Reference documents and sites www.sars.gov.zaITR12 - annual tax return submitted by the taxpayerITA 34 - SARS notification to the tax payer via e-Filing and emailIncome Tax ActTax Administration Act In this article, we discuss the basics of tax refunds from SARS and the applicable tax-related legislation. Section 190(1) of the…

Reference documents/sites: Customs and Excise Act No. 91 of 1964Value-Added Tax Act, No. 89 of 1991Diesel Rebate Forms VAT101D and VAT102Dwww.sars.gov.za In this article, we will discuss the basics of the Diesel Rebate System. In future articles, example calculations will be provided for some industries. What is the diesel rebate…

Reference documentsTaxation Laws Amendment Bill, 2020 "TLAB" In October 2020, the Minister of Finance presented the Rates and Monetary Amounts and Amendment of Revenue Laws Bill, 2020, the Tax Administration Laws Amendment Bill, 2020, and the Taxation Laws Amendment Bill, 2020. This article focuses on a few of the upcoming…

Reference documents: Act No. 25 of 1986 Statistics Amendment Act, 1986 This article focuses on the submission of statistics and the use thereof by STATSSA. Businesses and persons may not be aware of our legal obligation to provide STATSSA with truthful and meaningful population, production, costing and sales statistics amongst…

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:…