This article extracts some basic information from the updated SARS Guide – Issue 5, not covered in a previous article published in 2021 on www.fincor.co.za named “Recreational Clubs and Taxation”. […]
Income Tax
Income tax return for Trusts—part 2
Source: SARS’ Comprehensive Guide to the Income Tax Return for Trusts—External Guide, Revision 22, effective 12 December 2024 The date for the Trusts filing season was 16 September 2024 to […]
Income tax return for Trusts – part 1
Source: SARS’ Comprehensive Guide to the Income Tax Return for Trusts—External Guide, Revision 22, effective 12 December 2024 The date for Trusts filing season is 16 September 2024 to 20 […]
Tax consequences of impermissible tax avoidance
Legislation: Income Tax Act, Sections 80 and 103 Tax avoidance is a complex concept that creates uncertainty in the South African tax law system and results in revenue loss. Tax […]
Wear-and-tear or Depreciation Allowance
This article (part 2) discusses the basics of policies on determining the allowance’s amount and methods for determining it. It refers to an Annexure; this is merely a list of […]
Application of proviso to Section 8EA(3) of the Income Tax Act
Section 8EA of the Income Tax Act, No 58 of 1962 (Act) constitutes an anti-avoidance provision which, if applicable, has the effect that the amount of any dividend or foreign […]
Leasehold improvement allowance and Section 11(h) of the Income Tax Act
Source: Private Binding Ruling BPR 401 of 14 December 2023 This ruling determines the tax consequences for a lessor in respect of improvements effected by a lessee. In this ruling […]
Donations tax implications on the issue of shares at nominal value to enhance B-BBEE credentials
ACT: Income Tax Act 58 and a SARS General Binding Ruling, Number 400. This ruling by SARS determines whether donations tax will be payable on the amendment of a company’s […]
Tax Consequences of the Termination of an En Commandite Partnership
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 […]
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 […]