Render unto Caesar: Shares and the SARS slice
Whether you are a share trader or a long-term investor, when you make a profit, SARS will want its slice of the pie Ever since biblical times, there has been a tug-of-war between governments trying to extract as much as possible from their citizens in the form of taxes, and individuals trying to keep as […]
How SARS catches tax-dodgers
SARS auditors employ methods that most people wouldn’t have even considered How does the South African Revenue Service (SARS) catch those who do not contribute their fair share to state coffers? Here are some tests that SARS auditors perform to see if you are being somewhat economical with the truth. Comparing VAT returns to your […]
Home office expenditure
Taxpayers who are salaried employees have limited deductions available to them. However, home office expenditure can be claimed as an income tax deduction, but the onus is on the taxpayer to prove that the expenses are in fact deductible. For employment to constitute a “trade” and to qualify to deduct home office expenditure, the taxpayer […]
Rescission of judgments by SARS: Barnard Labuschagne Inc v SARS
The judgment deals with an application for rescission of a judgment by Barnard Labuschagne (Applicant), where SARS took judgment under the provisions of chapter 11 of the Tax Administration Act (TAA). SARS filed a certified statement in terms of Section 172 of the TAA with the Registrar of the Court, setting out an amount of […]
Reviewing the record of review
In a judgment delivered on 17 February 2020, the Gauteng High Court dealt with a matter regarding a “record of review”, and its relevance relating to a review application brought by the Applicant in the matter, Medtronic International (“Medtronic”), on the refusal by the South African Revenue Service’s (“SARS”) refusal to reduce certain interests and […]
Tax relief amid COVID-19
While South Africa is currently in a state of lockdown during which a significant number of businesses have had to cease operations, some relief from a tax perspective has been announced by the government. Tax-compliant businesses with a turnover of less than R50 million will be allowed to defer (importantly, not have waived) 20% of […]
COVID-19 lockdown and SARS
President Cyril Ramaphosa declared a national state of disaster following the outbreak of COVID-19 which has also been declared a pandemic by the Word Health Organisation (WHO) on the 15th March 2020. How will the lockdown impact my taxes and PAYROLL? As part of the announcement made by President Cyril Ramaphosa the tax following relief […]
COVID-19 Relief Mechanisms
Small Business Sector Tax Relief SARS TAX RELIEF IS NOT AUTOMATIC If the company can afford the tax liability, the company is required to pay the full amount. Proof to be provided that company is unable (due to the effect of COVID-19) to pay the liability. Tax relief is aimed at distressed companies. Contributions to […]
Skenkingsbelasting
Is jou kennis genoegsaam oor skenkingsbelasting? Dink jy dalk daaraan om ń familielid finansieel by te staan, of om ń kind te help met ń deposito vir die aankoop van ‘n huis of motorvoertuig? Voor jy die transaksie aangaan is daar ń paar dinge wat jy in gedagte moet hou wanneer dit by ń skenking […]
SARS dispute: What are the reasons?
Generally, disputes with the South African Revenue Service (SARS) are the result of an assessment which has been issued by SARS to a taxpayer. An assessment is the determination of an amount of a tax liability or refund, by way of self-assessment by the taxpayer (such as in the case of VAT) or assessment by […]
