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Steps to pain free interim reconciliation processing

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Companies of every size and in every industry have a lot on their plate when it comes to tax-related paperwork. And while it is often an arduous task, ensuring accurate submission and meeting SARS deadlines is one of the most important responsibilities they face.

Policy withdrawals after financial emigration – SARS’ current challenges

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There are many reasons why South African tax residents undertake to cease tax residency through the financial emigration process. One of the reasons is that a successful financial emigration provides one with the rare opportunity to fully encash your policy funds.

Provisional tax penalties – an attorney’s nightmare

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Provisional tax season brings with it the heightened panic of many taxpayers upon the discovery of penalties and interest suddenly imposed by SARS. The disgruntled taxpayer seeks immediate recourse through his attorney, hoping for some sort of justice to be served, but alas the attorney is worn down by complex tax calculations, the onerous and incessant engagement with the South African Revenue Service (SARS) and the ambitious endeavours to deliver a favourable outcome to their client.

2021 tax return issues

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Filing season opened on 1 July 2021, with a significant number of taxpayers being assessed automatically. So, should you file a return this year or not?

New section 11(j) provisions are not same old, same old

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With effect from 1 January 2019, the doubtful debt allowance provisions contained in section 11(j) of the Income Tax Act, 58 of 1962 (the Act) were amended. While taxpayers who apply IFRS 9 have been grappling with these changes for some time, other taxpayers may not have realised the extent to which the amendments practically alter the determination of the allowances that they may claim

Should companies defer their PAYE obligations?

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President Ramaphosa announced on 25 July that government will provide continued support to businesses by deferring employees’ taxes (PAYE) for three months. On the face of it, the relief measure will help businesses stay afloat, but employers should think carefully before they choose to implement it.

Tax Court confirms auditor’s advice is not ‘Get-Out-Of-Jail-Free’ card

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The Tax Court has again confirmed that there is no safety for taxpayers in relying on their auditor’s views to justify a tax position adopted. To the contrary, where a taxpayer infers that their tax position is justified 'because my auditor said so', it can actually result in a larger tax penalty.

New Tax Bills published – 5 key proposals

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National Treasury published the latest Draft Tax Bills on 28 July 2021, which incorporate the tax proposals made in the 2021 Budget. Highlighted are five key changes proposed by government that taxpayers need to be aware of.  

SARS isn’t the only one that can tax you – take...

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In his previous budget speech, Minister Mboweni mentioned a host of different taxes that the revenue man would soon be collecting from us. From personal income tax, to fuel taxes, corporate and carbon taxes – the list was long. But one tax he didn’t mention – and to his credit it is not an official tax (but I would argue it should be) – is behaviour tax.

SARS due to make changes to the electronic record keeping requirements

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Too often, taxpayers seem to forget that the most important aspect of dealing with SARS is to ensure that they can discharge their burden of proof. As a taxpayer, it is on you to provide SARS with the relevant material that, on a balance of probabilities, supports your position. 

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