Results for Income Tax Act

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Green Paper on Marriages approved for public consultation
Green Paper on Marriages approved for public consultationArticle

Cabinet has approved the publication of the Green Paper on Marriages for public consultation...

22 Apr 2021

Cash-strapped mining companies look for innovative sources of funding
Cash-strapped mining companies look for innovative sources of fundingArticle

The notoriously cyclical nature of mining, particularly the low commodity prices and weak equity markets of recent years, have made it difficult for junior and exploratory mining companies to secure financing...

Jason Wilkinson, Wandisile Mandlana, Adéle de Jager & Ivan Vorster 1 Apr 2021

Lize de la Harpe, legal advisor, Glacier by Sanlam
Withdrawing retirement funds on emigration: The impact of the Taxation Laws Amendment ActArticle

As currently worded, the definitions of pension preservation fund, provident preservation fund and retirement annuity fund in section 1 of the Income Tax Act, 1962, make provision for a payment of lump sum benefits...

Lize de la Harpe 3 Mar 2021

Dino Zuccollo is the chair of the 12J Association
Treasury's decision to cancel S12J investments - throwing the baby out with the bathwaterArticle

In the 2021 Budget Review tabled with finance minister, Tito Mboweni's budget speech, Treasury announced that Section 12J of the Income Tax Act will not be extended past its sunset date of 30 June 2021...

Dino Zuccollo 25 Feb 2021

How will new tax and labour legislation affect your business?
How will new tax and labour legislation affect your business?Article

2020 will likely forever be remembered for its major challenges, including many personal losses caused by Covid-19. In the wake of a year of lockdowns, job losses, and more, both businesses and staff are looking to the annual Budget Speech happening on 24 February with a mixture of hope and dread...

19 Feb 2021

What new tax rules mean for provident funds
What new tax rules mean for provident fundsArticle

Administrators of retirement funds are in for a busy time. This is because the new tax rules regarding the annuitisation of provident funds are coming into effect...

Deirdre Phillips, Mogola Makola and Aneria Bouwer 17 Feb 2021

The pandemic of the missing middle
The pandemic of the missing middleArticle

One pandemic has been with us for several years, and if we do not make concerted efforts to address it, it will continue to plague us for many years to come. It is the pandemic of the 'missing middle'...

Morné du Toit, Issued by SAICA 16 Feb 2021

The future of Section 12J and the Sunset Clause by Grovest
The future of Section 12J and the Sunset Clause by GrovestArticle

Section 12J not only offers attractive returns to investors, but is structured to make a positive and significant impact on the economy by providing capital to both SME's and job creation...

Issued by Grovest 11 Feb 2021

Andrew Friedman, head of sales, Anuva Investments
5 aspects of 12J investments you may be myth-ingArticle

"Too good to be true" is an adage that typically services you well when it comes to your money, especially in a world full of myths and conspiracy theories, Ponzi deals, pyramid schemes and promises of the Next Big Thing...

Andrew Friedman 9 Feb 2021

Mdluli Safari Lodge achieves AA+ investment grade rating
Mdluli Safari Lodge achieves AA+ investment grade ratingArticle

Mdluli Safari Lodge in the Kruger National Park has earned the highest-achievable ICA +Impact Sustainable Development Goal Investment Grade core rating of AA+...

5 Feb 2021

Judy Snyman, fiduciary specialist, AlphaWealth
Loop structure prohibitions abolished: Attracting inward investment in SAArticle

The South African Reserve Bank (Sarb) recently published a circular setting out changes to the rules around loop structures in South Africa...

Judy Snyman 3 Feb 2021

Section 12J funds are key to revive SA's economy
Section 12J funds are key to revive SA's economyArticle

Section 12J funds are playing a crucial role in the re-booting of South Africa's economy by creating employment opportunities and saving businesses, while at the same time facilitating significant tax benefits to investors...

13 Jan 2021

Section 12J investments more beneficial than only their tax treatments
Section 12J investments more beneficial than only their tax treatmentsArticle

The government's tax-incentive to boost economic growth - Section 12J of the Income Tax Act - gives investors more than a mere tax benefit...

Renier de Wit 28 Dec 2020

Real tangible investments that can impact SA's economy
Real tangible investments that can impact SA's economyArticle

Renier de Wit of Gaia and Gaia Venture Capital Ltd discusses the ins and outs of the fund's investment approach, its underlying assets, and the importance of this tax-deductive dispensation...

21 Dec 2020

Limited tax relief for SA's cross-border workers
Limited tax relief for SA's cross-border workersArticle

It has recently been announced that the foreign earnings exemption for South Africans working overseas will be relaxed to take into account the South African lockdown rules...

21 Oct 2020

Is the tax deduction for home expenses fair in its application in light of Covid-19?
Is the tax deduction for home expenses fair in its application in light of Covid-19?Article

The Covid-19 national lockdown has resulted in more employees having to work from home. Due to cost-saving factors and the uncertainties around the pandemic, employers have now begun looking at the option of having their employees work from home indefinitely...

