Keeping you
in the know.
News Search
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.
Read more
Tax - 2022-03-30
Employment Tax Incentive (“ETI”)
During the February 2022 budget speech, the Minister of Finance announced a 50% increase in the (ETI) value which came into effect on the 1st of March 2022.
Read more
Tax - 2022-03-30
Tax effect on lumpsum benefits received from a provident fund
The Minister of Finance announced Government’s intention to introduce extensive retirement reforms to promote a culture of retirement savings approximately eight years ago.
Read more
Tax - 2022-03-30
Residency, emigration, the impact on your taxes
South African tax resident individuals are taxed on their worldwide income. You will be classified as a South African tax resident because, your intention is to be a tax resident in South Africa (your true home test) or you spend most of your time in South Africa on a continuous basis (physical presence test).
Read moreTax - 2022-02-23
Highlights 2022/2023 National Budget
Our Minister of Finance, Mr Enoch Godongwana has delivered his first maiden budget speech for the 2022 / 2023 fiscal year on Wednesday, 23 February 2022.
Read moreTax - 2022-02-23
Disclosure of Wealth
Currently, provisional taxpayers with business interests are required to disclose assets and liabilities on their tax return.
Read moreTax - 2022-02-11
Tax treatment of insurance claims arising from the July riots
KwaZulu-Natal and parts of Gauteng were severely affected by the unrest in July 2021 with many businesses seriously impacted or completely destroyed.
Read moreTax - 2022-01-27
Watch Out For The Penalty Assessment
As the SARS year end of 31 March approaches, SARS will focus on cash collections in all forms and manner in order to try and ensure that budget proposals as tabled are met.
Read more2021 - 2021-12-14
Assessed losses: Relaxation of proposed limitation rules
In prior articles, we questioned whether proposals to limit the ability of companies to fully set-off their assessed losses should be implemented in the current economic climate where business are attempting to recover from the effects of COVID-19. National Treasury has, fortunately, addressed concerns in this regard.
Read more2021 - 2021-12-14
Holiday season is coming: Remember PAYE to be paid by 7 January 2022!
On 23 August 2021, the Cape High Court handed down judgement in the case of PERI Formwork Scaffolding Engineering v CSARS. The case concerned the applicability of a 10% penalty (amounting to R1.6 million) and interest thereon in respect of the late payment of employees’ tax by the taxpayer.
Read more