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January 23, 2020

‘n Voorspoedige 2020!

‘n Voorspoedige 2020 word vir al ons T Roos  kliënte en personeel toegewens! Mag julle elkeen ‘n jaar van onvoorwaardelike liefde, nimmereindigende vrede en tonne voorspoed en geluk geniet. Mag julle elke dag God se droom vir julle lewe uitleef.   ‘n Vriendelike verwelkoming aan al ons personeel, ons vertrou julle het die feestyd geniet en lekker uitgerus.  ‘n Vriendelike verwelkoming ook aan die nuwe personeel wat by ons T Roos “familie” aangesluit het, ons weet julle gaan dit baie geniet hier en vertrou dat julle ‘n aanwins tot die praktyk sal wees. 
January 23, 2020

Taxation of foreign employment income

South Africa has a residence-based tax system, which means residents are taxed on their worldwide income, regardless of where that income was earned.   South African tax residents living overseas and earning remuneration in respect of services rendered outside of South Africa are exempt from tax in South Africa, provided that the individual is outside of South Africa for a period or periods exceeding 183 full days (60 of which have to be continuous days of absence), during any 12 month period.  There is currently no limitation on the foreign employment income exemption.  From 1 March 2020, the first R1 million earned from foreign service income will be exempt from tax in South Africa, provided more than 183 days are spent outside […]
January 23, 2020

Valuation of trading stock for tax purposes

On 27 September 2019, just over a year since delivering judgement in another matter with very similar facts, the Supreme Court of Appeal in CSARS v Atlas Copco South Africa (Pty) Ltd (834/2018) [2019] ZASCA 124 gave a judgement on the valuation of trading stock for income tax purposes.   The general (and oversimplified) principle is that taxpayers are allowed, as a deduction, the value of opening trading stock during a year of assessment, while the value of the closing trading stock is required to be included in taxable income. From a tax perspective, the higher the value attributed to closing stock at the end of a tax year, the lower the cost of sales for that […]
January 23, 2020

Veranderinge in korporatiewe beheer

Die einde van 2019 het aangebreek. Ons het dit dus goedgedink om ʼn kort opsomming vir u te gee van die belangrike onderwerpe wat gedurende die jaar aangeraak is.  CIPC jaarlikse opgawes In terme van Artikel 33 van die Maatskappywet No. 71 van 2008 (“die Wet”), word daar van alle maatskappye en beslote korporasies vereis om jaarlikse opgawes by die “Kommissie vir Maatskappye en Intellektuele Eiendom” (“CIPC”) in te dien.  Die doel van die jaarlikse CIPC–opgawe is om te bevestig dat:   ʼn entiteit nog in besigheid is;  ʼn entiteit handeldryf; en  ʼn entiteit in die nabye toekoms nog handeldrywend gaan wees.  Jaarlikse opgawes kan slegs elektronies op die CIPC webtuiste ingedien word en binne die […]
September 27, 2019

Belastingaftrekkings vir werknemers wat van die huis af werk

Al hoe meer werkgewers laat gesalarieerde werknemers toe om van die huis af te werk ten einde vermorsing van produktiewe ure terwyl hulle pendel, te vermy. Sodanige werknemers kan ’n tuiskantoor-aftrekking eis (wat toegelaat word ​​onder die afdeling “Ander Aftrekkings” van die persoonlike inkomstebelastingopgawe of ITR12-vorm) indien daar aan sekere streng vereistes voldoen word. Die aftrekbaarheid van hierdie uitgawes word bepaal deur artikel 11 (veral paragrawe (a), (d) en (e), saamgelees met artikels 23 (b) en 23(m) van die Wet op Inkomstebelasting[1]). Die vereistes van al hierdie bepalings moet nagekom word voordat die betrokke werknemer vir die tuiskantoor-aftrekking kwalifiseer. In […]
September 27, 2019

The different VAT supplies

There are a few instances where VAT is not charged at the standard rate of 15%. In the following newsletter, we distinguished between the different supplies that attract VAT but does not necessarily have the impact of a standard rate supply. Denied Supplies The VAT Act provides for certain expenses where input VAT is denied, even if the expense is incurred in the course of conducting an enterprise and if there are no input VAT consequences there will ultimately be no output VAT consequences. The following circumstances are common instances where input VAT will be denied: Acquisitions of a motor […]
September 27, 2019

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 en skenkingsbelasting kom. Wat is skenkingsbelasting? Skenkingsbelasting is belasting betaalbaar teen ń vaste koers van eiendom wegmaking deur skenkings (artikel 54 van 64 van die Wet op Inkomstebelasting, 1962).  Skenkingsbelasting word teen ń vaste koers van 20 % gehef op die waarde van eiendom geskenk. […]
September 27, 2019

Cryptocurrencies: Everything you need to know

1.1 Background to Bitcoin Bitcoin, Ether and Litecoin. These are some of the most prominent cryptocurrencies on the market today. Bitcoin is by far the best-known cryptocurrency due to the substantial increase in the price that was experienced in the past couple of years. Bitcoin is a cryptocurrency – a digital asset designed to work as a medium of exchange that uses cryptography to control its creation and management, rather than relying on central authorities. Bitcoin was developed by an anonymous creator – Satoshi Nakamoto – to enable society to operate with a digital cash system, without the need for third-party intermediaries which are traditionally required for digital monetary […]
August 27, 2019

Section 18A Audit Certificates – Part II

The South African Revenue Service (“SARS”) issued Interpretation Note 112 (“IN112”) on 21 June 2019 to provide guidance on the interpretation and application of the audit certificate requirement as set out in section 18A of the Income Tax Act.[1] This was due to the fact detailed information on this requirement was not included in section 18A, resulting in uncertainties regarding compliance with these provisions. Section 18A allows for an income tax deduction for donations made to certain approved organisations. These organisations include approved public benefit organisations (“PBOs”), certain specified agencies, programmes, funds, the High Commissioner, offices, entities or organisations[2]  (“approved […]