NEL Accountants Inc

Optimum Financial Services Group Distinctive knowledge shared with passion.

https://www.moneyweb.co.za/qa/advisor-questions/will-my-capital-gain-be-added-to-my-income/https://www.moneyweb.co.za/qa/advisor-questions/will-my-capital-gain-be-added-to-my-income/

Will my capital gain be added to my income? Only a portion of the capital gain is included in taxable income, and not the full profit.

https://www.moneyweb.co.za/financial-advisor-views/tax-after-death/

Tax after death It is important to be aware of your post-death tax obligations to try to avoid unnecessary tax implications.

https://www.iol.co.za/personal-finance/tax/how-the-sars-income-tax-brackets-work-a7fb22fe-80e9-40d7-b03f-fc39155546e4

How the SARS income tax brackets work There is a common misunderstanding about income tax: that a raise will push you into a higher tax bracket, which may result in you getting less out after tax than before the raise.

https://businesstech.co.za/news/finance/609524/south-africans-are-cutting-back-on-these-things-to-make-it-through-the-month/

South Africans are cutting back on these things to make it through the month New data from the Old Mutual have learned a hard lesson over the last two years, and are being more cautious with their spending.

https://businesstech.co.za/news/banking/608878/sars-fully-automated-assessments-causing-havoc-for-some/

SARS fully automated assessments causing havoc for some The South African Revenue Service’s new fully automated assessments are causing havoc for some taxpayers, says professional tax practitioner William Louw, from Sable International, who examines the process and pitfalls, and answers frequently asked questions.

https://businesstech.co.za/news/property/599328/the-extra-costs-when-you-buy-a-r1-5-million-home/

The extra costs when you buy a R1.5 million home Buying a home is a high-stakes game. But many first-time buyers do not realise the significant financial and legal obligations they are bound to once they sign an Offer to Purchase.

The 2022 tax season starts on the 1st of July, send your documents if you have not yet done so!

Normal taxpayers have until 24 October 2022 to submit.
Provisional taxpayers have until 23 January 2023 to submit.

https://www.moneyweb.co.za/mymoney/moneyweb-tax/tax-season-will-be-shorter-this-year/

Tax season will be shorter this year Taxpayers are advised to get ready sooner rather than later.

https://www.news24.com/fin24/opinion/opinion-oppenheimer-case-shows-taxpayers-must-prepare-for-scrutiny-about-residency-20220505

OPINION | Oppenheimer case shows taxpayers must prepare for scrutiny about residency | Fin24 SARS has started to demand much more information before they will accept that taxpayers have given up their South African tax residence. A new UK ruling shows just how intrusive such a probe can be, writes Doelie Lessing.

https://www.news24.com/fin24/economy/sars-introduces-tax-changes-for-people-getting-retirement-income-20211208

SARS introduces tax changes for people getting retirement income | Fin24 Taxpayers who received income from retirement funds on top of other sources will see some changes in the monthly taxes they pay in 2022.

https://www.iol.co.za/personal-finance/financial-planning/massive-backlog-at-masters-offices-causing-major-delays-for-estates-and-trusts-7d520d5c-bc34-4c06-a8de-00645579d4ce

Massive backlog at Master's offices causing major delays for estates and trusts The Master of the High Court, through which you must go for matters concerning deceased estates and trusts, has experienced an unprecedented backlog at its offices countrywide.

Marjorie van der Merwe and husband Jaco,
Congratulations on the birth of your twin boy and girl!
From the Team at Nel Accountants.

https://businesstech.co.za/news/finance/513570/4-tax-changes-planned-for-south-africa-including-retirement-and-emigration/

4 tax changes planned for South Africa – including retirement and emigration The National Treasury and South African Revenue Service (SARS) have provided an overview of some of the draft tax changes being considered for South Africa.

https://www.iol.co.za/personal-finance/guides/how-a-deposit-affects-your-home-loan-74d869c0-339b-4246-acec-77004eb66331

How a deposit affects your home loan While it is possible to take out a 100% home loan, putting down a deposit will reduce a buyer’s monthly instalments and increase their bargaining power when it comes to negotiating the interest rate charged on the home loan.

https://businesstech.co.za/news/property/499929/sars-warns-south-african-property-owners-who-host-fee-paying-guests/

SARS warns South African property owners who host fee-paying guests The South African Revenue Service (SARS) recently warned owners of South African properties who host fee-paying guests that “the rental income they receive must be declared in their income tax return”.

https://www.moneyweb.co.za/mymoney/moneyweb-tax/concerns-about-narrow-interpretation-for-home-office-deductions/

Concerns about narrow interpretation for home office deductions Very few employees will be able to claim expenses.

https://businesstech.co.za/news/wealth/483039/the-changes-emigrating-south-african-taxpayers-should-know-about/

The changes emigrating South African taxpayers should know about South Africans emigrating to greener pastures may be prevented from leaving the country – or worse – if their application for tax clearance is denied by the South African Revenue Service (SARS).

https://businesstech.co.za/news/business/482645/can-salaried-workers-in-south-africa-also-claim-home-office-tax-relief/

Can salaried workers in South Africa also claim home office tax relief? The South African Revenue Services has previously allowed the deduction of home office expenses in the determination of taxable income where taxpayers earn mainly commission or are independent contractors and freelancers.

https://businesstech.co.za/news/finance/482383/sars-is-targeting-rental-properties-in-south-africa-what-you-should-know/

SARS is targeting rental properties in South Africa – what you should know The South African Revenue Service (SARS) recently warned property owners who receive rental income from hosting fee-paying guests against their tax obligation.

https://www.iol.co.za/personal-finance/guides/its-a-new-tax-year-here-are-7-things-employees-and-employers-need-to-know-af9a9fdc-3e8d-4e84-85d4-a180fc329aa3

It’s a new tax year – here are 7 things employees and employers need to know Most employers and employees in South Africa greeted last month’s Budget Speech with a sense of relief. Against all odds, government managed to provide for a large scale Covid-19 vaccination campaign without needing to introduce significant new tax increases.

https://www.moneyweb.co.za/mymoney/moneyweb-tax/5-8-of-the-population-is-paying-about-92-of-all-personal-tax/

5.8% of the population is paying about 92% of all personal tax They are also paying about 85% of all Vat.

https://www.moneyweb.co.za/in-depth/budget/tax-relief-for-embattled-taxpayers-but-not-all-is-rosy/

https://www.moneyweb.co.za/mymoney/moneyweb-tax/sars-cannot-be-allowed-an-indefinite-time-to-complete-a-vat-audit/

Sars cannot be allowed an indefinite time to complete a Vat audit This would render tax legislation inherently unfair towards taxpayers.