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Binding Private Ruling 391 ACT: INCOME TAX ACT 58 OF 1962SECTION: PARAGRAPH 1 – DEFINITION OF “ASSET”, “DISPOSAL” and “VALUE SHIFTING ARRANGEMENT”, and PARAGRAPH 11 OF THE EIGHTH SCHEDULE TO THE ACT SummaryThis ruling determines the tax consequences for the partners in an en commandite partnership (the Partnership) following the…
Disposal of shares subsequent to a property development arrangement, BINDING PRIVATE RULING 398, November 2023 This ruling describes the tax consequences of the disposal of ordinary shares in a property company and the redemption of newly issued capitalisation preference shares in that company at a later stage. SARS gave detailed…
ACT: Income Tax Act 58 OF 1962, Section 18A(2B) AND (2C) This is part 2 of 2 in this series of articles. Please read part 1 before reading this second article. This article summarises key elements of SARS Guidance Note 112 on the interpretation and application of section 18A(2B) and…
Amendments to the Pension Funds Amendment Bill and the Revenue Laws Amendment Bill The two-pot retirement system is a reform that will allow retirement fund members to make partial withdrawals from their retirement funds before retirement while preserving a portion that can only be accessed at retirement to help improve…
ACT: Income Tax Act 58 OF 1962, Section 18A(2B) AND (2C) This article summarises key elements of SARS Guidance Note 112 on the interpretation and application of section 18A(2B) and (2C) in relation to the audit certificate that must be obtained and retained in specified circumstances for section 18A receipts…
A sole proprietorship is a business that is owned and operated by a natural person (individual). This is the simplest form of business entity. The sole proprietorship is not a legal entity. The business has no existence separate from the owner who is called the proprietor. The owner must include…
This article summarizes a test created by SARS to assist individuals and companies in determining whether they qualify for Turnover Tax registration. Sources: SARS.GOV.ZATax Guide for Micro BusinessesIncome Tax Act, Sixth Schedule and Part IV (sections 48 to 48C)A previous article of March 2022 by Fincor; https://fincor.co.za/turnover-tax/A previous article of…
ACT: VALUE-ADDED TAX ACT, NO. 89 OF 1991 (the VAT Act)SECTION 17(1) – APPORTIONMENT SARS published a new Draft Binding Ruling (version 3) in October 2023 for public comment due by 03 November 2023. This is the second article in a series of articles and will deal with some exclusions…
This first article, in a series of articles, discuss the basics of taxation of farming before delving in to more precise detail to be found in future articles. Source: SARS.GOV.ZA and their Guide to Taxation of Farming Operations (October 2023 version) Farming contributes largely to job creation and is a…
Source: SARS.GOV.ZA A Section 18A tax deductible receipt is an official document issued by a Section 18A-approved institution to a donor who makes a qualifying donation. It serves as evidence of the donation made and potentially enables the donor to claim a tax deduction from their taxable income on submission…
Binding Private Ruling 391 ACT: INCOME TAX ACT 58 OF 1962SECTION: PARAGRAPH 1 – DEFINITION OF “ASSET”, “DISPOSAL” and “VALUE SHIFTING ARRANGEMENT”, and PARAGRAPH 11…
Disposal of shares subsequent to a property development arrangement, BINDING PRIVATE RULING 398, November 2023 This ruling describes the tax consequences of the disposal of…
ACT: Income Tax Act 58 OF 1962, Section 18A(2B) AND (2C) This is part 2 of 2 in this series of articles. Please read part…
Amendments to the Pension Funds Amendment Bill and the Revenue Laws Amendment Bill The two-pot retirement system is a reform that will allow retirement fund…
ACT: Income Tax Act 58 OF 1962, Section 18A(2B) AND (2C) This article summarises key elements of SARS Guidance Note 112 on the interpretation and…
A sole proprietorship is a business that is owned and operated by a natural person (individual). This is the simplest form of business entity. The…
This article summarizes a test created by SARS to assist individuals and companies in determining whether they qualify for Turnover Tax registration. Sources: SARS.GOV.ZATax Guide…
ACT: VALUE-ADDED TAX ACT, NO. 89 OF 1991 (the VAT Act)SECTION 17(1) – APPORTIONMENT SARS published a new Draft Binding Ruling (version 3) in October…
This first article, in a series of articles, discuss the basics of taxation of farming before delving in to more precise detail to be found…
Source: SARS.GOV.ZA A Section 18A tax deductible receipt is an official document issued by a Section 18A-approved institution to a donor who makes a qualifying…