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Income Tax Act

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 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 […]

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) […]

January 4, 2022January 4, 2022 Marc DerfoldyIncome Tax Act, Investments, Personal Income Tax, Tax Administration Act

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 […]

November 30, 2021November 29, 2021 Marc DerfoldyEmployment Tax Incentive, Income Tax Act, Personal Income Tax, Tax Administration Act

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 […]

November 2, 2021 Marc DerfoldyCapital Gains Tax, Companies Act, Income Tax Act

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 […]

October 19, 2021October 19, 2021 Marc DerfoldyIncome Tax Act, Tax Administration Act

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” […]

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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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