Category: Tax
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Sperdatums vir individue en administratiewe boetes
Die belastingseisoen het op 1 Julie 2018 oopgemaak en die sperdatums vir die huidige belastingseisoen is as volg: Tipe belastingpligtige Kanaal Sperdatum Alle belastingpligtiges Per hand by ’n SAID-tak 21 September 2018 Nie-voorlopige betaler eFiling of per elektroniese indiening by ’n SAID-tak 31 Oktober 2018 Voorlopige […]
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Tax on retirement lump sums
Determining the tax consequences in respect of any lump sum benefits from retirement funds can be complex and various legislative changes have been incorporated over the last few years, to regulate and align the tax treatment of these benefits. Lump sum benefits are included in “gross income” in terms of paragraph (e) of the definition […]
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Valuation of preference shares
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. Although the Eighth Schedule to the Income Tax Act[1] in paragraph 31 gives some guidance on the market value of certain assets, the ‘catch-all’ method is the price that […]
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Employer Annual Reconciliation Due
Employers should be aware that Employer Annual Reconciliation submission due date is fast approaching. If the relevant deadlines are missed, certain penalties will apply. When should it be paid? The Employer Annual Reconciliation starts on 1 April 2018 and employers have until 31 May 2018 to submit their Annual Reconciliation Declarations (EMP501) for the period 1 March 2017 to […]
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Lesotho Value Added Tax (VAT) Rates Change
Effective Date: 1st April 2018 The Minister of Finance Dr. Moeketsi Majoro in his budget speech delivered in Parliament on 28 February 2018 announced changes in rates of Value Added Tax (VAT) on the supply of goods and services. Legal Notice No 27 has been published in the Government Gazette No 24 of 23 March […]
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Medical scheme fees tax credit
Section 6A of the Income Tax Act provides for a medical scheme fees tax credit (“MTC”), or rebate, which reduces the amount of income tax payable by a natural person (hereinafter referred to as the “taxpayer”). The MTC applies to the fees paid by the taxpayer to a registered medical scheme for his or her […]
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VAT Increase and Accounting Systems
As you are aware, the National Treasury announced an increase in Value Added Tax (VAT) from 14% to 15% effective 1 April 2018. We urge you to ensure that your accounting systems are set up to process transactions at the new VAT rate of 15% from 1 April 2018. This is to avoid any penalties […]
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Capital Gains Tax exit charge
In terms of section 1 of the Income Tax Act a natural person will be a “resident” for tax purposes if that person is ordinarily resident in the Republic of South Africa (“the Republic”). Persons who are not at any time during the relevant year of assessment ordinarily resident in the Republic, will also qualify […]
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VAT and transfer duty
We are often asked whether the sale or purchase of immovable property is subject to VAT or to transfer duty. Confusion appears to creep in especially in those cases where only either the seller or purchaser is a registered VAT vendor. The answer to the question lies in the Transfer Duty Act, and specifically in […]
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Tax clearance certificates
Taxpayers may require SARS to issue them with a tax clearance certificate for various reasons. This includes a general confirmation that the relevant taxpayer’s affairs are all in order and up to date (a so-called “Good Standing” tax clearance certificate), or a certificate being required to participate in certain government tenders. Perhaps most notably in […]
