Tax

Capital gain: Calculating your foreign currency

  |   Tax

With the fast approaching 2019 tax season, taxpayers who have realised a capital gain in a foreign currency should take note of the special rules that apply to the translation of those gains to Rand.   Generally, there are two ways of translating a capital gain or...

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The 2019 Tax legislative amendment cycle kicks-off

  |   Tax

The 2019 tax legislation amendment cycle commenced on 25 June, when National Treasury issued the initial batch of the Draft Taxation Laws Amendment Bill which covers specific provisions that require further consultation. National Treasury will be publishing the full text of the 2019 Draft Taxation...

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Tax season 2019: What can you expect?

  |   Tax

SARS recently released two media statements, in which it notes several improvements made to eFiling for the 2019 tax season, including the issue of customised notices indicating specific documents required in the event of an audit or verification and a simulated outcome issued before a...

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Depreciation vs wear & tear

  |   Tax

Deterioration, obsolescence and wear and tear are among the reasons why assets decrease in value. By realising a deduction on depreciation for tax purposes, your company can recover the costs of certain moveable assets that are used in the production of income.   Generally, businesses won’t be...

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Taxpayers’ right to have disputes resolved

  |   Tax

In a recent Tax Court decision[1], the Tax Court confirmed that taxpayers have a right to have their disputes resolved in a court of law as enunciated in section 34 of the Constitution. However, they cannot rely on this right when they are using delaying...

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Value-added Remarks on Value-added Tax (VAT)

  |   Tax

VAT is an integral part of our economic society and is something that influences everyone, especially businesses in South Africa. In this article, we will discuss a few do’s and don’ts regarding VAT.   Valid tax invoices   In South Africa’s current tax system, vendors that are registered...

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Admin penalties for outstanding corporate income tax returns

  |   Tax

In general, all registered companies must submit corporate income tax (“CIT”) returns within 12 months of the end of the company’s financial year-end. This is applicable to all companies that are resident in South Africa, that receive source income in South Africa, or that maintain...

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