Relevant Acts and documents Income Tax ActSARS Deferral of Payment Arrangements Guide on eFiling Acronyms relevant to this Guide and process: CIT Corporate Income TaxDWT Dividends Withholding TaxMCP My Compliance […]
Tax Administration Act
Inheritance tax explained
Reference guides, standards and legislation SARS Accounting Guideline GRAP 23 – Revenue From Non-exchange TransactionsAccounting Standards Board – Standard of Generally Recognised Accounting Practice – Revenue From Non-exchange Transactions (taxes […]
Tax treatment of doubtful debts and debt write-off
Relevant Legislation and Standards Income Tax ActIFRS 9 (for financial reporting purposes) Section 11(j) of the Income Tax Act 58 of 1962 (the Act), as amended, provides for an allowance […]
Employment tax incentives – students and the definition of employees
Reference documents and Acts Employment Tax Incentive ActBinding Private Ruling: BPR 367 from SARSIncome Tax Act The Employment Tax Incentive (ETI) was introduced in 2014 to encourage the employment of […]
Home Office expenses, deductions and tax
Reference Acts: Income Tax Act, Sections 11 and 23 This article deals with home office usage for business purposes and the associated tax implications. It has become very common for […]
Fringe benefits and tax
Reference documents Income Tax ActIncome Tax Act Schedule 7Tax Administration Act What is a fringe benefit? Fringe benefits usually refer to non-cash benefits granted to employees, but do not constitute […]
Small businesses and taxation
Relevant documents and sites: www.sars.gov.zawww.cipc.org.zaIncome Tax ActVAT Tax Act Other terminology of importance Income Tax, VAT, Provisional Tax, Capital Gains Tax, Dividends Tax, Corporate Income Tax (CIT), Pay-As-You-Earn (PAYE), Turnover […]
Notional VAT
Reference Acts and Documents Value-Added Tax ActSARS VAT Tax Form 264SARS Binding General Ruling (VAT)43 (BGR43)SARS Interpretation No. 49 – Notional VAT and second-hand property What is Notional VAT? Subject […]
Earnings thresholds, Income Tax thresholds and Minimum Wage updates
Reference documents Basic Conditions of Employment Act, as amendedIncome Tax Act, as amendedNational Budget Speech, February 2021National Minimum Wage Act, as amended This article gives a brief overview of salary […]
Non-profit organisation-related law and benefits in South Africa – article 2 of 2
In this second NPO-related article, we continue discussing some legal aspects of non-profit organisations and the benefits thereof. Please refer to article 1 of 2 as well. Applicable Laws • […]