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Marc Derfoldy

May 10, 2022May 10, 2022 Marc DerfoldyIncome Tax Act, Tax Administration Act

Interpretation Note for public comment: Understatement penalty and meaning of “maximum tax rate applicable to the taxpayer”

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 […]

May 3, 2022 Marc DerfoldyCorporate Tax, Employment Tax Incentive, Income Tax Act, Personal Income Tax

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 […]

April 12, 2022April 12, 2022 Marc DerfoldyCapital Gains Tax, Investments, Personal Income Tax
Sars Tax

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 […]

April 5, 2022April 5, 2022 Marc DerfoldyCapital Gains Tax, Income Tax Act, Investments, Personal Income Tax, Tax Administration Act

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 […]

March 23, 2022March 23, 2022 Marc DerfoldyCompanies Act, Corporate Tax, Income Tax Act, Investments, P.A.Y.E, Personal Income Tax

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 […]

March 15, 2022March 15, 2022 Marc DerfoldyCompanies Act, Corporate Tax, Income Tax Act, Tax Administration Act

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 […]

March 8, 2022March 8, 2022 Marc DerfoldyCarbon Tax, Tax Administration Act

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 […]

February 22, 2022February 22, 2022 Marc DerfoldyCapital Gains Tax, Corporate Tax, Income Tax Act, Pension Funds, Provident Funds

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) […]

February 8, 2022February 8, 2022 Marc DerfoldyUncategorized

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 […]

January 25, 2022January 25, 2022 Marc DerfoldyPersonal Income Tax, Tax Administration Act

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 […]

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Recent Posts

  • Interpretation Note for public comment: Understatement penalty and meaning of “maximum tax rate applicable to the taxpayer”
  • Tax Incentives and their expiry date
  • The SARS Voluntary Disclosure Programme (VDP)
  • Assessed losses under the Income Tax Act
  • Turnover Tax
  • Tax returns and the 3-year limitation period of the Tax Administration Act
  • Explanatory Memorandum on the Taxation Laws Amendment Bill of 2021 – CARBON TAX and RENEWABLE ENERGY
  • Tax Deductions (PAYE) on your Pension or Annuity
  • Rand Mutual Assurance Fund – earnings reporting for compensation and assessment purposes
  • INDIVIDUAL ITR12 RETURN FOR DECEASED AND INSOLVENT ESTATES
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