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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.
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.
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.
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.
The Minister of Finance announced Government’s intention to introduce extensive retirement reforms to promote a culture of retirement savings approximately eight years ago.
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).
