Category Archives: Tax

ADMINISTRATIVE PENALTIES FOR CORPORATE INCOME TAX (CIT) TO BE IMPOSED

Dear Taxpayer SARS will be imposing administrative penalties from December 2018 for outstanding Corporate Income Tax (CIT) returns. Administrative penalties will be imposed on companies that receive a final demand to submit a return. In terms of Section 210 of … Continue reading

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SPECIAL TRUSTS

The Income Tax Act[1] includes specific provisions for “special trusts”. These trusts are taxed on the same sliding scale applicable to natural persons, which could be lower than the current 45% flat rate applicable to conventional trusts. Capital gains tax … Continue reading

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CAPITAL GAINS TAX AND THE ANNUAL EXCLUSION

With the 2018 tax-filing season for individuals in full swing, it is worthwhile looking at a common misconception regarding the determination of capital gains tax for individual taxpayers, specifically the role of the ‘annual exclusion’. Ensuring that the annual exclusion … Continue reading

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HOW THE VAT INCREASE AFFECTS YOUR BUSINESS

Consumers and suppliers have by now had an opportunity to familiarise themselves with the increased Value-Added Tax (VAT) rate of 15% since 1 April 2018. There are however many technical considerations related to the increase that remain unclear. One such … Continue reading

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TAX SEASON 2018 FOR INDIVIDUALS

The 2018 Tax Season for Individuals opens on 1 July 2018 for e-Filers What are the deadlines? The deadline for non-provisional taxpayers has been brought forward to allow more time for finalising audits before the year ends: Type of Taxpayer … Continue reading

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TAX DEDUCTIONS AGAINST SALARY EARNINGS

Our clients who earn only a salary will know that very few tax deductions are available against salary income for income tax purposes and whereby they may reduce the taxable income derived ultimately from such remunerations. Section 23(m) of the … Continue reading

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ADDISIONELE MEDIESE KORTING VIR ’N INDIVIDU:
WANNEER KAN EK MEDIESE UITGAWES UIT DIE SAK BETAAL AS ’N EIS INDIEN?

Addisioneel tot die Artikel 6A mediese belastingkrediet is daar ook krediet beskikbaar vir individue (belastingpligtiges) wat mediese uitgawes self uit die sak uit betaal in terme van Artikel 6B van die Inkomstebelastingwet. Die addisionele mediese uitgawes belastingkrediet kan deur die … Continue reading

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WANNEER KAN EK MEDIESE UITGAWES UIT DIE SAK BETAAL AS ’N EIS INDIEN?

BELASTINGSKULD EN AFBETALINGSOOREENKOMSTE

Om by iemand in die rooi te wees is vir meeste ’n onaangename ervaring, veral as die skuldeiser die Suid-Afrikaanse Inkomstediens (die SAID) is. Omstandighede lei egter soms na gevalle waar ’n belastingpligtige agter raak met bedrae wat aan die … Continue reading

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HOW WILL THE 2018/2019 AFFECT YOU, THE INDIVIDUAL?

The 2018 Budget was sure to be a delicate balancing act between the much needed tax hikes (whatever the reasons that got us onto this precarious economic precipice, the fact is that the situation is what it is) and adequate … Continue reading

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IMPORTANT SARS DATES

There appears to be an increased focus recently by SARS in relation to tax compliance. We therefore want to highlight the below important dates again to our clients to ensure that they are always fully tax compliant. Non-compliance may lead … Continue reading

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