Accounting

February 7, 2024

Ring-Fencing Trading Losses

SECTION 20 of the Income Tax Act 58 of 1962 deals with the set-off of losses from a trade against other income.  In general, such set-off is allowed (see sub-paragraph (1)(b)), provided that the loss is incurred in the taxpayer’s own name (i.e. not in a company, CC, or trust).  The loss must also have been incurred with-in the Republic of South Africa to qualify for set-off.
February 7, 2024

Beware of Tax-Related Scams

Over the past five years, the SAFPS has seen a steady increase in the number of tax-related scams. Improved efficiency To improve efficiency when it comes […]
January 11, 2024

Don’t lose that tax loss!

Sustaining losses on certain activities, blissfully assuming that SARS will chip in at year-end? Make sure that this loss is not ‘lost’ forever. Many people have […]
January 11, 2024

General principles for tax deductions

When can you deduct an expense?  Section 11(a) contains the general principles One of the most-asked tax questions goes along the lines of “can I deduct […]
November 16, 2023

A dive into South Africa’s revised assessed losses regulations

Navigating the complex world of corporate finance and tax regulations can be challenging for businesses. South Africa has recently undergone significant changes in its tax landscape, […]
November 16, 2023

Tax implications for marriages in community of property

The default marriage regime has some complicated tax consequences. When couples are caught up in wedding and honeymoon planning, visiting their attorney often takes a backseat. […]
November 16, 2023

Testamentary trusts still have their place

How you can protect your assets from predators including SARS Trusts have received a lot of bad press over the past few years, what with SARS […]
October 4, 2023

Your PAYE obligations as an employer

As an employer, it is your responsibility to withhold tax from your employees’ salaries and remit it to SARS. Employee tax is a key component of […]
October 4, 2023

Unforeseen tax debt from crypto trading

Landing in a position of indebtedness to SARS can be quite a stressful journey on its own ─ but if you forget to leave room in […]
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