January 19, 2021
Many South Africans who simultaneously emigrate and cease to be South African tax residents are faced with a situation where the sale of a fixed property has not […]
January 19, 2021
In June of 2020, tax practitioners and legal advisors were confronted with proposed new legislation regarding certain actions (or defaults) by taxpayers that would have constituted criminal acts. Currently, the Income Tax […]
January 19, 2021
In terms of the Tax Administration Act, the South African Revenue Service (“SARS”) can issue Binding General Rulings (“BGR”) on matters of general interest or importance and clarifies the […]
January 19, 2021
In 2001, South Africa, like many other countries, introduced capital gains tax aimed at levying capital gains tax on the gain made from the disposal of certain assets. […]
November 16, 2020
Section 45 of the Value-Added Tax Act makes provision for the payment of interest on delayed VAT refunds. In terms of section 45(1) of the Act, the South African […]
November 16, 2020
Many natural persons or trust shareholders in companies are confronted with the unintended tax consequences of owing an amount on a loan account to the company in which they […]
November 16, 2020
In addition to tax liabilities (tax capital amounts), taxpayers are also subject to an array of penalties and interests in respect of late payments, understatements, specific punitive […]
November 16, 2020
The last several years have seen an increase in “smart accounting systems” that have online capabilities and that can integrate with various other business solutions. These […]
October 7, 2020
Our clients who earn only a salary will know that very few tax deductions are available against salary income for income tax purposes and whereby they […]
October 7, 2020
Over the past several years, many employers and employees have made use of the beneficial tax treatment of bursary and scholarship schemes, as provided for in […]
October 7, 2020
Being selected for an audit and being selected for verification are two different processes. Verification: Once you have submitted your return, it could be selected for […]
October 7, 2020
During the registration of a company or close corporation that entity acquires a legal personality. This legal personality comes to an end when the directors and/or […]
August 27, 2020
The tax season is swiftly approaching. For many people, it’s a time of the year that they dread. When it comes down to it, tax can […]
August 27, 2020
In late August 2020, a large credit bureau in South Africa was the target of a data breach where millions of private individual and company data records were compromised. This data leakage, coupled with the tax filing season, makes for the perfect opportunity […]
August 27, 2020
The process of becoming a chartered accountant can be a gruelling and challenging part of your life, just ask any chartered accountant out there. Becoming a […]
August 27, 2020
The Companies Act of South Africa (the Act) requires all companies to prepare financial statements within 6 months after the end of its financial year. A […]
August 4, 2020
The last few months have been extremely tough for small business owners as a result of the global COVID-19 pandemic, and various lockdown measures that have created a challenging trading […]
August 4, 2020
In the digital age, information is everywhere. At the click of a button a message can travel across oceans in the time it takes to blink. […]
August 4, 2020
Many business transactions are concluded in terms of section 42 of the Income Tax Act. The section essentially allows a transfer of an asset by a person to a company, in […]
August 4, 2020
The purpose of double tax agreements (“DTA” or “treaty”) between the tax administrations of two countries is to enable the administrations to eliminate double taxation, where […]
July 6, 2020
Farming in South Africa is like second nature to most South Africans, but the tax implications on farming operations seem to raise some questions when determining a […]
July 6, 2020
There are a few instances where VAT is not charged at the standard rate of 15%. In the following newsletter, we distinguished between the different supplies that attract […]
July 6, 2020
South Africa has a residence-based tax system, which means residents are taxed on their worldwide income, regardless of where that income was earned. South African tax residents living overseas and earning remuneration in respect of services rendered outside of South Africa […]
