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 […]
Income Tax Act
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 […]
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 […]
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) […]
Deduction for Photovoltaic Solar Energy Plants
Reference Acts Income Tax Act, as amended Tired of high electricity costs and the dreaded load shedding disaster affecting your business? It’s time to consider use of solar power solutions […]
Expat tax
If you’ve recently moved abroad from South Africa for work, there are a few things you’ll need to keep in mind in 2021 as a resident living temporarily abroad: the […]
Taxation of the receipts of deposits – Part 2
Relevant Acts Tax Administration Act 28 of 2011;Income Tax Act 58 of 1962; andRental Housing Act 50 of 1999 (based on quoted examples in the SARS Guide)Consumer Protection Act 68 […]
TAXATION OF THE RECEIPT OF DEPOSITS
Relevant Acts Tax Administration Act 28 of 2011; Income Tax Act 58 of 1962; and SARS published Interpretation Note 177 in May 2021 providing guidance on the words “received by” […]