Category Archives: Tax

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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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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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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With proposed Tax changes to Trusts, are they still worth while?

Proposed tax changes by the Davis Tax Commission are threatening the taxation of trusts and people are starting to wonder if they should move assets out of trusts and if they should still consider a trust in their financial planning … Continue reading

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Tax free investment savings accounts

Our clients will have noted the various advertisements on radio and in the media generally of financial service providers inviting the public to invest in their respective so-called ‘tax free savings’ investment products. These accounts are made possible by section … Continue reading

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Are you a South African tax resident individual?

The question of tax residence for individuals has always been relevant in South Africa. It appears as though we find ourselves in a country which has always been a popular destination to which people from across the globe flock to … Continue reading

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Allowances and Fringe benefits: Part 1

Travel allowance as opposed to the right of use of a business vehicle: What is the difference? The Income Tax Act defines a travel allowance as an allowance and the right of use of a motor vehicle as a taxable … Continue reading

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Allowances and Fringe benefits: Part 2

In the previous article (Allowances and fringe benefits: Part 1) we discussed the difference between a travel allowance and the right of use of a motor vehicle and attempted to illustrate the pros and cons of each.  We then found … Continue reading

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