Tag Archives: Income

Cars, pets and summer holidays

The missing piece in many personal budgets. Having a budget is one of the most useful ways to stay in control of your finances. It not only helps to keep your spending below your income, but also allows you to … Continue reading

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THINKING OF SELLING AN ASSET?

What happens when you sell an asset?When you sell or dispose of an asset, you either realise a profit or a loss from the exchange. When you realise a profit, you are subject to pay capital gains tax (CGT) on … Continue reading

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FORM REQUIREMENTS FOR OBJECTIONS

Dispute resolution with the South African Revenue Service (SARS) generally has a two-pronged approach. Firstly, taxpayers must present their case on the merits – this will include the factual basis and background that has led to the dispute. Secondly, and … Continue reading

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RING-FENCING OF ASSESSED LOSSES OF CERTAIN TRADES – PART 2

Section 20A of the Income Tax Act[1]ring-fences losses incurred by natural persons from certain trades under specific circumstances. If applicable, the natural person will not be able to set off the loss incurred from that trade against the income from … Continue reading

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OBJECTING TO AN ASSESSMENT

One of the risks of not using a tax professional to attend to one’s tax affairs arises when SARS assesses an individual’s income tax return. Quite often, a return submitted is assessed incorrectly, or on a basis in terms of … Continue reading

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