Binding Private Ruling 391 ACT: INCOME TAX ACT 58 OF 1962SECTION: PARAGRAPH 1 – DEFINITION OF “ASSET”, “DISPOSAL” and “VALUE SHIFTING ARRANGEMENT”, and PARAGRAPH 11 OF THE EIGHTH SCHEDULE TO […]
Disposal of shares subsequent to a property development arrangement.
Disposal of shares subsequent to a property development arrangement, BINDING PRIVATE RULING 398, November 2023 This ruling describes the tax consequences of the disposal of ordinary shares in a property […]
Section 18A – Audit Certificates, Part 2
ACT: Income Tax Act 58 OF 1962, Section 18A(2B) AND (2C) This is part 2 of 2 in this series of articles. Please read part 1 before reading this second […]
The Two-Pot Retirement System
Amendments to the Pension Funds Amendment Bill and the Revenue Laws Amendment Bill The two-pot retirement system is a reform that will allow retirement fund members to make partial withdrawals […]
Section 18A – Audit Certificates, Part 1
ACT: Income Tax Act 58 OF 1962, Section 18A(2B) AND (2C) This article summarises key elements of SARS Guidance Note 112 on the interpretation and application of section 18A(2B) and […]
Sole Proprietorship and Tax
A sole proprietorship is a business that is owned and operated by a natural person (individual). This is the simplest form of business entity. The sole proprietorship is not a […]
Turnover Tax – A quick test from SARS for individuals and companies
This article summarizes a test created by SARS to assist individuals and companies in determining whether they qualify for Turnover Tax registration. Sources: SARS.GOV.ZATax Guide for Micro BusinessesIncome Tax Act, […]
Standard Turnover-based Method of Apportionment – Draft Binding Ruling for comment – part 2 – Exclusions
ACT: VALUE-ADDED TAX ACT, NO. 89 OF 1991 (the VAT Act)SECTION 17(1) – APPORTIONMENT SARS published a new Draft Binding Ruling (version 3) in October 2023 for public comment due […]
Taxation of Farming Operations
This first article, in a series of articles, discuss the basics of taxation of farming before delving in to more precise detail to be found in future articles. Source: SARS.GOV.ZA […]
Basic Principles for S18A Approved Tax Exempt Institutions
Source: SARS.GOV.ZA A Section 18A tax deductible receipt is an official document issued by a Section 18A-approved institution to a donor who makes a qualifying donation. It serves as evidence […]