When taxpayers are aggrieved by an assessment or not satisfied with a decision taken by SARS, and if the decision is subject to objection and appeal, they have a right […]
Tax Administration Act
SARS and Tax Assessment Prescriptions – 2026 Update
This 2026 article is an update of the original article published in July 2019. The original article can be accessed here: https://fincor.co.za/sars-and-tax-assessment-prescriptions/ A second article can be found here: https://fincor.co.za/tax-returns-and-the-3-year-limitation-period-of-the-tax-administration-act/ […]
TAX RETURNS TO BE SUBMITTED BY A PERSON IN TERMS OF SECTION 25 OF THE TAX ADMINISTRATION ACT
It’s that time of the year again when we need to prepare our annual tax return for SARS to process. The details of who must do so is defined in […]
Tax Exemption Guide for Recreational Clubs – Issue 5 (2025), part 4 – Record-keeping and Income Tax Returns provisions of the Tax Administration Act
This is article 4 in a series of articles discussing the updated Tax Exemption Guide for Recreational Clubs published by SARS. Record-keeping All recreational clubs are required to keep records […]
Tax Exemption Guide for Recreational Clubs – Issue 5 (2025), part 3 – Administrative provisions of the Tax Administration Act
This is article 3 in a series of articles discussing the updated Tax Exemption Guide for Recreational Clubs published by SARS. Administrative provisions – Tax Administration Act The TA Act […]
Taxpayers and retention of records as per the Tax Administration and Companies Acts
Relevant Act: Tax Administration ActGovernment Notice 787 of 01 October 2012; Gazette 35733Electronic Communications and Transactions ActCompanies Act A person must keep records, books of account, or documents. The retention […]
Income Tax and Medical Tax Credits for the Individual
This article continues the discussion of Medical Tax Credits; please read the first article before continuing with this one. Sources: Guide on Income Tax and the Individual (2021/22) – SARS […]
Mining rehabilitation of a Company or Trust: Deductibility of amounts paid and compliance with Section 37A of the Income Tax Act – part 1 of 2
SARS published a Guidance Note in March 2022 discussing matters of compliance with Section 37A and mining rehabilitation. This SARS Note provides guidance on the interpretation and application of section […]
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 […]
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 […]