September 27, 2019
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. […]
August 27, 2019
Generally, disputes with the South African Revenue Service (SARS) are the result of an assessment which has been issued by SARS to a taxpayer. An assessment is the determination of an amount of a tax liability or refund, by way of self-assessment by the taxpayer (such as in the case of VAT) or assessment by SARS (such as in the case of income tax). If taxpayers are not satisfied with an assessment, the Tax Administration Act provides for dispute resolution mechanisms, in terms of which taxpayers can object to the assessment, and subsequently appeal, if objections are not maintained. Although […]
July 3, 2019
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 for VAT are allowed a deduction for the tax they pay on eligible goods or services (input tax) from the tax you collect on the sales made (output tax). Tax invoices are therefore very important to vendors as failure to provide valid documentation during VAT audits will cause the vendor to lose all the […]
July 3, 2019
Die aanvangsdatum van die 2019-seisoen vir indiening van die jaarlikse EMP501-rekonsiliasies is deur die Suid-Afrikaanse Inkomstediens (SAID) uitgestel vanaf 1 April na 17 April 2019. Die rede vir hierdie verandering word toegeskryf aan opdaterings deur die SAID aan hul bestaande stelsels. Die sperdatum vir indiening van bostaande rekonsiliasie, sowel as die Opgawe van Verdienste (“Return of Earnings”) (W.As 8) is 31 Mei 2019. Die boetes vir laat indiening is as volg: die nie-indiening of laat indiening van die EMP501-rekonsiliasie kan lei tot ’n 10% boete van die belastingjaar se werknemersbelastingaanspreeklikheid; en die laat indiening van die W.As 8 2018 Opgawe […]
June 11, 2019
The South African Revenue Service (“SARS”) has recently made changes with regards to the management of payroll taxes in order for employers to more effectively manage their own accounts by way of a number of functions and tools. SARS states that the aim of these changes is to allow employers to ensure that all their necessary payroll filings are correctly reflected, payments have been correctly allocated and that all charges to their accounts such as adjustments, interest and penalties have been correctly calculated and recorded. The most recent changes include changes to the statement of account (“SOA”) which were introduced […]
May 27, 2019
Sedert 2015 word buitelandse verskaffers van elektroniese dienste (soos oudiovisuele inhoud, e-boeke, ens.) in Suid-Afrika, geag ’n onderneming vir BTW plaaslik te bedryf. Alhoewel die regime al vir ’n aantal jare in plek is, word nuwe regulasies in hierdie verband voortdurend gepubliseer, die laaste op 18 Maart 2019, met ’n effektiewe datum van 1 April 2019. Saam met die nuwe regulasies het die SAID ’n “FAQ”-dokument gepubliseer wat sommige van die vrae wat handelaars en die publiek in die algemeen waarskynlik sal hê oor die implikasies van die opgedateerde regulasies en onlangse wetgewende wysigings, aanspreek. Hieronder ondersoek ons sommige van […]
May 27, 2019
Die aanvangsdatum van die 2019-seisoen vir indiening van die jaarlikse EMP501-rekonsiliasies is deur die Suid-Afrikaanse Inkomstediens (SAID) uitgestel vanaf 1 April na 17 April 2019. Die rede vir hierdie verandering word toegeskryf aan opdaterings deur die SAID aan hul bestaande stelsels. Die sperdatum vir indiening van bostaande rekonsiliasie, sowel as die Opgawe van Verdienste (“Return of Earnings”) (W.As 8) is 31 Mei 2019. Die boetes vir laat indiening is as volg: die nie-indiening of laat indiening van die EMP501-rekonsiliasie kan lei tot ’n 10% boete van die belastingjaar se werknemersbelastingaanspreeklikheid; en die laat indiening van die W.As 8 2018 Opgawe […]
March 13, 2019
Since its introduction, the “pay now, argue later” rule relating to disputed amounts of tax has been and remains to be the subject of much controversy, and rightfully so. The basic premise is that even though you disagree with an amount of tax, once you have been assessed by SARS, the amount becomes due and your obligation to pay the tax, and SARS’ right to recover the tax, is not suspended by any objections or appeals against the assessment or pending court proceedings (i.e. pay the tax, and then dispute it). Taxpayers do however have some remedy, in that they […]
November 16, 2018
The South African Revenue Service (“SARS”) implemented several changes to the income tax returns for trusts (the ITR12T) on 17 September 2018. These changes are in addition to the changes already made on 26 February 2018. The September 2018 changes apply in respect of the year of assessment ending on 28 February 2018. Taxpayers that already saved or submitted the relevant 2018 ITR12T prior to the implementation of the latest changes, will not be presented with any of the new fields for completion. Similar to the February 2018 changes, these additional changes form part of SARS’ ongoing efforts to promote […]