Legislation and Rules administered by SARS for the purposes of the Carbon Tax Act: Customs and Excise Act No. 91 of 1964: Sections 20(4), 27, 54A – F, 87, 88, and 101Customs and Excise Rules: Rules 54FD.01 to 54FD.05, 60.08(2)(a)(i) and 119A.R101A(d)Customs and Excise Tariff: Schedule 1 Part 3F and…

Reference Acts: Income Tax Act, Sections 11 and 23 This article deals with home office usage for business purposes and the associated tax implications. It has become very common for employers to require or permit employees to work from home. These arrangements are usually temporary in nature, or may have…

Reference Acts Income Tax actTaxation Laws Amendment Act (TLAB) In this article, we briefly discuss the debt reduction provisions of the Income Tax Act and Taxation Laws Amendment Act. Section 19 and paragraph 12A of the Income Tax Act regulate the situation where a debt is cancelled, waived, forgiven or…

Reference documents Income Tax ActIncome Tax Act Schedule 7Tax Administration Act What is a fringe benefit? Fringe benefits usually refer to non-cash benefits granted to employees, but do not constitute cash payments made. These fringe benefits will be reflected on your tax certificate by source codes starting with the numbers…

Reference Acts Income Tax ActSchedule 7 of the Income Tax ActSection 24J of the Income Tax ActSection 19 of the Income Tax ActSection 7C of the Income Tax ActTax Administration Act Loans between companies and their shareholders, or other group companies, are a common method of providing finance in the…

Reference Acts and DocumentsSection 6B(1) of the Income Tax Act 58 of 1962 In this article we look at a recent document published in May 2021 by SARS for public comment: "LIST OF QUALIFYING PHYSICAL IMPAIRMENT OR DISABILITY EXPENDITURE". A few definitions will be listed for the sake of clarity…

Relevant Acts Taxation Laws Amendment BillIncome Tax Act Do you mine cryptocurrencies and/or trade in them? If so, there are tax implications to consider. SARS is investing in its IT capabilities to analyse financial and transaction data more effectively, and identify transactions in and out of crypto platforms. Using foreign…

Relevant documents and sites: www.sars.gov.zawww.cipc.org.zaIncome Tax ActVAT Tax Act Other terminology of importance Income Tax, VAT, Provisional Tax, Capital Gains Tax, Dividends Tax, Corporate Income Tax (CIT), Pay-As-You-Earn (PAYE), Turnover Tax, Employer Reconciliation, Skills Development Levy (SDL) and Unemployment Insurance Fund (UIF). This article discusses the basic requirements from a…

This first article of three briefly discusses the essence and responsibilities of forming a recreational club; in articles two and three, the following taxes that may affect organisations approved as recreational clubs will be discussed: • Income tax• Donations tax• Estate duty• Transfer duty• Dividends tax• Securities transfer tax• Skills…

Reference documents and sites: The Companies Act, No. 71 of 2008Income Tax Act, No. 58 of 1962Value Added Tax Act, No. 89 of 1991http://www.cipc.co.za/za/ In this follow up article, we look at the basics of company taxation. The system of taxation in South Africa is based on a combination of…