July 6, 2020
As the old adage goes, change is as good as a holiday. But the way that the novel coronavirus has shaken up the world we live […]
June 8, 2020
In SIP Project Managers (Pty) Ltd v CSARS (29 April 2020), the Gauteng Division of the High Court ruled against SARS on the appointment of a third-party (Standard […]
June 8, 2020
In Commissioner for SARS v United Manganese of Kalahari (UMK) (25 March 2020) the interpretation of tax statues in conjunction with other statutes was considered. UMK conducts mining […]
June 8, 2020
In the case of the Commissioner for SARS vs Public Protector (23 March 2020) in the Gauteng High Court, the matter of the confidentiality of taxpayer information came […]
June 8, 2020
In CSARS v Pieters and others, the Supreme Court of Appeal (SCA) was tasked with deciding whether liquidators were required to withhold employees’ tax from payments made […]
May 5, 2020
As we all know, the COVID-19 pandemic has taken the globe by storm. As of the 14th of April, the total cases of COVID-19 is 1,925,877 […]
May 5, 2020
Binding Class Rulings (BCR) are issued in response to applications by a specific class of taxpayers (usually persons that will have the same tax consequences apply to them from a transaction) and clarifies how the Commissioner for […]
May 5, 2020
Many business transactions are concluded in terms of section 42 of the Income Tax Act. This section essentially allows a transfer of an asset by a […]
May 5, 2020
On 3 April 2020, the Supreme Court of Appeal delivered a judgement against Diageo South Africa (Pty) Ltd (“Diageo SA”) in a value-added tax (“VAT”) matter […]
April 20, 2020
Becoming an entrepreneur is not as easy as waking up with an idea and having money thrown at you to turn it into a reality. Most […]
April 20, 2020
It’s not to say you spend finances irresponsibly, but having a reputable financial advisor comes in handy. Depending on your financial needs, your advisor may be […]
April 19, 2020
Section 9HA of the Income Tax Act deals with deemed disposals by a deceased person. This section of the Act often causes some confusion, especially where […]
April 19, 2020
While South Africa is currently in a state of lockdown during which a significant number of businesses have had to cease operations, some relief from a […]
March 10, 2020
What is section 7C? This section of the Income Tax Act is an anti-avoidance measure aimed at transactions between connected persons and trusts, where a trust […]
March 10, 2020
Saving for retirement can prove to be a very complex task, however, this does not have to be the case. Many people are not making the […]
March 10, 2020
The distinction between amounts received of a capital nature as opposed to a revenue (or income) nature is essential for income tax purposes. Non-capital amounts received, […]
March 10, 2020
Investing in a business is a daunting decision. Whether you are investing in a new or established enterprise, there will always be risk involved. The best […]
February 14, 2020
In terms of section 99 of the Tax Administration Act, 28 of 2011, an assessment may not be made three years after the date of an […]
February 14, 2020
The South African Revenue Service (“SARS”) issued a private binding ruling (BPR329) on 27 September 2019 on the tax implications of intra-group transactions and the subsequent […]
February 14, 2020
The South African Revenue Service (“SARS”) issued Binding Private Ruling 336 on 6 December 2019. In terms of this ruling, a listed resident company (“the Company”) […]
February 14, 2020
With the tax filing season for individuals now closed, taxpayers may find themselves with tax debt that is due. This may be due to administrative penalties […]
January 21, 2020
Belastingbeplanning is noodsaaklik om te verseker dat jou welverdiende Rande, binne alle wette en regulasies van die Suid-Afrikaanse Inkomstediens en die Inkomstebelastingwet, te rek vir die nabye […]
January 21, 2020
Binding Private Ruling 330 (“BPR330”) was issued on 3 October 2019 and relates to the tax implications arising from distributions of dividends and other amounts from […]
January 21, 2020
Die einde van 2019 het aangebreek. Ons het dit dus goedgedink om ʼn kort opsomming vir u te gee van die belangrike onderwerpe wat gedurende die jaar aangeraak is. CIPC jaarlikse opgawes In terme van Artikel […]
January 21, 2020
