Chartered Accountants

Tax Changes (posted 7 July 2010)

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During the 2011 Tax Year (the one we are currently in), SARS will no longer grant individuals any tax exemption for interest earned on loans to companies/cc's from shareholders/members. This will have a fairly significant tax effect for many taxpayers.

 

As from 1 March 2011, anyone that has a company car will be taxed at 4% of the determined value of the vehicle (currently 2.5%). This will have a massive impact on the taxpayer and taxpayers should decided before 1 March 2011 whether to switch to a travel allowance instead.

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