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 […]
Tax
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 […]
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 […]
High wealth individuals and SARS disclosure
SARS increases its focus on wealthy individuals and offshore holdings The South African Revenue Service (SARS) is committed to its strategic intent to develop and administer a tax and customs […]