Every South African tax law explained by our experts
The Practical Tax Loose Leaf Service offers you:
· All the definitions and legal regulations, useful advice, exceptions to the rules that help you slip through the legislative jungle of taxes.
· Case studies and practical examples that show you what elements you should consider for your taxes to be perfect.
· Red flags you need to watch out for and the penalties you'll face if you don't respect them.
· Sample templates at your disposal, ready to be filled in, customised and printed.
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If you create an employee benefit scheme and it forms part of the employees' gross income, your company will be able to apply for an advanced tax ruling.
If you're a landlord, you may wish to know if the value of any upgrades on a leasehold property, if made by the tenant, will form part of the gross income in your hands.
If there's a newly introduced section to the Income Tax Act,
coming into effect soon, you may request an advanced tax ruling because you're not sure how this new section will affect your future transactions.
You can request an advanced tax ruling if you need to know whether an amount you receive will be revenue or capital when SARS taxes the transaction.
You can only apply for an advanced tax ruling for transactions that'll happen in the future. You can't apply for one on a transaction that's already taken place.
There are absolutely no exceptions to this rule!
So then, those were 4 reasons with which you can apply to SARS for an advanced tax ruling.
But there are other reasons too! To learn what they are, as well as how exactly to go about applying for advanced tax ruling, simply page over to Chapter A 04
in your Practical Tax Loose Leaf Service
handbook, or click here
to order your copy today.