Author Archives: MMSadmin

Offshore companies and doing business in South Africa – A companies act perspective

According to the most recent statistics released by the South African Revenue Service, South Africa remains a net importer of goods and services. Put differently, one could say that South Africans are more often clients in cross-border transactions than they … Continue reading

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Final and diluted legislation in relation to low interest loans and trust

The renewed focus by National Treasury on the taxation of trusts was widely anticipated and it came as little surprise earlier this year that the first version of the Draft Taxation Laws Amendment Bill, 2016, introduced what will become the … Continue reading

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Removing directors of a company

The Companies Act, 71 of 2008, requires that the business and affairs of any company be managed by or under the direction of its board, which has the authority to exercise all of the powers and perform any of the … Continue reading

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Financial assistance to directors

A company lending money to its directors may not be as simple a process as it may initially appear to be – not even in the case of so-called “one-man” companies. There are various requirements in the Companies Act, 71 … Continue reading

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Dire provisional tax penalties on underestimation of income

Provisional taxpayers are generally those taxpayers who earn income from sources other than a salary. In other words, PAYE is not deducted from these other sources of income on a monthly basis and paid over to SARS. As is the … Continue reading

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Are retirement annuities still useful?

Retirement annuities are often misunderstood and many people, or their parents, have had bad experiences with them in the past. This sentiment often relates to the investment performance and possibly also the charges related with these products. Some facts need … Continue reading

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Proof required for Income Tax Returns – Individuals

Following the conclusion of your tax year, documents will be issued to you that must be retained for tax purposes. The following documents should, if applicable, be submitted to the accountant who completes your tax return and should be available … Continue reading

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The 2016 tax season is open

As is the case every year, the Commissioner for SARS recently published the annual notice to officially ‘open’ the 2016 tax season. Individuals are now able to file their annual income tax returns for the 2016 year of assessment (which … Continue reading

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Are retirement annuities still useful?

Retirement annuities are often misunderstood and many people, or their parents, have had bad experiences with them in the past. This sentiment often relates to the investment performance and possibly also the charges related with these products. Some facts need … Continue reading

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Succession planning

Owning a business requires careful succession planning and is part of your estate planning as you have to determine who will succeed you, or who will purchase your shares, or who will be entitled to the income after your death. … Continue reading

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