ASSETS HELD AS SECURITY BY SARS WHEN A COMPANY IS BEING LIQUIDATED
The KwaZulu-Natal High Court previously granted an application brought by Van der Merwe and others (acting as liquidators) requiring the Commissioner for the South African Revenue Service to release certain assets held by him under his control in a customs warehouse. The assets in question were being held by the Commissioner as security for payment […]
“MOET WEET” INLIGTING RONDOM SARS SE DIESELTERUGBETALINGS
INLEIDING Hierdie dokument bevat ‘n stel riglyne wat uit ervaring met baie werklike dieseloudits, sowel as intensiewe gesprekke met SARS-amptenare tydens inligtingsessies, saamgestel is deur Afriklok. Dit is nie bedoel om as regsadvies te dien nie, maar as praktiese riglyn vir die hantering van u dieselrabat-eis. As u gehoor gee aan die vereistes in die […]
MISUSE OF ASSESSED LOSSES
An assessed loss for income tax purposes is a potentially valuable asset: it represents past losses made by a taxpayer which is able of being carried forward to subsequent tax years against which future taxable profits are able of being set off. The set-off of historic losses – in the form of an assessed loss […]
TAX PENALTIES: UNDERSTATEMENT PENALTIES IN THE TAX ADMINISTRATION ACT
The Tax Administration Act, 28 of 2011, introduced the notion of ‘understatement penalties’ which are levied on a percentage based method. The penalties are levied depending on which behaviour is exhibited by the taxpayer, to be classified in terms of the below table contained in section 223(1): 1 2 3 4 5 Behaviour Standard […]
DUE DATES PUBLISHED FOR SUBMITTING ANNUAL AND INTERIM EMPLOYER RECONCILIATIONS
On 15 April 2016 the Commissioner for the South African Revenue Service (SARS) announced the due dates whereby employers are required to finalise and submit their annual and interim Employer Reconciliation declarations to SARS. The notice, published on 15 April 2016 in Government Gazette No. 39922, determines that: the annual declarations for the period 1 […]
TRANSACTIONS REQUIRED TO BE REPORTED TO SARS IN TERMS OF THE TAX ADMINISTRATION ACT
Certain transactions are required to be reported to the South African Revenue Service (‘SARS’) as and when entered into (section 37 of the Tax Administration Act, 28 of 2011 (‘the Admin Act’)). These are referred to as ‘reportable arrangements’, and qualify as such when an ‘arrangement’ (defined as including any transaction, agreement, scheme or understanding) […]