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capital gains tax

How does CGT affect provisional taxpayers?
If you sell or dispose of any assets, you can't escape Capital Gains Tax (CGT). What's more, if you calculate your CGT liability incorrectly, you'll be liable for tax penalties, plus interest. But what about provisional taxpayers? Are they affected by CGT too?... ››› more
[16 September 2013]

Revealed: The three basic tax principles that govern Trusts
The taxation of Trusts isn't simple. It all depends on who's got what rights and how they access the Trust's assets and income. Make sure you adhere to these three basic principles to avoid hefty penalties.... ››› more
[14 August 2013]

Are you aware of the nine assets that are subject to CGT?
Every time your business sells, donates or scraps an asset and it makes a profit, SARS takes a big bite out of the proceeds. And it calls this bite Capital Gains Tax (CGT). You can't escape CGT. In fact, if you try to escape it, SARS could easily find you guilty of tax evasion and smack you with a 200% penalty! But your business can avoid this. Read on to discover the nine assets subject to CGT so you can calculate your due taxes correctly and pay SARS on time.... ››› more
[07 August 2013]

Pravin Gordhan reveals details of the Tax Review Committee
Finance Minister Pravin Gordhan has announced members of the Tax Review Committee as well as the committee's terms of reference. The minister's announcement is in line with a declaration he made during his 2013/14 budget speech that government will initiate a tax review to assess the country's tax policy framework and its role in supporting inclusive growth, employment, development and fiscal sustainability.... ››› more
[18 July 2013]

Buying a house for business use? Here's how you can reduce capital gains tax
Buying a house to use as your business premises is a big step and an exciting one. Many business owners are afraid to buy a house under their business name because it attracts Capital Gains Tax (CGT). Here's how you can legally reduce the capital gains tax on your new business premises...... ››› more
[15 July 2013]

Revealed: The only way to prevent a SARS audit over your assets like Oscar Pistorius just faced...
South African Olympian and Paralympian Oscar Pistorius was recently fined 'less than R1 million' for failing to declare all his assets to SARS in his bail hearing over the murder of his girlfriend, Reeva Steenkamp, which led to a tax audit. Your business could face a tax audit for not declaring your assets to SARS, too. Here's how to make sure you've stuck to the rules when it comes to declaring your assets, to prevent a hefty fine from SARS...... ››› more
[27 May 2013]

What to do if you disagree with a SARS assessment
If you're unhappy with SARS' assessment for your company, don't sit back and take it. SARS also makes mistakes. And the law actually allows you to contest a decision they've made. But, how does your company go about doing this? Read on to find out...... ››› more
[22 May 2013]

How to find out if your company qualifies for turnover tax
Did you know that before the introduction of turnover tax all businesses, even tiny start-ups, were forced to register for income tax? This was problematic as they battled to meet the tax requirements, complete all the forms, pay over all the taxes and meeting all the deadlines. Luckily, turnover tax has removed this burden with one simple tax. Read on to find out if your business qualifies so you can avoid wasting time and money paying Vat, provisional tax, income tax and Capital Gains Tax when you don't have to.... ››› more
[21 May 2013]

Business owner: Don't miss out on these two ways to legally pay less tax by investing in trusts!
Good news: South African Revenue Service (SARS) has created a new asset class for investors to consider, offering tax breaks to the venture capital trusts or companies that fund small businesses! Here's how your business can take advantage of this by investing a little spare cash in a venture capital trust, and another way to put 'trusts' to your advantage when it comes to legally paying over less tax...... ››› more
[20 May 2013]

Don't confuse a search and seizure warrant from SARS with curatorship of assets!
Taxpayers with a less-than-spotless tax history with SARS are worried by news that The North Gauteng High Court in Pretoria has granted SARS an application for two curators to take control of murdered strip club owner Lolly Jackson's estate and preserve the assets. Why the worry? Well, changes to the Tax Amendment Act means SARS officials can now show up unannounced at your premises with a search and seizure warrant. But this doesn't mean they can just walk in and take all your assets...... ››› more
[10 May 2013]

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