In this article, we will discuss some legal aspects of non-profit organisations and the benefits thereof. Applicable Laws • Constitution of the Republic of South Africa, Act 108 of 1997 (as amended)• Companies Act of 2008 and Companies Amendment Act of 2011• Non-Profit Organisations Act 71 of 1997 (as amended)…

Reference sites, guides and legislation: www.sars.gov.zaGuide on the calculation of the tax payable on lump sum benefitsRates and Monetary Amounts and Amendment of Revenue Laws ActIncome Tax ActTax Administration Laws Amendment ActTaxation Laws Amendment Act In this article, we will discuss the basic tax implications when going on retirement. A…

Following on the Financial Sector Regulation Act, 2017 (“FSR Act“), the Conduct of Financial Institutions Bill (“COFI“) was published by the Minister of Finance in December 2018 for public comment until 1 April 2019. The second draft of the Conduct of Financial Institutions (CoFI) Bill published on 29 September 2020…

Reference documents from www.sars.gov.za (latest news sub-section) Rates and Monetary Amounts and Amendment of Revenue Laws Act, 2020, (Act No. 22 of 2020)Taxation Laws Amendment Act, 2020 (Act No 23 of 2020)Tax Administration Laws Amendment Act, 2020 (Act No. 24 of 2020)Explanatory Memorandum on the Taxation Laws Amendment Bill, 2020Memorandum…

Reference documents: Press Release - Draft Declaration of Crypto Assets as a Financial Product by the FSCA, dated 20 November 2020Statement in support of the Draft Declaration of Crypto Assets as a Financial Product under the Financial Advisory and Intermediary Services Act dated 20 November 2020Notice of publication - Draft…

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…