Binding Class Ruling BCR 086 dated 26 May 2023 Relevant legislation: INCOME TAX ACT 58 OF 1962SECTIONS 1(1) – PARAGRAPHS (c) AND (i) OF THE DEFINITION OF “GROSS INCOME”, 10(1)(nE) […]
Income Tax
Exclusion of certain companies and shares from a “GROUP OF COMPANIES” as defined in Section 41(1) of the Income Tax Act
Relevant Acts:Income Tax ActThe Taxation Laws Amendment ActThe Tax Administration Laws AmendmentThe Rates and Monetary Amounts and Amendment of Revenue Laws Act Under specified circumstances, the corporate rules provide relief […]
Mining and Petroleum Royalties and Taxation
The mining industry is governed by different pieces of legislation, such as the MPRDA, MPRRA, Income Tax Act, VAT Act, Customs and Excise Act, and NEMA. The mineral royalty was […]
Draft guide to the Employment Tax Incentive
In March 2023 SARS issued a new draft guide to the Employment Tax Incentive. It’s a lengthy 56 pages and can be downloaded from the SARS website. The employment tax […]
Tax Directives
A tax directive indicates a certain amount that must be withheld or a certain rate that must be used to calculate the tax that must be deducted and paid over […]
Deregistration of Tax Types – part 2 of 2
This article (2 of 2) outlines the relevant procedures to be followed when a taxpayer applies for deregistration of a tax type. Please read part 1 before reading this article. […]
Guide for employers in respect of allowances (2024 tax year)
Following the Minister of Finance’s recent Budget Speech, SARS released an updated Guide in March 2023 for allowances applicable to employers and employees. SUBSISTENCE ALLOWANCESection 8(1)(a) read together with section […]
Estates
This article is part of a series of articles dealing with Estates. An estate can arise due to various circumstances. In the context of natural persons, it consists of a […]
Tax Obligations of Home Owners Associations (HOAs)
A Home Owners Association (HOA) is an association of persons formed for managing the collective interests common to all its members, regarding the expenditure applicable to the common immovable property. […]
Determination of taxable income derived from farming
SARS recently published a “DRAFT GUIDE ON THE TAXATION OF FARMING OPERATIONS”. This 77 page is well written and very detailed. Whilst this article attempts to summarize the guide as […]