Tag Archives: Income Tax Act

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

Posted in Tax | Tagged , , | Comments Off on SPECIAL TRUSTS

FRINGE BENEFITS PROVIDED TO EMPLOYEES

The Seventh Schedule to the Income Tax Act[1] lists various benefits that employers may grant to employees which will attract income tax for the employee,[2] and require the employer to also withhold PAYE on the amount of the benefit granted.[3] … Continue reading

Posted in Employer | Tagged , , | Comments Off on FRINGE BENEFITS PROVIDED TO EMPLOYEES

BEWARE OF CAPITAL GAINS TAX WHEN YOU EMIGRATE

While many people immigrate to South Africa, we also see many of our clients emigrating from South Africa. And while formal migration-status is not necessarily linked to tax residency, the time of tax migration often coincides with formal emigration linked … Continue reading

Posted in Uncategorized | Tagged , , | Comments Off on BEWARE OF CAPITAL GAINS TAX WHEN YOU EMIGRATE

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

Posted in Tax | Tagged , , | Comments Off on FINAL AND DILUTED LEGISLATION IN RELATION TO LOW INTEREST LOANS AND TRUST

PERSONAL SERVICE COMPANIES

Natural person taxpayers who earns a salary have very few items of expenditure available to them which they may deduct for income tax purposes (section 23(m) of the Income Tax Act, 58 of 1962). Generally, the deductions which salaried individuals … Continue reading

Posted in Tax | Tagged , , | Comments Off on PERSONAL SERVICE COMPANIES