FINTAX is a Cape Town-based Accounting and Tax Consultancy Service that opened its doors in Valyland Shopping Centre, Fish Hoek nearly 15 years ago and has been growing steadily ever since.
Owner and manager, Diane Pardoe, had long envisioned such a practice right here on her doorstep after having travelled for many years “up the line”. At the time of opening, Diane had had extensive experience working for some of the larger Accounting firms such as Deloitte Touché and Ernst and Young (where she completed her articles) together with work for some large Corporates and even lecturing to University students completing their BCom degrees.
Diane found that there was a huge demand for her tax and accounting services in the Fish Hoek Valley and soon had to expand quite rapidly to accommodate such demand.
Our Passion for Accounting
At Fin Tax, we have a passion for accounting and doing the “right” thing – there is certainly pleasure one gets from completing the exercise correctly and often getting a refund for the taxpayer which is often the greatest delight of this business! So, in some ways, you could almost say we “work” for SARS or are their agents as our job is to ensure that deadlines are met timeously otherwise there is the resultant penalty and interest which you do not want imposed on your client.
Thus there is a great deal of satisfaction in getting a job done on time, having satisfied SARS’ requirements and obviously also having a happy client. With deadlines, comes the inevitable stress factor which seems to unfortunately increase every year due to constantly changing tax legislation and having to keep abreast of all new developments all the time.
Meet Our Team
Who We Are
Diane is the owner and founder of Fin-Tax. She has over 15 years’ experience in tax and accounting and has worked at firms such as Deloitte Touche and Ernst and Young.
Diane is assisted by Lucille Kaspersen, who has a BCompt and is highly experienced both in tax and accounting.
Wendy Smith is our secretary and takes care of book keeping. Her warm smile and excellent people skills helps to make us a formidable team!
Diantha De Beer brings with her an extensive knowledge of tax and accounting and looks forward to assisting you with her expertise.
More About What We Do
Income tax is the normal tax which is paid on your taxable income. Some examples of taxable income include remuneration from employment, such as salaries, wages, overtime pay and bonuses. Other taxable income includes profits or losses from a business or trade, income or profits arising from an individual being a beneficiary of a trust, director’s fees, investment income, such as interest and foreign dividends, rental income or losses, income from royalties, annuities, pension income and certain capital gains. More on income tax and who it applies to can be found on the SARS website.
Provisional tax is not a separate type of tax. It is a way of paying tax that is due, to ensure the taxpayer does not pay large amounts on assessment. This is because the tax load is spread over the relevant year of assessment. It requires the taxpayers to pay at least two amounts in advance, during the year of assessment, which are based on estimated taxable income. Final liability, though, is worked out upon assessment and the payments will be off-set against the liability for normal tax for the applicable year of assessment. Read more about provisional tax here.
The IRP5 is an important document for salaried employees, as it details all your earnings and the tax already paid on it by your employer for the year worked. An IRP5 is completed for every employee once every income tax year, with the tax year ending on the last day of February. It contains all your personal details as well as details of your earnings: whether this be salary income, a bonus, a fringe benefit or anything else. It also describes salary deductions such as medical aid and pension. Importantly, your IRP5 also contains the tax paid or PAYE (Pay As You Earn), which is deducted from your salary each month automatically and paid over to SARS.
Non profit organisations (NPO’s) play an important role in society, as they take a shared responsibility with Government for the social and development needs of the country. Preferential tax treatment is therefore designed to assist non-profit organisations by augmenting their financial resources. However, preferential tax treatment for NPO’s is not automatic and organisations that meet the requirements set out in the Income Tax Act, 1962 must apply for this exemption. If the exemption application has been approved by SARS, the organisation is registered as a Public Benefit Organisation (PBO) and allocated a unique PBO reference number. More on tax exemptions can be found here.