Reference documents: Income Tax Act, 1962, as amended, paragraph 30 of Fourth ScheduleTax Administration Act, 2011, section 234(p)Section 58 of the Value Added Tax Act, 1991 The days of using "excuses" to justify non-compliance with tax legislation is to be a thing of the past. The long arm of the…

Reference documents available on the SARS website; www.sars.gov.za: Income Tax Act of 1962 as amended 2020 draft Taxation Laws Amendment Bill (“DTLAB”) was released on 31 July 2020 Draft Response Document on the 2020 Draft Rates and Monetary Amounts and Amendment of Revenue Laws Bill, 2020 Draft Taxation Laws Amendment…

WHO IS GEPF? The Government Employees Pension Fund (GEPF) is Africa’s largest pension fund with more than 1.2 million active members, in excess of 450 000 pensioners and beneficiaries, and assets worth more than R1.8 trillion. GEPF is a defined benefit pension fund that was established in May 1996 when…

South Africa currently has over 40 bargaining councils operating nationwide. What exactly is a bargaining council? A bargaining council is a body that is established by one or more employers’ organisations and one or more trade unions. It must be registered under the Labour Relations Act for a particular industry.…

Studies on goodwill have dated as far back as the late 1800’s and have remained a topic of argument and debate to present day. Goodwill in accounting is an intangible asset that arises when a buyer acquires an existing business. As per IFRS, Goodwill is an asset representing the future…

This articles discusses the basics of Securities Transfer Tax. Relevant Legislation: Securities Transfer Tax Act No. 25 of 2007Securities Transfer Tax Administration Act No. 26 of 2007Income Tax Act No. 58 of 1962:Sections 42, 44, 45, 46 and 47Tax Administration Act No. 28 of 2011(effective 1 October 2012) Other Legislation:…

IFRS is short for International Financial Reporting Standards. IFRS originated in the European Union, with the intention of making business affairs and accounts accessible across the continent. IFRS is the international accounting framework within which to properly organize and report financial information. It is derived from the pronouncements of the…

This article is a follow-on from a previous NOCLAR article published on 21 September 2020. A professional accountant (PA) in public practice may come across or be made aware of non-compliance or suspected non-compliance with laws and regulations in the course of providing a professional service to a client. The…

In 2017, the International Ethics Standards Board for Accountants (IESBA) updated the rule that dictates how accountants can respond to a client’s non-compliance with laws and regulations (NOCLAR). For the professional accountants’ context, NOCLAR is an action that violates a law or regulation that has a direct impact on financial…

This article follows on from a previously published article of January 2020 with newly published info from SARS Carbon Tax Act Roadshow of August 2020. This article focuses on the fact that the Carbon Tax Annual Return is due as from 01 October 2020 for the 2019 tax period and…