Lydia Makgoane Business and Tax Solutions

02/06/2025

Filing season dates have been announced. Make sure you have all your supporting documents ready i.e. travel logbooks, medical aid certificates, RA certificates. For those who received interest and dividends, make sure you have all your IT3(b) certificates and for those who sold capital assets , please make sure you declare these on your returns ( gain/loss).

Remember: Every man is entitled , if he can, to order his affairs so that the tax attaching under the appropriate Act is less than it otherwise would be (Lord Tomlin). What's not permitted however, is an unlawful tax scheme that is outside the spirit of the law with the sole intention of deliberately exploiting the tax system.

For assistance with your tax return, don’t hesitate to reach out—send us an email at [email protected].

Media Release: Tax Filing Season opens on 7 July to 20 October 2025

SARS is pleased to announce the official start of the 2025 Filing Season, effective from 07 July 2025 to 20 October 2025. This season marks an important period where income tax returns of the majority of taxpayers are automatically assessed. The category of taxpayers who are automatically assessed will receive notification from SARS from 7 to 20 July 2025 ... https://bit.ly/3T1YXQW

24/04/2025

https://www.sowetanlive.co.za/news/2025-04-24-vat-hike-is-reversed-spending-cuts-now-on-the-cards/

Finance minister Enoch Godongwana has reversed the proposed increase in VAT, which will now remain at 15% after May 1 — requiring spending adjustments and increased tax collection.

22/04/2025

🚨 Avoid Costly VAT Errors – Learn from Aveng Mining's Case 🚨

Aveng recently faced a R17.5 million loss in a VAT dispute over employee accommodation and food expenses. The Supreme Court of Appeal (SCA) ruled that the mining giant was not eligible to claim input VAT on these costs, classifying them as ‘entertainment expenses’, which are excluded under VAT regulations.
This case is a powerful reminder of how critical it is to have a highly skilled technical team managing your VAT compliance and interpreting SARS regulations accurately. Don't risk your business facing similar losses!
✔ Ensure your VAT claims are aligned with the latest regulatory guidelines.
✔ Partner with professionals who thoroughly understand VAT implications across industries.
📞 Contact Lydia Makgoane Business and Tax Solutions today for expert assistance in VAT compliance, accounting, and tax strategies.

Email: [email protected]

Call now to connect with business.

17/04/2025

🚨 IFRS 16 – Are You Managing Lease Compliance Correctly? 🚨
IFRS 16 revolutionized lease accounting, requiring businesses to recognize lease liabilities on their balance sheets. But non-compliance can result in financial misstatements, audit risks, and regulatory penalties!
🔹 Common IFRS 16 Compliance Risks:
❌ Incorrect lease classification (Operating vs. Finance Lease)
❌ Failure to properly capitalize Right-of-Use (ROU) assets
❌ Misstatement of lease liabilities and depreciation
❌ Improper treatment of lease modifications & renewals
📊 Ensure Full Compliance with Expert Guidance!
At Lydia Makgoane Business and Tax Solutions, we help businesses navigate the complex IFRS 16 lease accounting requirements, avoiding errors that could impact financial statements and investor confidence.
📞 Call us today: +27 61 429 3041
📧 Email: [email protected]
💡 Stay ahead of regulatory changes—Let’s get your lease accounting right!

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17/04/2025

💼 Is Your Business Recognizing Revenue Correctly Under IFRS 15?
Revenue recognition mistakes can distort financial statements and mislead investors. IFRS 15 establishes a five-step model for revenue reporting:
✔ Identify the contract with the customer
✔ Determine performance obligations
✔ Establish transaction price
✔ Allocate revenue to obligations
✔ Recognize revenue when obligations are met
If your business deals with long-term contracts, service deliverables, or performance-based billing, IFRS 15 compliance is crucial! Let us help you get it right.
📞 Contact our IFRS specialists today: +27 61 429 3041
📧 Email: [email protected]

Call now to connect with business.

17/04/2025

💡 VAT Errors Can Cost Your Business – Let’s Fix Them!
Many businesses struggle with VAT submissions and reconciliation. SARS requires strict compliance, and failing to meet VAT regulations can lead to penalties.
🔹 Common VAT Errors:
❌ Miscalculated input/output VAT
❌ Incorrect VAT reporting on international transactions
❌ Late VAT submissions, leading to penalties
At Lydia Makgoane Business and Tax Solutions, we ensure your VAT processes align with Section 16 of the VAT Act, giving your business financial security and compliance.
📞 Call us today: +27 61 429 3041
📧 Email: [email protected]

Call now to connect with business.

17/04/2025

IFRS 9 Compliance – Are You Recording Financial Instruments Correctly?
IFRS 9 governs the treatment of financial instruments, ensuring businesses classify and measure assets properly.
🚀 Does your business need:
✔ Expected credit loss (ECL) modeling?
✔ Proper classification of trade receivables and loans?
✔ Accurate fair value calculations for investments?
Lydia Makgoane Business and Tax Solutions ensures your financial reporting aligns with IFRS standards, avoiding misstatements that could impact stakeholders.
📞 Call now: +27 61 429 3041
📧 Email: [email protected]

Call now to connect with business.

17/04/2025

📢 Facing a SARS Audit? Here's What You Need to Know!
A SARS audit can be overwhelming—but with the right preparation, you can navigate it confidently. Lydia Makgoane Business and Tax Solutions helps businesses comply with Section 40 of the Tax Administration Act, ensuring you are audit-ready.
🔹 Key Areas SARS Examines:
✔ Tax return accuracy
✔ Undisclosed income sources
✔ VAT compliance & reconciliations
✔ Payroll tax (PAYE) submissions
💼 Let us guide you through SARS audits and objections. Avoid penalties and safeguard your business with expert assistance.
📞 Contact us today: +27 61 429 3041
📧 Email: [email protected]

16/04/2025

📊 Struggling with Audit Readiness? 📊
Don’t let capacity issues slow your team down—let Lydia Makgoane Business and Tax Solutions step in! With our expertise in audit preparation, we ensure your business is fully equipped and ready to meet audit requirements with confidence.
✅ Efficient Audit Support
✅ Expert Guidance
✅ Tailored Solutions for Your Team
📞 Contact us today: +27 61 429 3041
📧 Email: [email protected]
🚀 Let us lighten your load and ensure smooth audit readiness!

Call now to connect with business.

16/04/2025

Struggling with Financial Forecasts for Funding Applications?
Don’t let uncertainty hold you back—let us handle the hard work for you! At Lydia Makgoane Business and Tax Solutions, we specialize in crafting accurate and professional forecasts that give your application the best chance for success.
📞 Contact us today: +27 61 429 3041
📧 Email: [email protected]
🚀 Let’s turn your vision into reality—partner with us now!

Call now to connect with business.