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Categories
Category Archives: Tax
Budget 2020 highlights
“Ex Africa Semper aliquid novi,” winning requires hard work, focus, time, patience and resilience. Finance Minister Tito Mboweni delivered his National Budget Speech on 26 February 2020, leaving South African taxpayers pleased by the implementation of tax relief on personal income … Continue reading
Posted in Tax
Tagged Budget speech, Budget Speech 2020, Finances, SARS, South Africa, Tax, VAT
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Everything you’ll ever need to know about death and taxes in South Africa
In South Africa, like in most countries, death and taxes go together in the form of inheritance taxes. These are taxes that the deceased estate has to pay, in addition to the personal tax of the deceased person for their … Continue reading
Posted in Tax
Tagged Capital Gains Tax, Estate Duty, Tax, Taxes, The Income Tax Act
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Expat tax exemptions: No double taxation
On 1 March 2020, an amendment to the foreign employment income exemption comes into operation. There have been misperceptions about those expatriates that will be affected by this change to the tax law. Currently the exemption applies to South African … Continue reading
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Tagged Expatriates, Income Tax Act, South African tax residents
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Complexities of loans between related parties
Loans between related parties are a common occurrence in the SME business environment. These loans arise due to various reasons, such as assets being sold on loan account; money being drawn out, trust distributions made or dividends declared on loan … Continue reading
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Tagged Income Tax Act, SARS, SME business
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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 12T of the … Continue reading
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Tagged Financial Services Board, Income Tax Act, National Treasury
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Changes to bad debt allowance
Most South African businesses are at some point in time exposed to credit risk in the form of bad debts. Although taxpayers would undoubtedly prefer to recover the debts, the Income Tax Act[1] provides for some relief in cases where debts … Continue reading
Posted in Tax
Tagged Draft Taxation Laws Amendment Bill 2018, IFRS, Income Tax Act
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Interest free loans with companies
The latest annual nation budget presented in Parliament proposed the dividends tax rate to be increased with almost immediate effect from 15% to 20%. The increased rate brings into renewed focus what anti-avoidance measures exist in the Income Tax Act[1] that … Continue reading
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Tagged Income Tax Act, Interest free loans, Parliament
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Alles wat jy moet weet oor skenkingsbelasting
Is jou kennis genoegsaam oor skenkingsbelasting? Dink jy dalk daaraan om ń familielid finansieel by te staan, of om ń kind te help met ń deposito vir die aankoop van ‘n huis of motorvoertuig? Voor jy die transaksie aangaan is … Continue reading
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Tagged belastingkonsultant, IT144, SARS
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Tax breaks for South Africans who install solar power systems
South Africa’s government, energy regulator and Eskom have often been criticised for obstructing the introduction of distributed, small-scale embedded generation (SSEG) which would help businesses to cut costs and ensure the stability of their power supply during load shedding. But … Continue reading
Posted in Tax
Tagged electricity costs, Income Tax Act, National Treasury
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Tax consequences of company loans to connected persons
The current article will focus on the provisions of section 64E(4), a section that determines the income tax consequences of low-interest or interest-free loans between companies and connected persons. Loans between companies and their connected persons are not uncommon in … Continue reading
Posted in Tax
Tagged Company, consequences, Dividends, Loans, requirements, Tax
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