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October 31, 2019October 31, 2019 fincorDebt review, National Credit Act

The National Credit Amendment Bill

The National Credit Amendment Bill was signed into law in August 2019. The Bill promotes the use of a fair, transparent, competitive, sustainable, efficient, effective and accessible credit market and […]

October 31, 2019October 31, 2019 fincorIncome Tax Act, Personal Income Tax

Tax exemption for foreign employment income

On 01 March 2020, changes to the exemption for foreign employment income in s10(1)(o)(ii) of the Income Tax Act No 58 of 1962 (Act), will come into effect. Until then, […]

October 27, 2019October 29, 2019 fincorCompanies Act, Terminology

Public Interest Score

The Companies Act, No. 71 of 2008 and the Companies Regulations, 2011 brought forth a new concept of the public interest score (PI Score). Each company is required to calculate […]

October 24, 2019October 24, 2019 fincorLabour Relations, UIF

The Unemployment Insurance Fund (UIF)

South Africa has an Unemployment Insurance Fund from which employees can claim. The UIF Fund offers short-term financial assistance to workers when they become unemployed or are unable to work […]

October 14, 2019October 24, 2019 fincorRoad Traffic Act

AARTO’S POINTS DEMERIT SYSTEM— ROAD TRAFFIC INFRINGEMENTS

Government published a new Gazette, Number 42648 on 19 August 2019 as Act Number 4 of 2019 titled “Administrative Adjudication of Road Traffic Offences Amendment Act, 2019” more commonly known […]

October 4, 2019October 4, 2019 fincorCorporate Tax, Income Tax Act

Corporate Income Tax Rates in South Africa

Facts for Corporate Income Tax are given below. Between 1 April 2019 and 31 March 2020 the tax rate applicable for corporate income of both resident and non-resident companies for […]

September 16, 2019September 16, 2019 fincorCapital Gains Tax, Carbon Tax, Companies Act, Corporate Tax, Employment Tax Incentive, Income Tax Act, Non-profit organisation, P.A.Y.E, Pension Funds, Personal Income Tax, Provident Funds, Retirement, Tax Administration Act, Trusts, Value Added Tax

SARS’ Official Functions

Have you ever wondered what SARS’ official functions may be in terms of legislation? Collection of Income Tax is merely one aspect everyone is aware of. SARS is the only […]

August 31, 2019August 31, 2019 fincorIncome Tax Act, P.A.Y.E, Personal Income Tax, Tax Administration Act

Tax Avoidance vs Tax Evasion

Payment of taxes is often a sensitive topic to discuss and everyone at some stage is obligated to pay their fair share. For the sake of clarity please note the […]

August 14, 2019September 20, 2019 fincorCarbon Tax, Income Tax Act

Draft Income Tax Amendment Bill – Commentary

SARS published an explanatory document of the Draft Income Tax Amendment Bill on 30 July 2019. This three page document summarises two aspects of the Draft Bill: REPEAL OF THE […]

July 29, 2019July 29, 2019 fincorCapital Gains Tax, Income Tax Act

Goodwill – Capital Gains Tax and Accounting

This article discusses the basics of “Goodwill” from an accounting perspective. Relevant Legislation: Income Tax Act 58 of 1962 (as amended) Taxation Laws Amendment act 5 of 2001 (and various […]

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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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