Binding Class Ruling 069 was issued on 23 October 2019 and relates to the tax implications that arise in respect of proposed employee share schemes (“the […]
November 1, 2019
Farming in South Africa is like second nature to most South Africans, but the tax implications on farming operations seem to raise some questions when determining […]
November 1, 2019
On 27 September 2019, just over a year since delivering judgement in another matter with very similar facts, the Supreme Court of Appeal in CSARS v […]
November 1, 2019
Die einde van 2019 het aangebreek. Ons het dit dus goedgedink om ʼn kort opsomming vir u te gee van die belangrike onderwerpe wat gedurende die […]
November 1, 2019
Belastingbeplanning is noodsaaklik om te verseker dat jou welverdiende Rande, binne alle wette en regulasies van die Suid-Afrikaanse Inkomstediens en die Inkomstebelastingwet, te rek vir die […]
September 27, 2019
Saving for retirement can prove to be a very complex task, however, this does not have to be the case. Many people are not making the […]
September 27, 2019
Companies, particularly listed companies, offer employees so-called share options (also referred to as share incentive schemes or employee share ownership plans (ESOPs)) as a form of […]
September 27, 2019
There are a few instances where VAT is not charged at the standard rate of 15%. In the following article, we distinguished between the different supplies […]
September 27, 2019
Published by fodb at September 27, 2019
Categories
1.1 Background to Bitcoin Bitcoin, Ether and Litecoin. These are some of the most prominent cryptocurrencies on the market today. Bitcoin is by far the best-known […]
September 3, 2019
Perskom Moorreesburg het besluit om vir ons sosiale funksie vanjaar ‘n “Around the World” safari ete te hou. Ons het 4 kollegas gevra om hulle huise […]
August 27, 2019
Dear Employer It has come to our attention that job seekers are being asked for their Income Tax Reference Numbers in order to be considered for […]
August 27, 2019
The South African Revenue Service (“SARS”) issued Interpretation Note 112 on 21 June 2019 to provide guidance on the interpretation and application of the audit certificate […]
August 27, 2019
Generally, disputes with the South African Revenue Service (SARS) are the result of an assessment which has been issued by SARS to a taxpayer. An assessment […]
August 27, 2019
The term “emotional intelligence” was coined in 1990 by scholars, however, business leaders soon adopted this concept and term and made it their own. Emotional intelligence […]
August 1, 2019
As payroll administrators ourselves, we encounter a few frequently asked questions that employers, business owners or those responsible for payroll administration within organisations struggle with. Below […]
August 1, 2019
Is jou kennis genoegsaam oor skenkingsbelasting? Dink jy dalk daaraan om ń familielid finansieel by te staan, of om ń kind te help met ń deposito […]
August 1, 2019
The 2019 tax season officially started on 1 July 2019. Different filing periods apply, depending on the way a taxpayer chooses to submit their return: Taxpayers […]
August 1, 2019
Die drie spaarfondse wat voordeel inhou vir ‘n individu met aftrede, is ‘n pensioenfonds, uittree-annuïteitsfonds, en ‘n voorsorgfonds. Vanaf 1 Maart 2016 geld die volgende: Bydraes […]
July 10, 2019
July 10, 2019
July 10, 2019
The 2019 tax legislation amendment cycle commenced on 25 June, when National Treasury issued the initial batch of the Draft Taxation Laws Amendment Bill which covers […]
July 9, 2019
The 2019 tax legislation amendment cycle commenced on 25 June, when National Treasury issued the initial batch of the Draft Taxation Laws Amendment Bill which covers […]
May 21, 2019
The majority of financial statements in South Africa are arguably compiled by implementing the International Financial Reporting Standards for Small and Medium-sized Entities (IFRS for SMEs) […]
May 21, 2019
The South African Reserve Bank (“SARB”) is the central bank of the Republic of South Africa and the primary purpose is to achieve and maintain price […]
May 21, 2019
Employers may provide employees with a transport service from their homes to the place of their employment. Such transport services constitute a taxable benefit in the […]
May 21, 2019
Published by fodb at May 21, 2019
Categories
Paragraph 2(e) of the Seventh Schedule to the Income Tax Act[1] deems an employer to grant a taxable benefit to an employee if any service has, […]
