Mastering Record Keeping: How to Meet SARS’s Electronic Documentation Standards
Too often, taxpayers seem to forget that the most important aspect of dealing with SARS is to ensure that they can discharge their burden of proof. As a taxpayer, it is on you to provide SARS with the relevant material that, on a balance of probabilities, supports your position. Taxpayers are required to retain relevant […]
VAT on Short-Term Lettings and Commissions
Are you acting as agent or principal—and what would be the pragmatic approach? There are very few people across the world who haven’t heard of Airbnb. Started in San Francisco in 2008, this multi-billion-dollar NASDAQ-listed company that employs around 7,000 people has revolutionised the short-term letting industry. Over four million property owners around the world […]
To Claim or Not to Claim—VAT, That Is…
Some vehicles you cannot claim VAT on, some you can—and knowing the difference can save you a lot of money. When can you claim input VAT on a vehicle? Most businesses that are registered for VAT will be aware that you generally cannot claim input VAT on the purchase of a ‘motor car’ as defined […]
The Tax Treatment of Relocation Expenses
Transferring staff? There are tax implications for them … and for you! If your business has branches in different locations, one of the best ways of offering key staff opportunities for career growth is to allow them to relocate. Relocating an existing staff member who has come to know and understand your systems, procedures, and […]
Beware of Tax-Related Scams
Over the past five years, the SAFPS has seen a steady increase in the number of tax-related scams. Improved efficiency To improve efficiency when it comes to processing tax returns, and to encourage individuals and businesses to file their tax returns timeously, SARS launched its eFiling service in 2000. This allows taxpayers to file their […]
Unforeseen tax debt from crypto trading
Landing in a position of indebtedness to SARS can be quite a stressful journey on its own ─ but if you forget to leave room in your suitcase for the tax on your crypto profits or gains, the destination becomes all that more daunting. If you have engaged in crypto trading, even as a hobby, […]
Individual filing opening
Taxpayers, your turn to file your tax return started on 1 July this year. The good news is that a significant number of individual taxpayers will be auto-assessed again this year, and this process will start in July. No need to call us, we will send you an SMS if you are selected to be […]
How to become a DTMC
In 2013, the South African government introduced the Domestic Treasury Management Company (DTMC) regime to allow South African companies that are registered with the Financial Surveillance Department (FinSurv) of the South African Reserve Bank (SARB) to expand into the rest of Africa and abroad. The DTMC Regime, in essence, allows unlisted companies to establish one subsidiary […]
Retirement saved from controversial tax proposal
When an individual ceases to be a South African tax resident prior to retirement from a South African retirement fund and becomes tax resident of another country, that individual’s interest in a retirement fund may, on payment of a lump sum or monthly pension, be subject to tax in the other country. The application of […]
Is your disclosure “voluntary”?
In December 2021, the Supreme Court of Appeal (SCA) handed down a judgment dismissing an appeal against a decision of the Tax Court. The issue before the SCA was whether the South African Revenue Services (SARS) was correct in rejecting Purveyors South Africa Mine Services (Pty) Ltd’s (Purveyors) Voluntary Disclosure Programme application (VDP application) for […]
