Category: Tax legislation
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Taxation of Foreign Employment Income
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 are exempt from tax in South Africa, provided that the individual is outside of South Africa for a period or periods […]
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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) […]
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Transactions required to be reported to SARS in terms of government notice
Section 37 of the Tax Administration Act, 28 of 2011 (‘the Admin Act’) requires taxpayers to report a transaction which would qualify as a ‘reportable arrangement’. Failure to do so will result in a monthly penalty being levied against non-compliant taxpayers ranging from between R50,000 to R300,000 per month (section 212), for up to 12 […]
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Ek het geld gesteel – Moet ek belasting daarop betaal?
Al ooit daarvan gehoor dat ‘n dief gesteelde geld verklaar vir inkomstebelastingdoeleindes? Dink u dat diewe gesteelde geld behoort te verklaar as deel van hul belasbare inkomste? Volgens verskeie hofsake in dié verband is gesteelde geld wat verkry is deur diefstal, verduistering of bedrog belasbaar in die hande van die dief. Nog ‘n vraag: Kan […]
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Capital Gains Tax and the sale of a property
Capital Gains Tax was introduced on 1 October 2001. Capital Gains Tax is payable on the profit a seller makes when disposing of his property. What is meant by Capital Gain? A person’s capital gain on an asset disposed of is the amount by which the proceeds exceed the base cost of that asset. What […]
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The link between CGT and Income Tax
The name “Capital Gains Tax” (CGT) can create the impression that CGT stands on its own as a seperate tax from the rest of the taxes but this is not the case. CGT forms part of the Income Tax system and capital gains and capital losses must be declared in the annual Income Tax return […]
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Waarom die SAID stawende dokumente aanvra
Die meeste belastingbetalers ken daardie aaklige gevoel wanneer die SAID stawende dokumente aanvra. Watter stawende dokumente moet ek voorlê? Word ek nou geoudit? Het ek ‘n fout gemaak op my belastingopgawe? Gaan die SAID my tronk toe stuur? Waarom het die SAID my gekies? Die SAID is baie geheimsinnig oor die manier waarop hulle te […]
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Why SARS requests supporting documents
Most taxpayers know that sinking feeling when SARS requests supporting documents from them. Which supporting documents must I submit? Am I being audited? Did I make a mistake on my income tax return? Will SARS send me to jail? Why did SARS choose me? SARS remains secretive about the way they go about selecting tax […]
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Some pointers for planning your estate
The main aim of planning your estate is to ensure that as much of the accumulated wealth is utilised for your own benefit and for the maximum utilisation of dependents on your death. “Estate planning” has been defined as the process of creating and managing a programme that is designed to: Preserve, increase and protect […]
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Donations
Whether you are thinking of helping your son financially to enable him to purchase his first property or donating money towards a worthy cause, there are some things to keep in mind. A donation is defined in the Income Tax Act No 58 of 1962 as “any gratuitous disposal of property including any gratuitous waiver […]