SARS released an Interpretation Note in March 2022 for public comment due on or before 27 May 2022. The relevant law is Section 222(5) of the Tax Administration Act. This […]
Marc Derfoldy
Tax Incentives and their expiry date
Tax incentives are applied to encourage certain behaviours and activities by providing businesses and individuals with favourable tax treatment. The introduction of a tax incentive is generally based on a […]
The SARS Voluntary Disclosure Programme (VDP)
VOLUNTARY DISCLOSURE RELIEF SARS allows taxpayers to avoid criminal prosecution and regularise their tax affairs by making a disclosure under the VDP. A successful VDP application allows for an applicant […]
Assessed losses under the Income Tax Act
Section 20(2) of the Income Tax Act defines an “assessed loss” as “any amount by which the deductions admissible under section 11 exceeds the income in respect of which they […]
Turnover Tax
Turnover tax is a simplified system aimed at making it easier for micro business to meet their tax obligations. The turnover tax system replaces Income Tax, VAT, Provisional Tax, Capital […]
Tax returns and the 3-year limitation period of the Tax Administration Act
Legislation:Income Tax Act – ITATax Administration Act (Section 99) – TAA Before the TAA came in to use, the Income Tax Act provided that SARS could only issue an additional […]
Explanatory Memorandum on the Taxation Laws Amendment Bill of 2021 – CARBON TAX and RENEWABLE ENERGY
National Treasury published their updated Explanatory Memorandum on the Taxation Laws Amendment Bill of 2021 on 25 January 2022. The document is a lengthy 70 pages and this article will […]
Tax Deductions (PAYE) on your Pension or Annuity
The following info is based on commentary from SARS dated 19 January 2022. Where a pensioner has ONE source of income during a tax year, the SARS employees’ tax (PAYE) […]
Rand Mutual Assurance Fund – earnings reporting for compensation and assessment purposes
Reference Acts and Websites Compensation for Occupational Injuries and Diseases Act (1993)Compensation for Occupational Injuries and Diseases Amendment Act (1997) The Compensation Funds “e-COID” online facility on website http://www.labour.gov.za/Online-ToolsRand Mutual […]
INDIVIDUAL ITR12 RETURN FOR DECEASED AND INSOLVENT ESTATES
SARS has published an updated 57-page guide explaining the principles and procedures to follow when submitting an INDIVIDUAL ITR12 RETURN FOR DECEASED AND INSOLVENT ESTATES. The purpose of this document […]