Prenisha Govender 29 Sep 2020

Be cautious when claiming tax allowances for future contractual expenditure
Be cautious when claiming tax allowances for future contractual expenditureArticle

Many taxpayers have made use of Section 24C of the Income Tax Act which allows for the holding over of income received in the present year that is due to be used on expenses in the following year...

16 Sep 2020

Tax tips for landlords
Tax tips for landlordsArticle

Owning a rental property portfolio that provides an income is much like owning a business. This means that there are tax implications and dues that need to be paid to the South Africa Revenue Service...

Adrian Goslett 9 Sep 2020

Want to withdraw retirement funds on emigration? You may have to wait three years...
Want to withdraw retirement funds on emigration? You may have to wait three years...Article

The National Treasury published the Draft Taxation Laws Amendment Bill, 2020 (Draft Tax Bill) for public comment. One of the more contentious proposals in the Draft Tax Bill relates to the ability of people emigrating from South Africa to access amounts in their pension preservation fund, provident preservation fund and retirement annuity fund (retirement funds) when they leave...

Joon Chong and Wesley Grimm 8 Sep 2020

Image source: Getty/Gallo
Contract mining clarification muddies the waterArticle

Proposed amendments to the Income Tax Act limiting capex deductions to mining right holders are likely to have negative consequences, particularly for the junior mining sector...

Shirleen Ritchie and Brian Dennehy 8 Sep 2020

Graeme Palmer
When deposits become taxableArticle

Many different types of deposits are received in the ordinary course of business, such as rental, sale, building and security deposits to name a few...

Graeme Palmer 21 Aug 2020

Deductions available for commission earners
Deductions available for commission earnersArticle

Commission earners could make an argument to Sars that they should be allowed to deduct their normal range of business expenses, even if commission is no longer more than 50% of their total remuneration under the exceptional circumstances of the Covid-19 pandemic...

Joon Chong 22 Jul 2020

Income Tax Act: Clarity on distribution of unlisted shares
Income Tax Act: Clarity on distribution of unlisted sharesArticle

The South African Revenue Service (Sars) recently released Binding General Ruling 54 (BGR 54), which deals with the unbundling of unlisted shares and the impact on non-qualifying shareholders...

Denny Da Silva 29 Jun 2020

South Africa: Some hope for REITs
South Africa: Some hope for REITsArticle

It is well appreciated that the economy as whole has been hard hit by the lockdown measures introduced to mitigate the spread of Covid-19. Real Estate Investment Trusts (REITs) have not been immune to this and many are facing a significant uphill battle when it comes to maintaining cash flows...

Denny Da Silva 1 Jun 2020

TERS payments are exempt from PAYE
TERS payments are exempt from PAYEArticle

Businesses registered with the Unemployment Insurance Fund (UIF) that are suffering financial distress as a direct result of the Covid-19 pandemic qualify to receive financial relief from the Temporary Employee / Employer Relief Scheme...

Graeme Palmer 25 May 2020

Further tax measures to combat impact of Covid-19
Further tax measures to combat impact of Covid-19Article

As part of the second phase economic response to the Covid-19 pandemic, National Treasury has published another draft bill to formalise the tax relief measures available to small businesses. The draft legislation aims to clarify several matters which were previously the subject of uncertainty and introduces additional tax measures...

Juanita van der Merwe 8 May 2020

Covid-19: How to manage 'place of effective management' tax risk during lockdown
Covid-19: How to manage 'place of effective management' tax risk during lockdownArticle

Under South African domestic law, a company will be tax resident in SA if it is incorporated in SA or has its "place of effective management" in SA...

Anne Bennett, Donald Fisher-Jeffes and Neo Penn 7 May 2020

Donating should be a financial decision, not a knee-jerk reaction
Donating should be a financial decision, not a knee-jerk reactionArticle

In a time of crisis, such as the current Covid-19 pandemic, people's willingness to donate money increases significantly...

Duncan Luke 6 May 2020

Tax relief for PBOs providing Covid-19 disaster aid
Tax relief for PBOs providing Covid-19 disaster aidArticle

Income tax and donations tax relief measures have been made available for donors and qualifying Public Benefit Organisations (PBOs) established to assist with Covid-19 disaster relief efforts...

Riette Engels-Van Zyl 15 Apr 2020

Image source: Getty/Gallo
Covid-19 and what it means for tax in the mining industryArticle

During the 21-day lockdown period, mining operations in South Africa will scale down significantly. The effect on deep-level mines will probably be most significant as coal mines supplying Eskom will continue to operate, albeit at a reduced level.

Adéle de Jager, 1 Apr 2020

Image source: Getty/Gallo
Covid-19 and tax relief measuresArticle

To alleviate the impact of the lockdown on businesses, President Cyril Ramaphosa announced the introduction of a number of economic measures, including tax relief measures...

