We finally say good-bye to a very long, cold and wet winter – and provisional tax season, and welcome warmer and sunnier days!
Things however are not looking brighter in our economy and businesses are struggling and closing. We want our clients to know that we partner with Business Growth Associates and provide full-service advisory consulting. These experts in their fields, with decades of experience, can assist to solve business problems and navigate you through these rapidly changing times and help your business grow. Please do get in touch if you need assistance, we believe in life-long partnering with our clients for their financial success.
If the economy is getting you down, be sure to look on our Facebook page for Roeloef Botha, top economist’s view on positive trends and reasons for growth in our future.
In terms of legislation, SARS is only eligible to refund amounts greater that R100.
Why is SARS not refunding amounts below R100?
There are usually costs involved to pay out refunds and when SARS needs to collect tax that is due. It is not cost effective to refund or collect an amount lower than R100. Your tax debt won’t disappear though, it will still remain due by or to the taxpayer and will be carried forward to either set-off future tax debt for the same tax type or will be added to any refund which is higher than R100 when applicable. The amount of R100 refund is specified in section 191(3) of the Tax Administration Act, 2011 and reads as follows: “An amount is not refundable if the amount is less than R100 or any other amount that the Commissioner may determine by public notice, but the amount must be carried forward in the taxpayer account.”
We are socializing!
Please visit our new Instagram page Recro_Business, and LinkedIn account Recro Business Services – feel free to connect with us and share with your colleagues and friends. Please also have a look at our blog posts on our website and on our Facebook page. We post very interesting and relevant information weekly.
Sending you warm and colourful wishes for September.