Tax - 2022-06-29

Tax Court highlights the tax risks of deducting "Management Fees"

Tax - 2022-05-31

New Rules affecting those earning multiple sources of income

SARS recently introduced a system to increase the PAYE deduction from individuals who receive multiple annuities and/or pensions – or in some cases individuals who earn rental, and other income – in a bid to reduce the likelihood of underpayment penalties and interest being levied on assessment.

Tax - 2022-05-31

SARS Service Charter

Voluntary tax compliance by taxpayers have been undermined by factors such as poor service delivery among other public perceptions hampering tax collections by the South African Revenue Services (“SARS”).

Tax - 2022-04-26

Capital Gains Tax: At what point in time is it triggered?

Mr. S concludes an agreement to sell fixed property (“Property S”) to Mr. P on 20 January 2021, subject to Mr. P concluding an unconditional agreement of sale to sell his own fixed property (“Property P”) by 20 February 2021. Mr P concludes an unconditional agreement for the sale of Property P on 2 February 2021. The Deeds Office registers the transfer of Property S on 20 May 2021.

Tax - 2022-04-26

Not to be overlooked: The importance of an accurate tax return

Recent South African case law emphasises the extreme importance of ensuring tax returns are completed accurately. The incorrect disclosure of factual information in a tax return could have far-reaching consequences for the taxpayer – despite such incorrect disclosure being innocently made.

Tax - 2022-04-26

Variable remuneration – important principles

In terms of section 7B of the Income Tax Act No. 58 of 1962 (“the Act”), “variable remuneration” should be deducted by an employer, and should accrue to the employee, on the date upon which such amount is paid by the employer to the employee.