Stygende rentekoerse, dit is nou die tyd om skuld te betaal en te spaar
Aangespoor deur die bestuur van stygende inflasie en om die rand te beskerm, was die Suid-Afrikaanse Reserwebank sedert November 2021 gedwing om die prima rentekoers te verhoog. Die rentekoers is nou die afgelope ses vergaderings met 2,75% verhoog. Nog 1% in rentekoersverhogings word binne die volgende jaar verwag. Stygende rentekoers siklusse vereis dat ons baie […]
Tax compliance lives beyond death
A deceased estate takes on a (tax) life of its own while being wound up I started my first job back in September 1987 at the tender age of 18, and approximately nine months later I received my very first income tax return from the Receiver of Revenue (as SARS was known in those days), […]
Bribes, penalties, and fines: Don’t expect help from SARS
Deductions are disallowed under Section 23(o)—but it’s not quite cut and dried… The meeting went on longer than you expected, and now you’re rushing to get to your next appointment. It’s a new client, and a successful deal will be lucrative both for your company and this month’s commission cheque. But not five minutes after […]
Belasting gevolge van ‘n skenking
Skenkings, wat effek ‘n ooreenkomste is waar een party instem om iets van waarde aan ‘n ander te skenk, word deur die Inkomstebelastingwet beheer en is as sodanig belasbaar. Daarom, voordat u aan u kind hul eerste motor gee of u volwasse kind help om hul eerste eiendom te bekom, is dit raadsaam om die […]
Don’t lose that assessed loss!
Assessed losses can be carried forward—provided that the company doesn’t cease trading If the amount of allowable deductions exceeds the taxable income in your business, you will end up with what is known as an ‘assessed loss’ for tax purposes. In terms of Section 20 of the Income Tax Act, you are entitled to carry […]
Deducting bond interest when using an access bond facility
You can use a loan re-advance against your house to purchase a rental property, and get the interest allowed as a tax deduction – it just needs to be structured properly One of the questions most frequently asked is whether interest on a bond raised to purchase a rental property is deductible against the rent […]
Section 42: Asset-for-share transactions
It is often the case that South African tax resident shareholders wish to reorganise their South African group of companies, for a multitude of commercial reasons, without the ultimate shareholders changing. One of these could potentially be to create a single holding company structure. Various group relief provisions are contained in the Income Tax Act […]
Korporatiewe inkomstebelasting: Vermindering van koers na 27% en beperking op benutting van verliese
Die Minister van Finansies het in die 2022 Begrotingsrede aangekondig dat korporatiewe inkomstebelasting koers (CIT) tot 27% verlaag sal word vir jare van aanslag wat op of na 31 Maart 2023 eindig. Met die verlaging in die CIT-koers wat nou aangekondig is, kom die voorstel wat daarop gemik is om die belastingbasis te beskerm en […]
PAYE and non-residents
Employment income is generally taxed where the services are physically exercised. The place of contract conclusion, where the employer is based and where the remuneration is paid is irrelevant in determining the taxation of employment income. This principle is supported by South African legislation and case law. Income earned from South African employers for services […]
SARS and the never ending cycle of inappropriate verifications
Taxpayer complaints of this nature are now classified as systemic. By Amanda Visser 4 May 2022 The Office of the Tax Ombud recently identified repeated verifications of the same tax risk by the South African Revenue Service (SARS) as a systemic issue. These inappropriate verifications were discovered during an analysis to determine the root causes behind delays […]