THE GENERAL ANTI-AVOIDANCE RULES
The Income Tax Act, 58 of 1962 (‘Income Tax Act’) contains various specific anti-avoidance rules aimed at preventing the abuse of certain specific sections in the Income Tax Act. However, over and above these specific anti-abuse provisions, the general anti-avoidance rules (‘the GAAR’) would also find application to cover further potential and unforeseen loopholes, or […]
SO WHAT IS THE FUTURE OF TRUSTS?
One of the questions that we are most confronted with by our clients is what the future of trusts are in South Africa. Some questions even point to the misconception that the trust instrument itself as legal form is on the verge of being scrapped in South Africa altogether! The current debate raging is not […]
Transactions required to be reported to SARS in terms of the Tax Administration act
Certain transactions are required to be reported to the South African Revenue Service (‘SARS’) as and when entered into (section 37 of the Tax Administration Act, 28 of 2011 (‘the Admin Act’)). These are referred to as ‘reportable arrangements’, and qualify as such when an ‘arrangement’ (defined as including any transaction, agreement, scheme or understanding) […]
Public benefit organisations: Profit from tax benefits
Organisations with philanthropic missions serving the general public may enjoy the benefit of SARS’ generosity if they have all their ducks in a row. There are, however, quite a number of requirements and stipulations which must be adhered to in order to qualify, and companies that want to apply, should ensure that they keep to […]
Employer Annual Reconciliation
From 1 April 2014 it will be time to submit your for the period 1 March 2013 to 28 February 2014. You are encouraged to submit your reconciliation early as this will give you time to resolve any issues which may arise. To help you get ready to submit, we would like to tell you […]
Travel Logbooks
The Income Tax Act no. 58 of 1962 allows taxpayers who receive a travel allowance to claim a deduction for the use of their private vehicles for business purposes. It is important to note that the travel between your home and place of work cannot be claimed and is regarded as private travel. In order […]
Tax ombud – Recourse for aggrieved taxpayers
The Tax Administration Act that came into effect on 1 October 2012 is a valiant attempt to balance the rights of the taxman with those of the taxpayer. One of the ways of bolstering the taxpayer’s position on this not very level playing field is the creation of the office of the ombudsman or Tax […]
Standaardskulderkennings en die Nasionale Kredietwet (NKW)
Die nuwe NKW reguleer nie net afbetalingsverkoopsooreenkomste en huur-ooreenkomste ten opsigte van roerende goed soos die Wet op Kredietooreenkomste 75 van 1980 gedoen het nie. Die NKW is van toepassing op ‘n groter verskeidenheid kredietooreenkomste en het ook geen monetêre perk nie. In plaas daarvan om regsstappe te neem laat ‘n skuldeiser soms ‘n skuldenaar […]
The validity of Tax invoices: It is your responsibility
The audits of Value-Added Tax (VAT) returns by the South African Revenue Service (SARS), have increased the focus on the validity of tax invoices for the purposes of VAT. A VAT vendor submitting VAT returns is responsible for ensuring that all invoices included in the returns comply with the relevant legislation. If valid tax invoices […]
