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Tag: Income Tax Act (ITA)

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.

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

Proposals of interest to employers in the 2021 Budget Review

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In the 2021 Budget, there are proposals to halt abuse of employment tax incentives and expand the scope of what constitutes a long-service award. The 2021 Budget Review contained several proposals in relation to individuals, employment tax and associated benefits and incentives.

As SARS rolls out smart collection, tax practitioners must respond

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As the SARS collection process becomes more technologically advanced, tax practitioners must advise clients to avoid tax evasion and remain compliant. SARS will soon become so efficient at detecting tax evasion and recovering hidden revenues, it will no longer be worth it to lie on returns.

Divorce and your retirement savings

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Although the official statistics for South Africa’s divorce rate during COVID-19 are yet be released, globally, the pandemic sent divorce rates soaring by up to 30% or more during 2020. According to DIY Legal, South Africa ranks in 83rd place out of 154 countries for divorce. 

Rotational workers and provisional taxes – all you need to know

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As 28 February 2021 looms near on the horizon, so too does the deadline for the second provisional tax submissions for 2021. This February will be the most important tax submission to date for expatriates earning above the R1.25 million threshold as they will now be exposed to a previously non-existent tax liability in South Africa.

Tax on year-end gifts for employees

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December has arrived, and with Christmas around the corner, many employers are left in a pickle when deciding on gestures of good faith and appreciation for their employees.

Amend Income Tax Act to encourage local investment in SMEs

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Parliament has been warned of the risk of billions of Rands of capital investment leaving the country unless local investment incentives like those under Section 12J of the Income Tax Act are permitted to continue. Our presentation was made during the Select Committee of Finance’s public hearings on the TLAB, TALAB and Rates Bills.

Tax relief for lockdown-trapped expats?

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National Treasury and SARS published their responses on the Draft Taxation Laws Amendment Bill (TLAB), which included potential relief for South African expatriates who were unable to leave South Africa owing to the COVID-19 lockdown.

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.

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