{"id":410249,"date":"2020-06-24T07:12:17","date_gmt":"2020-06-24T05:12:17","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=410249"},"modified":"2020-07-30T11:06:22","modified_gmt":"2020-07-30T09:06:22","slug":"staying-tax-compliant-understanding-and-unpacking-tax-relief-packages-and-their-implications-on-your-business","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/industry-news\/410249\/staying-tax-compliant-understanding-and-unpacking-tax-relief-packages-and-their-implications-on-your-business\/","title":{"rendered":"Staying tax compliant &#8211; Understanding and unpacking Tax relief packages and their implications on your business"},"content":{"rendered":"<p>Buchule Sibaca, the Director of SMTAX &#8211; a digital accounting firm, shares tips of how your business can stay tax compliant and get the funding it needs during this time on the FNB Business podcast with Lynette Ntuli.<\/p>\n<p><strong>Unpacking tax relief packages and its implications on your business (Part 1):<\/strong><br \/>\n<iframe loading=\"lazy\" src=\"https:\/\/iframe.iono.fm\/e\/876103?accent=f59c00&amp;background=ffffff&amp;border=00686f&amp;text=00686f&amp;artwork=0\" width=\"100%\" height=\"126\" frameborder=\"0\"><\/iframe><\/p>\n<p><strong>Unpacking tax relief packages and its implications on your business (Part 2):<\/strong><br \/>\n<iframe loading=\"lazy\" src=\"https:\/\/iframe.iono.fm\/e\/876104?accent=f59c00&amp;background=ffffff&amp;border=00686f&amp;text=00686f&amp;artwork=0\" width=\"100%\" height=\"126\" frameborder=\"0\"><\/iframe><\/p>\n<h3 class=\"my-4\"><strong>What tax reliefs are available to SMEs?<\/strong><\/h3>\n<p>SARS introduced a 35% deferral on the monthly PAYE owed to SARS from months April to July. In addition, your business will not incur any penalties or interest on the deferred amount.<\/p>\n<p>Please note that this is not a waiver of the tax, you still need to pay the deferred amount once the deferment period is over and your business must be tax compliant to access this relief.<\/p>\n<h3 class=\"my-4\"><strong>How to get tax compliant<\/strong><\/h3>\n<p>Your business <strong>can get tax compliant by firstly registering for tax<\/strong>, then consolidating all your financial records so you can <strong>submit your tax returns<\/strong> and <strong>if you are unable to cover tax debt make payment arraignments with SARS<\/strong>.<\/p>\n<p>We know this sounds overwhelming for some entrepreneurs, but you can get the services of a tax professional to help you with this process. Get tax compliant and help your business access the funds it needs.<\/p>\n<p>Once your business is tax compliant, you need to <strong>stay tax complaint<\/strong> <strong>by keeping financial records<\/strong> of your business transactions, <strong>filing your returns on time<\/strong> and <strong>apply for penalty remittance<\/strong> if you are worried that you might default on tax payments.<\/p>\n<p>Enjoying FNB Business Talks? Subscribe to our channel for more podcasts and tips to help you grow your business.<\/p>\n<p><strong>Download the SARS guide for more information at <\/strong><a href=\"http:\/\/www.sars.gov.za\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>sars.gov.za<\/strong><\/a><\/p>\n<p><strong><a href=\"https:\/\/www.fnb.co.za\/realhelp\/for-my-business\/business-talk\/index.html\" target=\"_blank\" rel=\"noopener noreferrer\">For more information, visit the FNB website.<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Staying tax compliant: Understanding and unpacking Tax relief packages and their implications on your business. <\/p>\n","protected":false},"author":57,"featured_media":408987,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[10459],"tags":[76],"class_list":["post-410249","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-industry-news","tag-fnb"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/410249","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/57"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=410249"}],"version-history":[{"count":2,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/410249\/revisions"}],"predecessor-version":[{"id":421142,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/410249\/revisions\/421142"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/408987"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=410249"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=410249"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=410249"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}