May 3, 2019
May 3, 2019
Published by fodb at May 3, 2019
Categories
Die aanvangsdatum van die 2019-seisoen vir indiening van die jaarlikse EMP501-rekonsiliasies is deur die Suid-Afrikaanse Inkomstediens (SAID) uitgestel vanaf 1 April na 17 April 2019. Die […]
May 3, 2019
To get a better understanding of the audit process, we can take a look at the definition of an audit. Audit – “an official inspection of […]
May 3, 2019
VAT Regulations dealing with the supply of electronic services Since 2015, foreign suppliers of electronic services (such as audio-visual content, e-books etc.) in South Africa are […]
April 23, 2019
Deterioration, obsolescence and wear and tear are among the reasons why assets decrease in value. By realising a deduction on depreciation for tax purposes, your company […]
April 23, 2019
Die gesegde lui, daar is net twee dinge in die lewe wat seker is: die dood en belasting. Die twee loop dikwels hand-aan-hand en beide is […]
April 23, 2019
In a recent Tax Court decision[1], the Tax Court confirmed that taxpayers have a right to have their disputes resolved in a court of law as […]
April 23, 2019
Education and awareness around identity theft, phishing and other frauds have become part of life globally. If nothing else, scamsters are innovative and keep trying new […]
March 19, 2019
The South African Revenue Service (“SARS”) has recently set out new procedures relating to the process around the filing of income tax returns relating to insolvency. […]
March 19, 2019
Finance Minister Tito Mboweni delivered his maiden National Budget address on 20 February 2019, with the focus for the coming fiscal year on strengthening tax administration […]
March 19, 2019
What happens when you sell an asset? When you sell or dispose of an asset, you either realise a profit or a loss from the exchange. […]
March 19, 2019
Sufficient cash flows to enable a business to function at optimal levels during a financial cycle is paramount. Whether you have a seasonal business, are anticipating […]
January 31, 2019
In general, all registered companies must submit Corporate Income Tax (“CIT”) returns within 12 months of the end of the company’s financial year-end. This is applicable […]
January 31, 2019
Section 20A of the Income Tax Act[1]ring-fences losses incurred by natural persons from certain trades under specific circumstances. If applicable, the natural person will not be […]
January 31, 2019
January 31, 2019
Dispute resolution with the South African Revenue Service (SARS) generally has a two-pronged approach. Firstly, taxpayers must present their case on the merits – this will […]
January 15, 2019
Voordat u jaarlikse opgawe voltooi word, is dit belangrik om seker te maak dat kontak-, adres-, bank- en openbare offisiersbesonderhede van die entiteit (hetsy vir ’n […]
January 15, 2019
South African taxes are inherently complex and often involve interpretation, consulting and in exceptional cases, a fair amount of educated guessing on exactly what the legislature […]
January 15, 2019
As 2018 has come to an end, we reflect on some of the significant highlights (and lowlights) of the 2018 tax year. Davis Tax Committee concludes […]
January 15, 2019
Persons are generally allowed to set off any losses incurred in respect of one trade against the income derived from another trade, thereby reducing their overall […]
November 16, 2018
Voordat u jaarlikse opgawe voltooi word, is dit belangrik om seker te maak dat kontak-, adres-, bank- en openbare offisiersbesonderhede van die entiteit (hetsy vir ’n […]
November 16, 2018
As with various other business transactions, taxes in their various forms also attract interest, either payable by the taxpayer to SARS, or due to the taxpayer […]
November 16, 2018
There are many reasons why a consumer may default in his payments to a credit provider. Notwithstanding these reasons, the credit provider must follow certain procedures […]
November 16, 2018
The South African Revenue Service (“SARS”) implemented several changes to the income tax returns for trusts (the ITR12T) on 17 September 2018. These changes are in […]
October 11, 2018
The Small Claims Court provides a prompt and inexpensive way to resolve minor disputes. It is meant for the ordinary man and woman on the street […]
October 11, 2018
In income tax, the question of valuation of shares often causes a great deal of uncertainty, especially where shares are not traded on a recognised exchange. […]