Aubrey Mazibuko & Louis Botha 31 Mar 2020

Review of excessive debt financing rules
Review of excessive debt financing rulesArticle

Tax is an important factor when a business decides whether to use debt or equity financing...

Graeme Palmer 25 Mar 2020

#Budget2020 highlights...
#Budget2020 highlights...Article

"Ex Africa Semper aliquid novi," winning requires hard work, focus, time, patience and resilience. Finance Minister Tito Mboweni delivered his National Budget Speech on 26 February 2020, leaving South African taxpayers pleased by the implementation of tax relief on personal income tax, but disappointing those who indulge in alcoholic beverages and heated tobacco products...

Virusha Subban, Jana Botha, and Prenisha Govender 27 Feb 2020

Redemption Allowance to be reviewed
Redemption Allowance to be reviewedArticle

Mining by its nature requires large initial capital outlays and in recognition of this the Income Tax Act provides for an accelerated deduction of such capital expenditure by miners...

27 Feb 2020

What amendments to Kenya's digital tax law mean for SMEs
What amendments to Kenya's digital tax law mean for SMEsArticle

Digital traders would likely have heard of the recent changes to the Income Tax and VAT Acts introduced by the Finance Act, 2019 (the Act)...

John Syekei, Nikhil Hira, Denis Magonga and Angela Mukora 26 Feb 2020

What you should know about the proposed Employment Tax Incentive amendments
What you should know about the proposed Employment Tax Incentive amendmentsArticle

On Tuesday 26 November 2019, a number of tax-related bills were passed by the National Assembly and are currently being deliberated by the National Council of Provinces...

3 Feb 2020

The (tax) benefit of keeping employees incentivised
The (tax) benefit of keeping employees incentivisedArticle

Are expenses incurred in maintaining a content and motivated workforce part of the costs of a taxpayer's income-producing operations...?

Graeme Palmer 20 Jan 2020

#EvolutionOfWork: Jobs of the future - what will they be and how do we prepare for them?
#EvolutionOfWork: Jobs of the future - what will they be and how do we prepare for them?Article

If you consider how 4IR has disrupted education, business and industry sectors worldwide, we can safely assume that South Africa will also need to make provisions to do the same, but what will the future employment landscape look like...?

10 Dec 2019

Digital traders will not escape taxation. Create Jobs 51/Shutterstock
Kenya's tax on digital trade and services: what's known and not knownArticle

Kenya will start levying new tax on digital markets under a new law signed by the president early in November...

Mercy Muendo 9 Dec 2019

Donations tax - determining the threshold
Donations tax - determining the thresholdArticle

Subject to any applicable exemption, donations tax is payable on the value of any property disposed of under any donation...

Graeme Palmer 25 Nov 2019

Update on unforeseen preference share amendments
Update on unforeseen preference share amendmentsArticle

The 2019 Taxation Laws Amendment Bill (TLAB) contains a significant and unexpected amendment to the definition of "hybrid equity instrument" in section 8E of the Income Tax Act, which was discussed in a previous alert...

21 Nov 2019

Unforeseen preference share amendments included in tax bill
Unforeseen preference share amendments included in tax billArticle

The 2019 Taxation Laws Amendment Bill (TLAB) was tabled with the Medium Term Budget Policy Statement on 30 October 2019...

Brian Dennehy, Khurshid Fazel and Joon Chong 8 Nov 2019

When should revenue for gift cards be taxable?
When should revenue for gift cards be taxable?Article

The recent Tax Court (Cape Town) judgement of IT 24510 confirmed that amounts received by a retailer for the sale of gift cards were not "received or accrued" for purposes of the gross income definition...

Joon Chong 25 Oct 2019

Expat tax exemptions: No double taxation
Expat tax exemptions: No double taxationArticle

On 1 March 2020, an amendment to the foreign employment income exemption comes into operation. There have been misperceptions about those expatriates that will be affected by this change to the tax law...

Graeme Palmer 18 Oct 2019

Is this the end of NRV for closing stock?
Is this the end of NRV for closing stock?Article

The Supreme Court of Appeal (SCA) has for the second time in CSARS v Atlas Copco South Africa (Pty) Ltd, confirmed that the net realisable value (NRV) method is not a suitable method to value closing stock for income tax purposes...

Joon Chong 14 Oct 2019

When do consultancy services become a taxable fringe benefit?
When do consultancy services become a taxable fringe benefit?Article

The Supreme Court of Appeal recently had to decide whether tax consultants contracted by BMW South Africa to facilitate the tax compliance of the company's expatriate employees constituted a taxable fringe benefit for the employee...

Graeme Palmer 23 Sep 2019

Paying for your sins - why enforcing tax laws on churches could be problematic
Paying for your sins - why enforcing tax laws on churches could be problematicArticle

The case of self-proclaimed prophet Shepherd Bushiri and his wife, who were arrested by the Hawks earlier this year on charges of fraud and money laundering, has cast the spotlight on tax laws relating to churches and religious institutions, and whether any loopholes that exist are being exploited...

30 Jul 2019

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