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Johannesburg
Thu, Nov 26, 2020
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Expat Tax – SCA hands SARS big win

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The Supreme Court of Appeal (SCA) delivered a judgment on 6 September 2019 that handed SARS, what could be considered, one of their most influential wins in recent times. The SARS Commissioner did not pull any punches and took BMW South Africa to task on tax services performed for their expatriates, by their top tier advisors KPMG and PwC.

Investor opportunities using S12J VCCs?

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In June 2009, The Income Tax Act was amended to make provision for investors to be incentivised to invest in Venture Capital Companies (VCCs).

Tax – understanding understatement penalty behaviours?

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On 1 October 2012 the understatement penalty regime was introduced to replace the additional tax regime. An understatement penalty is determined by applying the highest applicable percentage in the understatement penalty table.

Dividend treatment overlap

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Section 1 of the Income Tax Act (ITA) defines a 'dividend' to be any amount transferred by a resident company for the benefit of any person in respect of any share in that company whether by way of a distribution or consideration for a share repurchase, but does not exclude a reduction of contributed tax capital of the company.

Taxation of expats changes in the pipeline

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Some South African tax residents working abroad, often referred to as 'expats', are grumbling about changes to the Income Tax Act, 1962 (the Act) which comes into effect on 1 March 2020.

Imposing penalties for understatements

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In addition to the tax payable, SARS can impose penalties on a taxpayer for an 'understatement'. In a standard case, and depending on the taxpayer’s behaviour, penalties can range from 10% for a 'substantial understatement' to 150% for 'intentional tax evasion'.

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.

PODCAST | Important court win for small business owner against SARS

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An interview with Jean-Louis Nel, Tax Attorney, Tax Consulting SA, and Dr Ivor Blumenthal, CEO, ArkKonsult, discussing how the Pretoria High Court granted a small business owner an urgent basis for relief against SARS who depleted his bank account without following due process.

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.

Myths about payroll tax deductions you should be aware of

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Not everything you hear about tax is true. There are many myths and misconceptions about payroll tax in South Africa that simply won’t go away. Let’s look at a few of them and what the tax and labour laws actually say. No matter whether your employer calls what it pays you a salary, overtime or commission, it is taxed at the same rate on the payroll according to the standard PAYE tax tables.

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