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Personal Income Tax

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, […]

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 […]

June 25, 2019June 25, 2019 fincorCapital Gains Tax, Income Tax Act, P.A.Y.E, Pension Funds, Personal Income Tax, Provident Funds, Retirement

Tax filing season starts on 01 July

Filing season for taxpayers who have been making use of e-Filing will start on 01 July or 01 August 2019 depending on your tax classification. Non-provisional taxpayers who use e-Filing […]

June 10, 2019June 10, 2019 fincorCarbon Tax, Corporate Tax, Personal Income Tax

Carbon Tax

The Carbon Tax Act Number 15 of 2019 published in Gazette #42483 dated 23 May 2019 took effect on 01 June 2019. The Act may be downloaded here. South Africa […]

April 4, 2019April 4, 2019 fincorIncome Tax Act, Personal Income Tax

Employees’ tax in respect of an independent contractor

On 05 March 2019, SARS published an updated Interpretation Note 17 to determine whether a person is an independent contractor for employees’ tax purposes. Relevant Acts: The Fourth Schedule to […]

March 12, 2019March 27, 2019 fincorBudgets, Income Tax Act, Personal Income Tax

Economic Terms and Tax Concepts — Fiscal Drag causing higher tax rates

It often occurs that certain actions (or inactions) by government may have undesirable consequences for members of the public without the public even being aware. One of the negative consequences […]

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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