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 set up businesses, but also a country from which people often travel for long-term stints […]
Tax rates announced in the budget
On 24 February 2016, Min. Pravin Gordhan tabled National Treasury’s annual budget. While it contained a few surprises (both for what it said and that which it did not), the focus in studying the budget has always been the new tax rates proposed. Below we set out the new rates that will apply going forward. […]
Tax rates for 2016
With the fiscal year-end for individuals on 29 February 2016, it is useful at this stage to be reminded of the various tax rates applicable for the 2016 tax year. These were enacted by the Rates and Monetary Amounts and Amendment of Revenue Laws Act, 13 of 2015 and promulgated on 17 November 2015 (to the […]
Incentivising non-retirement savings in South Africa through Tax free savings accounts
National Treasury introduced the Tax free savings account and these accounts have been available since 1 March 2015, available through a variety of providers. These accounts are intended for discretionary non-retirement savings and have certain distinct features which should make them very appealing to investors. Even though the intention is that they will be used […]
Aftreefondse en Egskeiding: Die belasting-implikasies
Hierdie artikel ondersoek die belasting-implikasies waar ‘n lid van ‘n aftreefonds en sy/haar gade skei en die lidgade se aftreevoordele tussen hom-/haarself en die nie-lidgade verdeel moet word. Waar die nie-lidgade ‘n deel van die lidgade se aftreefonds ontvang volgens die egskeidingsbevel, moet die tipe fonds vasgestel word aangesien die lidgade se belang in die […]
SAID volmag: Wat jou belastingpraktisyn wetlik namens jou mag doen
‘n Belastingbetaler of verteenwoordiger van ‘n belastingbetaler moet aan ‘n belastingpraktisyn volmag verleen voordat die belastingpraktisyn wetlik na die belastingbetaler se belastingsake mag omsien. ‘n “Spesiale Volmag aan die Belastingpraktisyn” (hierna “volmag”) moet voltooi en onderteken word deur die belastingbetaler of verteenwoordiger van die belastingbetaler namens ‘n entiteit. ‘n Volmag moet minstens die volgende inligting […]
Byvoordele en inkomstebelasting: Kan werknemers steeds Finansiële voordeel uit byvoordele trek?
In die verlede was daar besliste finansiële voordele verbonde aan sekere byvoordele wat deur ‘n werkgewer aan werknemers toegestaan is. Daar was egter ook heelwat skuiwergate wat deur sommige belastingbetalers misbruik is. Gevolglik het die SAID kragtig opgetree teen belastinghantering van byvoordele deur die Belastingwette te verander en die skuiwergate te verwyder. SAID het begin […]
Selling of Assets by individuals: When will it attract CGT?
Individuals who are residents for the purpose of the CGT Act (Capital Gains Tax), are liable for CGT on the disposal of South African and foreign assets. In addition, non-residents who dispose of immovable property or other assets of a permanent nature in South Africa are liable for CGT as well. As a disposal is […]