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Tax Administration 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 […]

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 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 […]

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 […]

January 18, 2022January 18, 2022 Marc DerfoldyTax Administration Act, Value Added Tax

SARS VAT Rulings Process Guide

Reference Acts and Guides Income Tax ActTaxation Laws Amendment ActRates and Monetary Amounts and Amendment of Revenue Laws Act TaxAdministration Amendment Act SARS published a guide (Issue 3) in November […]

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 22, 2021November 22, 2021 Marc DerfoldyCapital Gains Tax, Tax Administration Act

Trusts and taxation of the beneficiaries thereof

This article deals with the issue of whether double taxation can occur; i.e. the trust and the beneficiary both pay tax. Definitions, explanations and clauses from the Income Tax Act […]

November 4, 2021November 4, 2021 Marc DerfoldyCompanies Act, Corporate Tax, Tax Administration Act

Export incentives – part 1

Export incentives are intended to encourage exports by providing financial assistance to exporting companies to enable them to compete effectively in international markets. Whilst they have been widely used internationally, […]

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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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