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Tax returns auto assessments – check before you ‘accept’

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Speak to any individual taxpayer and tax practitioner these days and no doubt ‘auto assessments’ will feature in the conversation. Whilst many agree that the auto assessment process is a good idea and there is appreciation of SARS’ intention to simplify tax compliance, there are mixed feelings regarding the implementation and practicality thereof.

When can losses on shareholders’ loans be claimed as a tax...

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It is an inevitable consequence when operating in a distress economy, such as we find ourselves in South Africa these days, that shareholders will find themselves disposing of companies for less than they paid for them, whether the companies were formed or purchased by those shareholders.

Should you get a loan to pay your sars obligations this...

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For most South African SMEs already contending with a contracting economy, the additional shocks from COVID-19 have placed further pressure on their operations. For some, this may not be a bridge too far as analysts at Sasfin are predicting that around 60% of SMEs may close before the crisis is over.

Taxman moving to hold onto South African’s retirement funds

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The Draft Tax Law Amendment Bill (TLAB) contained a hidden announcement, which may prove to be the final straw for many ex-South Africans who still have retirement investments left in South Africa. The TLAB seeks to legislate to prevent a South African who has exited South Africa’s tax base, to withdraw their retirement funds from South Africa, until an unbroken period of 3 years has passed where that person can prove non-tax residency.

Learn more about S12J

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S12J refers to a section of The Income Tax Act. This section allows an investor to deduct the full cost of their investment into an approved s12J company against their taxable income. This benefit is available to individuals, companies and trusts and can be utilised against normal income as well as Capital Gains tax.

How will ETI and YES work together?

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The two programmes, the Employment Tax Incentive (ETI) created by and falling under SARS, and the Youth Empowerment Service (YES) by the Department of Trade and Industry, are designed to work together and to compliment one-another.

AMENDMENT | Tax invoice error corrections

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To err is human and mistakes are sometimes made on tax invoices. Treasury has thus deemed it necessary to amend section 20 of the Value Added Tax Act 89 of 1991 (Act) which sets out the requirements for issuing tax invoices.

Levy income and the tax exemption for residential estates

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The levy income of a body corporate, share block or an association of persons, such as a home owners association ('residential estate'), is exempt from income tax by virtue of section 10(1)(e) of the Income Tax Act.However, not all income received by a residential estate is exempt from tax, only levy income. SARS recently published a new Interpretation Note 64 on the levy exemption.

SARS | Notification of commencement of audit

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The obligation of SARS to collect tax and taxpayers' rights are often at odds with each other. To address this issue, the Budget 2018 proposes to reconcile taxpayers' constitutional rights with SARS' constitutional obligations by including a provision in the Tax Administration Act stipulating that SARS must inform the taxpayer at commencement of the audit when the information will be audited.

Budget 2018 – Highlights, Tax Guide, Budget Review and Full Speech

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Finance Minister Gigaba delivers 2018/19 Budget Speech. 1% hike in Value-added tax (VAT) increased by 1% to 15%. Government spending cut over the next three years amounting to R85 billion. Fuel levy increase 52 cents a litre. R57 billion will be spent over the next three years to fund higher education

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