estate management at time of death can be large. If you have assets that you or your trust own, you need to contact us asap.
Please contact us for more information and ensure you have plans in place. Death can come very quickly and unexpectedly.
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Ensure you have a valid will in place – contact Ashton on ashton@finsolve.co.za.
The learning corner
The multitude of return that require filing from a company perspective can be very bewildering and challenging.
Melanie has prepared the attached article on the company’s financial year life-cycle, to assist you in understanding the compliancy requirements of operating a legal entity within South Africa.
Please take 5 minutes to read the attached document and familiarise yourselves with these requirements, which do come around with alarming frequency.
Regards
Gavin Beretta – Finsolve Group
Financial Director